All Forum Posts by: Chris D.

Hi:

I have been approached by some really reputable and exoerienced rehabbers in my local area to provide private financing for some of their flips. I have seen their work and know that they have an excellent reputation in my local area. The good news is that I have a real estate license and access to my local MLS so I can run my own comps and verify tax information. I would be looking at Days on Market, type of home to be flipped, etc. What is the normal process private lenders go through? Do most of you provide your own documents or used proposed loan documents from rehabbers? Should I start more safely by providing funds through a local hard money lender and then graduate to private lending? Any feedback will be appreciated.

Hi All:

I'm trying to help out a friend. Here is the situation. Friend...aka minority tenant in common owner is a 25% owner in an SFR in Brunswick County, NC. The other co-owner has a Federal Tax Lien levied against him. The tax lien was not levied until 2012. Both owners have owned the property since 2007 but the relationship went south prior to the tax lien being levied. The only lien against the property is (I think) a first Deed of Trust in the amount of approx. 61K which is in the minority owners name. Supposedly, the majority owner had to sign something agreeing to cooperate if the first trust is foreclosed upon. The property is currently listed above 200K and should sell VERY quickly for 180K. The IRS tax lien levied against the owner is for approx. 60K but the Clerk of Court could not verify whether the tax lien was recorded against the SFR. Short story is that the minority owner wants to extricate herself from the loan and the property and is considering allowing her 60K loan to go to foreclosure, hence ruining a lifetime of stellar credit . The deadbeat majority owner is currently impeding the sale by not allowing the property to be shown. He has no reason to allow it to be sold as he won't be able to get a loan and thus will be out on the street. What kind of attorney should my friend visit to figure out her options....real estate, bankrupcy or both? I could buy the property tomorrow and flip it if I could figure out how to get the majority owner out. Any feedback will be appreciated.

Just an FYI - You may not want to assume the next tenant will want it there. Happened at my house sale. It was an expensive articulating arm mount. It wasn't addressed in the sale contract and I didn't want a fight at walk through so I asked prior to settlement. Buyers didn't want it. We had to have a contractor remove it, patch and repaint the wall. I was glad I clarified before settlement. 

Hi Taylor:

You might want to google the name Pete Gauthier for some inspiration. I have read a little about him but have never met him. He apparently was a pilot who flew overseas routes. He got into wholesaling in the Baltimore area and has been very successful (not sure if even he flies anymore). 

Well wishes to you!

Good question.  I have another question along these lines. What does Donor mean? How does one achieve donor status?

Another tip for those of you who are real estate licensees and have direct access to MLS. You can use National Association of Realtors (NAR) Realtors Property Resource to get information on properties outside of your subscription area. RPR has some demographic info. and also now has information on commercial properties. The drawback is that NAR allows individual brokers to opt out (i.e. to exclude their listings from the database) so the RPR data often does not offer a complete picture when it comes to available and sold comps. Realtors can go to the RPR site, sign up and take the webinars to learn about the product with is FREE for all NAR realtors.

@Tristan Cortez Hi. Lots of good tips in your response. Thanks. 

@Andrew Davis Thanks. Good to know about the demographics on Trulia. 

@Account Closed Thanks for the info. about Redfin....hadn't thought about that. Will check it out. 

@Akeem Ogle:

Hi Akeem. Thanks for the feeback. I wasn't very aware of Redfin so I'll look into that. I agree with you about MLS.

@James Wise

Totally agree with you James. I have access here in the DC area but was curious other areas I am considering. My ROI here might end up being less than zero!! Crazy prices here right now.