All Forum Posts by: Barbara Riley

Welcome, Michelle!

I am in Columbus, and pretty new to BP and investing. I see wholesaling as the reasonable way for me to get started as well. I recently got an email invitation to join a new Real Estate Wholesaling Meetup in Columbus. I joined, but I'm having trouble finding when / where they meet. Sounds like exactly what I've been looking for. If I learn more, I'll post it here or feel free to contact me. 614-975-5150.

I'm a little late to this, but as a senior myself, I thought I'd toss in my 2 cents (we aren't all alike, either. lol) Especially in dealing with seniors remember the greater number of years over which the person has acquired "buttons..." (Life experiences that trigger various emotions, biases, etc.) You and your "girlfriend" starting a family? Hmmmm. You see her as having "abandoned" her house when maybe a heartbreaking illness made it impossible to live there alone. You look forward to making changes in it. You don't like it the way it is? The way she loved it? See where I'm going? I agree with points made on both sides of the discussion, actually. I agree with you that often money is not all important to a seller. "Connection"with a buyer may very well make all the difference. I would definitely tell her how much you love her house and would be interested in buying it If she would consider selling. That should get you a response if she does want/need to sell. Save the personal information for a conversation wherein you have listened, listened, listened to her and can make a connection on actual common grounds. Sharing personal information with someone you've never even met in like walking thru a mine field. Trigger a negative memory or emotion and you will never know why the choose not to deal with you.

Hi Robert,

Caveat: I am very new to investing, and marketing websites. I think your website is attractive, and I like the simplicity of the layout a lot! That said:

I would strongly, STRONGLY recommend that you read Nevada's Foreclosure Consultant Law! They don't play, and you might be running afoul of the law by offering to "help" someone avoid foreclosure. May need to reword. Big fines and possibly jail, so take time to google it and read up. I think most if not all (?) states have some version of this to protect home owners facing foreclosure from unethical investors. @Brian Gibbons had a post that first alerted me, but I can't find it now. It definitely impressed me with the importance of understanding the law as it applies to marketing to owners facing foreclosure!

Congratulations on taking action. I have the classic analysis paralysis. There is just soooo much to know. I'm enormously grateful for the help available here.

I too had credit problems. It was holding me back from buying a house, or investing. (My interest is wholesaling to start). I had a disastrous and expensive experience with a repair service (recommended by an investor's association, btw). After that I decided to do some studying on my own about how to improve my score.

I found a book called "Guaranteed Credit" by Arnold S. Goldstein (be sure to use the middle initial when doing a search!). The book I have is a 1995 edition. I think there is a newer one. It is easy to follow and has numerous sample letters to creditors, the credit bureaus, etc. I was able to get my credit score up significantly, to 720, and qualify for a mortgage in less than a year. It's been a long time so I don't remember what my score was to start with, but it wasn't good.

Arnold S. Goldstein has some other books which I haven't read, but which I bet are good...dealing with the IRS, asset protection, more. You can find "Guaranteed Credit" at www.Half.Com for less than $5 including shipping, and even the 1995 version should be of a lot of help because of the links it has to updated sites such as the Fair Credit Reporting Act. Addresses to the credit bureaus are probably out of date since they keep changing, but you can find them elsewhere, of course. Repairing my own credit this way cost me only the price of the book and Certified Mail postage...and it was "private."

Thanks for the information and especially for the Pacer recommendation. I had not heard of Pacer before. Actually I did know bankruptcies are filed in Fed. Bankruptcy Court, I wasn't thinking. Thanks for reminding me. I thought that if BOA got the note at a steep discount, knowing that would be helpful when making an offer. It sounds, tho, like that is unlikely. Thanks again for helping! I am focusing on finding the owner.

Not personally. I've found a friend/partner who does. I have the time, he has the cash. Are you asking because you see this as likely requiring an all cash acquisition? Once I/we know the details about the existing mortgage if any, seller interest in selling, etc. we'll have to figure out what might work. It will be a learning experience for me.

Thanks for the suggestions! I don't see any other actions involving the borrower...bankruptcy, etc., or liens filed against the property in the on-line court records at least. BOA having bought the note makes sense. Do you have any idea how much those notes were typically discounted, or how to find out? I did locate a P.O. Box number for the borrower and I'm writing her at that address as well. What I should have done, and will do, is ask the neighbor. She's been gone 3years, so that's a long shot I suppose. The avg time on market in this area is just 27 days and rents are in the $900 to $1,000 Vic. It is a 3/2.5 and about 1,500 sf so it should rent at the upper range I'd think. Sorry to run on :-) Thanks for your help!

Thanks a lot, Bill!

Those were not possibilities I would have thought about on my own (except maybe the borrower's brother :-) I appreciate your suggestions and your time. You gave me some angles to check out, so I'll see what I can turn up. Another learning experience! Thanks, again!

Barb

No, I didn't do a title search yet. Deutch Bank filed the foreclosure so I was confused about how BOA was involved unless Deutch Bank sold their interest to BOA? No indication that BOA has taken any action, tho and house has been sitting there for 3 years . Shadow inventory? Guess a title search is the next step. Thanks for your reply.

I found an abandoned bi-level in a nice neighborhood that appears to be in good condition. Mail carrier said it's been unoccupied "for years." Someone is cutting the grass. Taxes are paid. It sold in 2005 for 142,900. More recent neighborhood comps $110,000 - $135,000. I checked w/clerk of courts and found that in 8/11 the bank voluntarily dismissed the foreclosure action and did not pursue a $136,000 judgment to which the court ruled they were entitled. The auditor's site still shows the 2005 purchaser as the owner. Why would the bank not pursue either the foreclosure or judgment? What is the likely status, and is there a strategy that might make this a deal? It's a nice neighborhood with only one property currently listed for sale and no rentals. I could find no other court actions against the owner, btw. There is a sticker on the door that says to contact BOA reo website. I did that and property was not listed there. Also, BOA is not the lender that filed the foreclosure action. I'm confused. It's such a nice house on such a nice street that I hate to just dismiss it without trying to find out if it could be a prospect. With a $136,000 judgment lurking (dismissed w/o prejudice) there would be no equity. I know this might be a naive question, but I'm really new, so I'm sure it won't be the last. :-) Thanks for your time!