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All Forum Posts by: Denise Evans

Denise Evans has started 56 posts and replied 1448 times.

Post: Help! Seller is Financing My Deal! Now what?

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,573
  • Votes 1,493

Virtually all mortgages have due on sale clauses. it does not  mean the lender WILL call the note. It is hard work finding good loans these days. A lender would prefer NOT to call the note.

I know a Birmingham attorney with experience in these types of transactions.  Send me a pm and I'll give you his name and contact info, if you need someone.

Post: Auburn/Opelika Alabama REIA

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,573
  • Votes 1,493

@Helen Kirk, I can talk equally well about landlording, flipping, foreclosures or tax sales. You tell me. Also, is Wednesday really a good night? I thought that was church night for many denominations.

Post: Auburn/Opelika Alabama REIA

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,573
  • Votes 1,493

Tax lien investing--exactly my cup of tea!!  I'll look at my calendar and send  you some dates.

Post: Auburn/Opelika Alabama REIA

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,573
  • Votes 1,493

@Helen Kirk, what kind of draw did you have for people to attend your meeting?  August 25 was probably a bad date because of all the students moving in. This time of year, you have to navigate the football schedule.  If you'd like a (free) speaker to help attendance, let me know and I'll see if I can make one of your dates.

Post: Newbie from Decatur Alabama

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,573
  • Votes 1,493

Welcome to BP! If your strategy is to buy deferred maintenance properties and rehab and hold for retirement, then you might want to hold title in an LLC, and sell a certain percentage of your LLC to a self-directed IRA. That makes your self-directed IRA investment passive (as it must be, under IRS regulations) but also lets your LLC handle the management expenses and receive a management fee to augment cash flows. The best of both worlds! I'll send you a colleague request, and after we connect, send you a pm with my phone number so we can talk more, if you want. I have a lot of experience with rehabbing properties and with alternative financing.

Post: New member from Alabama

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,573
  • Votes 1,493

Commercial real estate investing is largely a matter of analysis regarding financial data, conservative projections based on that data, and market/feasibility.  This should be very easy for you with your engineering training. I recommend you start by taking the CCIM introductory course, and then complete the series of CCIM classes.  Also, to "toot my own horn," please read my BP blog article about Valuation of Rental Properties, at https://www.biggerpockets.com/blogs/6547/51598-val...

At the same time, develop relationships on BP for people who can send you leads, submit properties for your consideration, or partner with you on deals.

Denise

Post: Alabama -- RMLO

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,573
  • Votes 1,493

Dr. Aytch in Huntsville is the only independent RMLO I know. If you need his contact info, please send me a pm. Sorry for the late reply--I just found your question. It should have shown up in my alerts.  Denise

Post: forclosures

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,573
  • Votes 1,493

I'm an Alabama foreclosure expert.  I'm not licensed to practice law in Oregon, but I researched this for you and THINK Oregon law requires a notice of default be filed in the county clerk's office before a lender can foreclose. After that, but at least 120 days before the sale date, certain notices must go out. The two statues are reprinted below. It seems to me that the earliest warning of future foreclosures is by checking the notices in the county clerk's office.  You should call them and see if you can search their records online.  I hope this helps.

86.752 Foreclosure by advertisement and sale.

A trustee may not foreclose a trust deed by advertisement and sale in the manner provided in ORS 86.740 to 86.755 unless:

(1) The trust deed, any assignments of the trust deed by the trustee or the beneficiary and any appointment of a successor trustee are recorded in the mortgage records in the counties in which the property described in the deed is situated;

(2) There is a default by the grantor or other person that owes an obligation, the performance of which is secured by the trust deed, or by the grantor's or other person's successors in interest with respect to a provision in the deed that authorizes sale in the event of default of the provision;

(3) The trustee or beneficiary has filed for record in the county clerk's office in each county where the trust property, or some part of the trust property, is situated, a notice of default containing the information required by ORS 86.745 and containing the trustee's or beneficiary's election to sell the property to satisfy the obligation;

(4) The beneficiary has filed for recording in the official records of the county or counties in which the property that is subject to the residential trust deed is located:

(a) A certificate of compliance that a service provider issued to the beneficiary under section 5, chapter 304, Oregon Laws 2013 (Enrolled Senate Bill 558), that is valid and unexpired at the time the notice of default is recorded; or

