All Forum Posts by: G. F.

I think your looking at it from the wrong direction. Foreclosures are terrible for communities. Houses that sit vacant can be an eye sore and attract crime to communities. They lower the value of surrounding houses and degrade the tax rolls. Pre-foreclosure investors prevent this from happening. Rehabber's add value to homes and can restore neighborhood pride.

Merry Christmas & Happy Holiday's to the Bigger Pockets community.

Originally posted by nationwidepi:

Nice post Josh! The suspense is killing us!!!!! :)

Joshua,

Be sure to present the new features Steve Jobs style.

Buying using a DBA (Sole Proprietorship) is essentially the same as buying in your personal name.

This question was asked a few days ago but I just found a great resource.

http://www.closing.com

When you visit the web site, it asks for a property address (optional), city state or zip code. Based on that information and also information pertaining to the loan or all cash sale, the site will calculate the closing cost that can be expected for your local area and lays it out on a web form identical to the hud-1. Again great resource.

Check with your local court to see what the process of serving defendants. Generally you just mail a certified letter to her last known address (your rental property). If she forwarded her mail when she moved, she should get it. You can also send a copy to her work address.

Originally posted by Justin S.:

Kyle-

Not to hijack's Cliftons thread, but I would like to know you did this as well. Can you create separate post or blog detailing your steps? I think several of us would like to know more about this strategy.

To purchase a non-performing note, just simply ask. You can ask the loss mitigation department if they will sell you the note. If it's a larger bank, call the investor relation department and ask for the loan trading desk.

The fact of the matter is you cannot buy most notes. They are packaged and securitized and cannot be sold individually.

Originally posted by Richard R.:

How long does it take to get a DBA or LLC registered/filed...if you registered it today, would you be able to use that DBA or LLC name immediately on a real estate contract or is it a longer process?

I see that you are in New York City.

Getting a dba requires you to go to the county clerks office and file a fictitious business certificate using Blumberg Legal Form 201. Takes less than an hour.

An LLC requires you to file articles of organization with the state department of state. You can do a search online at http://www.dos.state.ny.us/corps/bus_entity_search.html to see if your desired company name is available.

What many sites such as legalzoom might not tell you is that you also have to publish notice that you formed an LLC. The county clerks office will chose 2 newspaper in which you have to run ads. The cost for Manhattan is a whopping $1250.

Originally posted by nationwidepi:

Looking forward to the edumacation!

+1

Can't believe that a lender will call a performing note due in this climate.

Originally posted by Jay S:

I asked for my money back right away. That was 3 months ago. I cannot get anyone to return my calls or emails now...despite several emails and phone calls and messages left for them to refund my money.

Contact your credit card company and file a claim.

Actually in Florida, as with most judicial foreclosure states, the sale is conducted by the counties. I originally called it a trustee sale because that's what most people call it.