All Forum Posts by: KC Morgan

Hi guys,
I've been working with a seller who has a very hard knuckled, my way or the highway approach. Her house has been vacant for 5 years, multiple liens, multiple judgements (one of them for $30,000), house vandalized, and no insurance on the house to name a few ket points. The bank has not foreclosed on her and nothing has happened with the house for a long time. She has tried to sell it, but the bank has held up the process for one reason or another. She has required that we work with a specific law firm, which I am fine with, but is very nearly demanding that I put up over $6,000 up front to pay the attorney to negotiate her short sale which could obviously end with the bank not agreeing to my offer (no offers have been made yet). I can't agree to that sort of risk with no security of any return! I'm a new investor and would love any suggestions of how to help her see that she should want/need to sell the property. She seems eternally okay with it being vacant and all sorts of liens and judgements encumbering the title. 

The biggest selling point I see is that it reduces her liability and helps her achieve a clean slate. Any suggestions on how to help her?

Ibrahim,

Thanks for the tips! In the research I've done thus far (haven't done a full title search yet), I have found that the county recorders office has the last deed being transferred to a family trust with the two individuals I've been trying to reach as trustees and second owners. So correct me if I'm wrong, but I think that's a pretty certain way to determine that I'm chasing the right people. The husband seemed to think that the trust had been dissolved but said if I could get anywhere with his ex-wife he is happy to help sign any paperwork that may be needed. He just seemed disgusted with the whole circumstance as I'm sure is common. 

As to whether or not the property is in foreclosure, that's a great question. I don't totally understand the situation, but here's what I know. I don't see that a bank has filed a lien with the county recorder but there are a few liens from the family trust, the garbage company, the HOA, etc...there is also a "request notice" from a loan servicing company, but no additional details are given.

However, Bank of America has posted a Vacancy Posting Notice on the house. And a mortgage service company has also posted a notice. Pictures attached. Bank of America's website has no information on it. It was listed last year on the MLS and the agent withdrew it from the market because the owners, who were short selling it, weren't "cooperating".

Any tips other than trying to get ahold of this other owner?

Well, good news! I got a hold of the owner. Bad news is, he lost the house in the divorce and she has complete control of it. So now I need to get a hold of her! One step forward though!

Good idea! I'll do that now!

Just left a message. I wrote it down to help with the nerves of those first calls.
What do you think?

Hi,

My name is KC Morgan and I’m trying to connect with ______ or _______ who I believe are the owners of a home on ____________ St. up in the Centennial area. I’m a real estate investor and I’m looking to pay cash for another home. I’m not sure what the situation with the property is, but I’d love chat with you, or whoever knows something about the house, and see if there is a way we can help you out at all. You can reach me on my cell at 702.8__.2___. Thanks so much and I really hope to hear from you soon.

Great stuff! Thanks Julie and Adam! Hopefully something comes of this. 

Adam, I've already sent a letter to the address of file but it was returned. I found out that the owners had a business together that the lady has since taken over. I've tried multiple times to call the business to get a hold of her, but she is seemingly never there. The good news is that if they are so hard to get a hold of, chances are, they're not being approached on every side by investors.

Hi Guys,

I have found a property that appears on the surface to be a cherry deal! It's been vacant for almost 4 years, looks quite distressed on the exterior and peeking through windows, but from my limited and inexperience perspective, seems to have really good bones. I know they went through a divorce about 4 years ago which I presume is why the house was left in such a state of disarray. It's in a gated community that is difficult to get into, and all the postings on the house pointing prospective buyers led to dead ends. It's been very difficult to find contact information. I've been searching for the owners number since December and I think I finally secured a phone number via the gate call box and his voicemail which says his number. I have since called his number multiple times but just get his voicemail each time. My question is, should I leave a message stating I want to buy his house and can pay cash, or just keep trying to call in hopes that he will pick up one of these times? If I should leave a message, any tips on what to say? Thanks guys!

Thanks for the warm welcome gentlemen! @dan Mackin my primary goal is passive income. Generally speaking, my thought has been to keep my investment properties within the same geographical boundaries simply because of easier logistics if I need/want to see the properties. I own one rental unit in Vegas right now and plan to return to Vegas. I'm the newbie though!    

Hi Folks!
I've been listening to the BP Podcasts for a few weeks now and just signed on BP today. So far everything I have been learning has been nothing short of FANTASTIC. I have a specific question I am hoping to gain some insight on from everyone, but first a little background on me! 

I am currently a professional airline pilot, and I really do love my job, but I believe I must do something more if I want to realize all my goals. I tend to have a decent amount of time on overnights and days off to pursue other hobbies and aspirations. My wife just recently began a grad school program at the University of Colorado at Boulder and this program took us away from Las Vegas, NV - which is home for both of us. We are going to be in the Denver area until sometime mid to late 2017, but we do plan to move back to Las Vegas in 2017. I'd really like to get moving in Real Estate investing, but also hesitate to establish myself here in Denver, get a mentor, create a portfolio, etc...only to move back to Las Vegas in 2017. My big question: should I begin immediately here in Denver, understanding that I will have to start over again in Las Vegas in a couple years, or try and build myself from a distance in the Las Vegas market?

Thanks in advance for all your tips and advice! I look forward to connecting with you!
Thanks,
KC Morgan