All Forum Posts by: Shawn L.

Thanks for the reply, Abel. That's actually a great idea. I think I'll take some time today and see who's on those platforms.

I see you're from Queens. Some of my favorite hip-hop artists are from that area. I gotta visit there one day.

Hello all. I'm a 25-year veteran in the technology field and I also run a small photography/videography business. I'm interested in finding a mentor who can share knowledge and help me get started in creatively financed deals. I would be more than happy to use whatever skills I have to assist you in your business. Looking forward to having a few conversations. Thanks!

Are buying notes the same as subject to deals?

I'm looking for an attorney to assist with a property tax issue. Thanks in advance for any referrals.

I've read that a score of at least 620 is desirable, sadly mine is slightly less than that. I also don't have strong income at the moment. So you're probably thinking why am I even posing this question. What I'm hoping will work in my favor is that the only debt I have is a car payment. Also the home I want the HELOC for has no mortgage. I looking to find a buyer in a owner financed arrangement and I hope that the income from the payments will secure the loan.

If a HELOC is not possible are there any other options for someone in my position? Thanks for any comments or suggestions.

Thanks for the replies.

Charles - I would love to sell the home outright, but I don't think the home values in that area are strong enough to justify putting any cash into it. There's been a lot foreclosures in the area because of the high taxes, as a result there have been homes selling at ridiculously low prices. There are a few that sell between 110-120k, but many of them are well below 80k. I've talked to a few investors, with the margins being so thin though, most don't want to take the chance. Which is understandable, there are cheaper options available.

I'm wondering if maybe I can get a tenant in the property in an owner financed situation. Then perhaps I can qualify for a loan to cover the taxes. The downside to that is I wouldn't want to run the risk of not being able to secure the loan before losing the house.

Christina - Yes, the house has been vacant and there are no tenants. You're right about the time factor, I'll need to get all my information to determine if I have any time left. I was feeling a little depressed about it and I let a lot of time go by, but I'm gonna make last ditch effort to create come up with some kind of a solution.

Fortunately I have recovered physically and although it's been slow the financial part is improving some as well. Thank you both for the responses. 

I own a home that has no mortgage and is currently vacant. My wife and I bought it as a foreclosure and we put quite a bit of work into it about 9 years ago. It's in pretty good shape, but it could use a little work (maybe 5-6k of repairs and updates). The problem is that I owe more than 60k in unpaid property taxes. I was very sick a few years ago which required a lengthy hospital stay, this set me back financially and I never really recovered.

I would like to try and do something with the home, but I'm not sure what strategy to employ. Because my credit and my income are not ideal at the moment, I can't go the traditional route to borrow money against the house.

Are there any strategies that would work for a homeowner in my situation? I'd hate to just walk away from it, but I'm not quite sure how to proceed. Thanks in advance for any advice or suggestions.

Hi Mark. Are the attorneys you work with near south Chicago?

Hey Zack. I agree the taxes are ridiculous. I don't know if I can even do anything with my home because the back taxes and penalties are probably more than the value of my home at this point. At any rate, I believe the ARV is somewhere between 95-102k. I'm basing this number on 8 similar sized homes that sold in the last 3 weeks.

The house needs some updating, but I haven't learned how to assess repair costs yet so I can't really give you a number on that. Please let me know if there is any other information I can provide.

At the moment I currently own a home in Park Forest, IL that I owe several years of back taxes on. There is no mortgage on the property, but the back taxes are significant. At this point they are likely in the 60k range. Long story short, a few months after I moved into the house I got sick and was off work for a long period of time. I was never able to catch the taxes up and at the beginning of this year I moved out so the house is currently empty. 

Obviously I'm very motivated and I'm open to almost any kind of arrangement. I would like to work with a creative investor to see if there are any options I have available on this home. I'm hoping to use this home as an opportunity to learn some new strategies from an experienced investor and hopefully develop a professional relationship. 

Feel free to contact me if this is something you might be able to help with and I'll get back with you immediately. Thanks for reading.