All Forum Posts by: Joshua Dees

its literally wholesaling...think about it.

Interesting @Jerel Ehlert How much are we talking? What about Quiet Title?

Thanks @Matt M., not really much to say at this point, not much happening anywhere else in my business, figured I'd give this a go, see where it takes me

That's pretty nifty

@Mindy Jensen! Whats Up! 
AOH means Affidavit of Heirship

Define: 

Purpose of an Affidavit of Heirship When Your Spouse Dies without a Will. An Affidavit of Heirship is generally used when a person dies without a will and leaves behind only real property. Its purpose is to name the heirs of the deceased, known as the decedent, and establish ownership of the decedent's property

Great question @Don Konipol, I did not check the validity of the Original Lienholder's (Contractor's) work, I believe that lienholder is deceased, I'm not sure he has a standing with the Secretary of State. However, I have verified that Topletz Investments, the last Lienholder, and the attorney who was named Trustee, are both very real and currently operating just fine. The attorney I mentioned earlier was unable to come to terms with the fact that the name of the company I bought the lien from is named Topletz Investments, he insisted on calling it Toplitz Enterprise, could not come to terms with that and soon after, bowed out. 

Its a Tax Lien Contract

It was filed at a later date

Farmed a lead from my marketing. Turns out the owner is deceased, so I will be buying from his children. His children want to sell, the house is distressed, vacant. Get the property under contract for 16k. Tax Appraisal says 33k. Contract to Title Office, begin Marketing for Cash Buyer, anticipating Double Close Wholetail. Title comes back, has Liens, and AOH paperwork is invalid. Must work on getting payoffs for Liens, and correcting AOH... Discovered 3rd Heir, not interested, wants to be released from all property bearing the name of deceased. However, is extremely uncooperative, not interested in signing Deed, Cash for Deeded Interest, has requested to not be contacted anymore. AOH Complete, Found Motivated Cash Buyer for 55k. Payoffs for Liens acquired, 1st Position Child Support Lien for 13k released via Attorney General. New 1st Postion is Mechanics Lien Deed Of Trust from 2009 for 10k (payoff 15k) 18% Interest, Monthly Payment 180, maturity date 2021. Accelerating to Foreclose.

2nd position is Tax Lien for 1k. Payment plan started with Propel Tax Service by Heirs, but they do not want to keep paying. 

2 cooperative Heirs are ok with Deeding Interest, 3rd Heir still uncooperative, just doesnt want anything to do or be done with or about anything. 

Bought 1st position for full 15k amount to stop Foreclosure, with intent to Foreclose on Non-Mortgage Deed of Trust,($2500?) Acquire Property and sell to aforementioned Cash Buyer who is still patiently waiting, in no particular rush....

Contacted Listed Trustee on original Deed of Trust, he said he's retiring and unable to foreclose. Called another Attorney, says Company that I bought the Note from does not exist (and refuses to spell it properly) Called another attorney, he said keep trying 3rd Heir.

How hard is it to execute a Non-Contested Foreclosure on a 10 year old  Non-Mortgage Mechanics Lien Deed of Trust in Dallas, Texas?

Investment Info:

Single-family residence wholesale investment in Wylie.

Purchase price: $205,600
Cash invested: $3,000
Sale price: $260,000

Pre-foreclosure for 20k in late payments. House has 3 Liens total.
UL Mortgage was 183k.
Mechanics Lien for 21k.
Unpaid HOA Dues for 3k.

What made you interested in investing in this type of deal?

Location, great neighborhood, good spread on the numbers.

How did you find this deal and how did you negotiate it?

Our neighbor called us and said "I need to sell my house, will you buy it?" To which we replied, "Will you sell for what you owe?" He agreed to that, plus some money to move.

How did you finance this deal?

We financed the repairs with our own money. Paid all closing costs and Agent commissions at closing.

How did you add value to the deal?

The house was in need of repair. There was a pretty bad hail storm back in 2016. The roof has been repaired, but there was no carpet, and there was some moisture damage in the ceiling and the house smelled like cigarette smoke. We painted the entire house, patched drywall, laid new flooring and carpet. Pretty much just did a normal Make-Ready.

What was the outcome?

Our original intention was just to sell it to another investor, but nobody wanted it. So our only other options were to Take it as a rental ourselves, or make it look good, fix the minor things and figure out a way to sell it to a Conventional Buyer.

Lessons learned? Challenges?

-Don't repair something until you own it.
-Don't feel obligated to pay for work that looks bad.
-Use your networks
-Get used to not knowing everything.
-It's not over until it's over.
-Buying a house without actually buying it.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent- Jeanine Thames Glassman (Keller Williams)
Title Company - Republic Title in Plano on Coit near Frisco (Tracy Horne)
Flooring - MP Carpet (Eduardo)
Windows- H&H Services (Robert)
Roofing - Norwood Roofing Systems (Mike Norwood)
Gutters- AMLU (Mauricio)

home is worth 250k