All Forum Posts by: Kimi McCarty

thanks everyone for your imput

So I Bought some land in Memphis TN from the land bank. It was a tax forclosure.  Now I'm trying to sell it but I find out there's all these regulations and it's gonna cost me $2,000 to hire a lawyer to be sure the title is clear.  It's a good sized corner lot. I'm trying to sell it for $500.  Is there anyway I can get around the lawyer fees... when I bought it from the land bank they said it already goes through escrow and title is cleared yet title companies won't insure it.

I'm looking into joining. I'll probably still do so... But I just gotta say insulting people doesn't make the company look Good.

Hi friends

I'm currently working on a business plan...  I'm wanting to approach note investing from the side of keeping the homeowners out of forclosure by getting them into a payment they can aford.  If someone did not want to work with me and I did have to forclose, that home could be offered to people with a forclosure or a bankruptcy on their record. This would turn a negative into a positive by putting displaced homeowners back into homes they can afford.....  

If I had oporating capital I wouldn't need the business plan I could just go buy a note and start from there. However I'm hoping that by setting it up as a social enterprise there may be grants or funding possibly available for something like this.

I'm wondering what other people's thoughts are on this... like things to think of or things I should add to my business plan? 

Just a thought!  I don't know if this is possible but it's worth pondering. Could I get a hard money loan to purchase over the counter tax forclosures???  Is that even possible?? I know how to find the over the counter tax properties, but how would you look for hard money lenders willing to explore that as an option????

Finally Got It! I called back today because the website still wasn't showing it in my name but the manager at he land bank helped me look it up a different way and download it PDF. Was officially recorded on October 1rst.....

Thank you all for the help and advise

Just an update! After several phone messages and emails I finally got through by contacting the manager of the land bank. I found that my property never got recorded. I just thought maybe their online resource was not updated.  Nope I just don't have a deed they found 120 properties that didn't get recorded. They are working on that now. I was sure it would be recorded by the end of this week. It wasn't LOL! 

Also I advertised it on Facebook and through that I discovered something I would not have known. Someone sent me a letter they had from a title company stating that you can't get title insurance on these properties because they are redeemable for 7 years.... that sounds scary but my property taken in 2006 so I'm hopeful that it's insurable.

the land bank did say that they use fidelity title. that it would be a good to get title insurance before I sell it or just don't sell it cash without without going through that process. I asked them a lot of questions but weather I got the right answers, only time will tell. 

I've probably made a lot of mistakes in this process that I can avoid in the future. However I'm learning a lot so that was worth it. 

Thank you all for such helpful suggestions and ideas

Yeah Thank you!  I did try that but they said "we can't pull the title until you have a buyer"....  in California the title companies look things up for you all the time. But I'm thinking possibly it was a communication issue and I failed to word my question correctly. So thank you for suggesting that I just reminded me. I think I should ask again.

 Thanks Steve! Yeah that's the scary part Mine doesn't show up. Yikes!

I just decided to go ahead and advertised it on craigslist and facebook. But even if I get a cash offer or I do seller financing I'm going to make sure that it goes through escrow and gets title insurance on it so I don't leave the purchaser with any unforeseen issues.