All Forum Posts by: Jim Stanley

Peter,

How common is that type of thing?

Thanks

Teri-

Thank you VERY much 

That was extremely helpful 

@Chad U.

Thanks that’s the one I found and bought after the original post

Frank- I'm looking at houses that may or may not go to auction so it's not cost effective to buy title insurance on all of them.  I mostly need to know that I am buying the right lien and there are no other "surprise" liens or lawsuits.

Douglas- I think I'm getting about what you are.  I just want to be sure I understand it.  It's confusing what deeds and mortgages are current as opposed to paid off.

Sriv- That NC link looks really good- I'll read it.

I did end up finding and buying a book on Amazon.  Should be here in about a week

Thanks, all!

I'm trying to learn all I can about buying foreclosures and "practicing" on some properties as if I were ready to buy.  I've ordered some Ownership and Encumbrances (ONE) reports from a local title company and am trying to understand the results.  Some are pretty confusing.

Is there some sort of guide to understanding them?  A quick Amazon book search turned up nothing.
I'm in Colorado for what it's worth.
Thanks!

Another quick newbie question: I ran a report on my own house and it only showed my current mortgage which was a recent refi, not my original mortgage or, more importantly, the lien from the loan I got to install solar panels (I know it's out there because I had to deal with it when I got my refi).  Am I correct that it missed something important and I should be worried about using the reports?

Thanks again!

@Guillermo Oyola

I’m new to this too and trying to educate myself

If it was me I’d pay a title company to figure it out

Better safe than sorry

Every time I'm in Southern Cal, I think to myself, "This would be a really great place if it weren't for all the darn people."  
I live in Colorado and we have the opposite problem: Too many people moving in, too fast.  Good for property values, bad for quality of life.
Maybe people leaving isn't such a bad thing.

UPDATE:
All is going very well with this rental.  I still have the original tenants.  They are FANTASTIC!  3 very well trained dogs, but no kids.  Never late with a payment, taking GREAT care of the place and just nice people. I have not raised the rent even though I could, in theory- I want to keep them as happy as possible.  It has appreciated almost $100k in 3.5 years and I just doubled my cash flow through a refi.  

No regrets- thanks.

That's what I was looking for- Thanks!!

I’ve done a few searches and couldn’t find any single place to educate myself.

Suggestions?

Background:

I received a “rollover ira” from my current employer in the form of a check sent to fidelity investments. I want to use that as down payment on a property or two

Thanks