(b) A copy of the affidavit with which the beneficiary claimed, under section 2 (1)(b), chapter 304, Oregon Laws 2013 (Enrolled Senate Bill 558), an exemption that has not expired;

(5) The beneficiary has complied with the provisions of ORS 86.748;

(6) The grantor has not complied with the terms of any foreclosure avoidance measure upon which the beneficiary and the grantor have agreed; and

(7) An action has not been commenced to recover the debt or any part of the debt then remaining secured by the trust deed, or, if an action has been commenced, the action has been dismissed, except that:

(a) Subject to ORS 86.010 and the procedural requirements of ORCP 79 and 80, an action may be commenced to appoint a receiver or to obtain a temporary restraining order during foreclosure of a trust deed by advertisement and sale, except that a receiver may not be appointed with respect to a single-family residence that the grantor, the grantor's spouse or the grantor's minor or dependent child occupies as a principal residence.

(b) An action may be commenced to foreclose, judicially or nonjudicially, the same trust deed as to any other property covered by the trust deed, or any other trust deeds, mortgages, security agreements or other consensual or nonconsensual security interests or liens that secure repayment of the debt.

86.764 Notice of sale to be given to certain persons.

(1) After recording a notice of default as provided in ORS 86.735 and at least 120 days before the day the trustee conducts the sale, notice of the sale with the contents described in ORS 86.745 must be served pursuant to ORCP 7 D(2) and 7 D(3) or mailed by both first class and certified mail with return receipt requested.

(2) The notice described in subsection (1) of this section must be served or mailed to the last-known address of the following persons or the legal representatives of the persons, if any:

(a) The grantor in the trust deed.

(b) Any successor in interest to the grantor whose interest appears of record, or of whose interest the trustee or the beneficiary has actual notice.

(c) Any person, including the Department of Revenue or another state agency, that has a lien or interest subsequent to the trust deed if the lien or interest appears of record or the beneficiary has actual notice of the lien or interest.

(d) A person that requests notice as provided in ORS 86.785.

(3) A notice served by mail under subsection (1) of this section is effective when the notice is mailed.

(4) (a) The disability, insanity or death of a person to whom the notice required under this section must be given does not delay or impair in any way the trustee's right under a trust deed to foreclose under the deed. If the disability, insanity or death occurs before the notice of default is recorded, the notice required under this section must be given instead to the guardian, the conservator of the estate of the person or the administrator or personal representative of the person in the manner and by the time set forth in this section.

(b) If the disability, insanity or death of a person to whom the notice required under this section must be given occurs on or after the notice of default is recorded, the trustee shall, if and when the trustee has knowledge of the disability, insanity or death, promptly give the guardian, the conservator of the estate or the administrator or personal representative the required notice by sending the notice by first class and certified mail with return receipt requested to the last-known address of the guardian, conservator or administrator or personal representative.

(c) If there is no administrator or personal representative of the estate of the person to whom the notice required under this section must be given, the notice may be given instead to the heirs at law or devisees of the deceased person in the manner and by the time set forth in this section.

(5) If the owner of real property subject to foreclosure dies and the real property is also subject to a transfer on death deed, as provided by ORS 93.948 to 93.979, the notice required under this section must be given to the beneficiary designated under the transfer on death deed.

Post: My Name is Roshell I am from Birmingham Alabama

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,573
  • Votes 1,493

@Marquell Jones, Alabama has several redemption periods after a tax sale. Please read my blog article about this, at https://www.biggerpockets.com/blogs/6547/51615-ala...

Post: My Name is Roshell I am from Birmingham Alabama

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,573
  • Votes 1,493

If the property is in Jefferson County, it might take as long as 3 or 4 months.  ADOR (Alabama Department of Revenue) must wait for Jefferson County to calculate the total of all taxes due over the years, plus interest. It might also have to wait while notice goes out to the former owner to give him/her a certain number of days to redeem the property before it is sold.

Other counties are much faster than Jefferson County.

Have you read my blog and forum posts about something called "judicial redemption?"  Even after you have a tax deed, the owner usually still has redemption rights. Please read up on this topic, and about the ability to collect the value of repairs on a residential property if the owner redeems.