All Forum Posts by: Deborah Tuck

what is the problem with seller financing, so long as it is Dodd Frank compliant - which I believe lease options also have to be these days?

hi Rick,

It's not so bad from melbourne - at least it's warm and sunny here now! Have been doing RE in the u.s. For about 5 years now, and find the biggest problem is not location (you'd be pretty limited if you only ever invested in your backyard), but the time barrier can be - I am not a night owl!

Language barrier was worst in Alabama - have had to point to the menu board and hold up fingers for the item number to order a cheeseburger in McDonalds there! 

The property itself is not poo poo, it's one of those needles in the haystack you sometimes find in odd places if you go through enough lists - I like to think the needle is a knitting needle rather than a sewing one....!

It's because it is such a good deal that I am out of my normal knowledge zone...!

no, the catch is it is a tax deed, but has clear title. When you say lender I presume you mean hard money, but what do you mean by 'true partner'? Private investor? 

Should I just advertise in the market place?!

This is a hypothetical question - I am trying to sort out different strategies!

The scenario:

I have almost no cash, but I am able to put a property 'under contract' for $1000 (must be cash, non refundable). The price is 100k, ARV 250k. Minimal rehab required. I am then looking at selling the property to an owner occupier using seller finance (with all the relevant Dodd Frank stuff done), then selling the note for a lump sum to improve my cash situation.

The catch? The contract is not assignable, and the 100k must be paid within 8 weeks, or I am in deep poo poo legally (go with me on this!).

My questions:

1) should I put down my horrendously scarce cash on a deal like this in the first place i.e. Possibility of not being able to fund the 100k in time? I can't get a standard bank loan. RISK??!!??

2) Does this sound like a viable plan for maximum return? I'm not really into landlording or wholesaling.

3) I don't know much about notes? Are they hard to sell? What would you be likely to get for this note?

4) if I have to wholesale, what sort of price should I be asking?

5) if either of the above worked out, I would pay out the investor. What sort of return would they have been looking for in the first place?

6). A deal like this is likely to be a one off, but is my scenario likely to work with less equity / lower priced deals ie 'normal' ones?

P.S. The above is potentially a real deal, but I just don't have enough knowledge / experience to know if I should go for it or not, or if I get it, what is the best thing to do to? HELP! Head going around in circles!

P.P.S. Are there any mentors out there for this sort of thing, as opposed to 'gurus'. If so, what are they likely to charge? Have spent heaps on guru courses (before I found bigger pockets- one of the reasons I have no money!), and this is sort of a mish mash of probably improperly grasped things, rather than one 'standard' strategy. All help / suggestions appreciated!

PPPS I am not asking for specific offers of funding at this stage - will go to the marketplace for that if necessary. Just want to try and get my head sorted!

thanks for that, I will be in touch!

hi. Anyone know of a good tax deed / quiet title attorney in Montgomery county ohio and surrounds?

anyone know a good attorney for tax deed / quiet title matters in Montgomery county ohio and surrounding areas?

Hi Wayne,

In non judicial States (ie where the foreclosures don't go to court), virtually no one will lend against a tax deed title - including most hard money lenders. You either have to do a quiet title action through the courts ( apx 6 months), or use a specialist company to do the work and underwrite the title before a buyer can get title insurance and a loan against the property.

The underwriters don't work in the judicial States, so I am wondering if you have to take further court action there to get insurable title there, or if the initial court action that produced the deed is enough.

Complicated!

Does anyone know the process for getting insurable title to be able to sell a property in judicial States (Ohio, specifically).

Does anyone know of any specific title companies / attorneys to work with if necessary?

Thanks,

Deborah