All Forum Posts by: Mary Spalding

J Scott, what is the NOT main MLS? Have not heard of such a thing...

Jon, the 3rd told me that he did foreclose, but it has not recorded yet. He said that the "owner" has not been willing to talk to him and just hangs up the phone.
So, if the 3rd has foreclosed, what is the process for him collecting. I guess he has a "judgement" or lein, but has no rights to collect, until the 1rst and 2nd are paid, right?

I assume, and that is my question, that until the 1rst or 2nd is satisfied, nothing will happen for the 3rd. Meaning, the 3rd cannot take the house back or put it to auction? This is the part that confuses me.......

Sorry. I guess I am trying to figur out how to approach this guy to make it mutually beneficial for all........

Nathan, Yes, I am not sure exactly what to offer the homeowner. Hence, my question to the forum.

It seems that the 3rd, just wants his $$, which I understand, but if Chase has not foreclosed, and he still in the house, there is no incentive to do anything.

I will offer to buy the house and then wholesale it to another investor, hoping to satisfy all the leins.

I am not going to call him; just show up. What should the angle be? I just want to help and that is what I think would be the best angle.

Hi All,
I answered an ad on Craigslist. The gentleman on the phone is in Chicago, we are in the Pacific Northwest.

He is a 3rd in line leinholder on the home here in my town. Apparently the owner took out a private 3rd mortgage (30k)with this guy, which he has not paid. The guy said that he served him a notice of default.

He also said he owes a 1rst mortgage with Chase of 102k and a 2nd mortgage with Beneficial that he owes 5k on.

The homeowner is still in the house and Chase has not forclosed on it.
The 3rd leinholder is trying to get the homeowner to sell and needs someone to help him.

The house is worth in the neighborhood of 190k. He gave me the address and all of the homeowners phone numbers. I am going to knock on his door at lunchtime. Do any of you have suggestions on what to say? Is it worth checking into?

I would appreciate any feedback or guidance.

Thanks much,
Mary

Great thread!

I like Poynt for locating retail things and get ratings.
I am not a fan of the GPS on the Iphone, so I downloaded telenav, it was free and a much better GPS application

Good luck and thanks for the info!

Hi All, I have four properties that I cannot find the absent owners via tax records or any other means.

I am thinking of dropping a letter in the mail. Any thoughts on what to write, if I am interested in buying their home or wholesaling it?

Would appreciate any info, as searched and did not see any verbiage re:that, thanks!

So, after drinking up as much of the bird doggin' wholesaling lingo I could, I decided to use my lunch today to go out and do some REI therapy, AKA: find absent owners or do some bird doggin'.

After about 15 minutes, I found a decent house that I thought might fit an investor's eye. Craftman style, decent neighborhood, needed significant work and great houses around it.

Upon further inspection, it was partially worked on inside, some new sheetrock and paint, but it didnt look like anyone had been there in a bit.

Knocked on the neighbor's door and after some chatting, got the owner's number.

Long story short: meeting the owner this week for a formal tour, talk numbers, take my mentor and then maybe my first wholesale deal!

House is tax assessed 70k; he owns it outright and is almost retired. He said that he intended to finish the work, but has been busy with "life" Is one year from collecting social security and has thought about selling it for awhile. He is open carrying contracts or selling outright. He wants to avoid capital gains, if he can. It is a 2/1 on a quarter acre in the city limits. Rents generally are about $700-800 a month in the area after rehab.

Comps in the area are running between 30k-40k which I will bring with me, along with my mentor.

Still have a long way to go, but I actually stepped out the car and knocked, so will keep you updated, as I think there is potential.

This is outside my comfort zone and expertise, but I cannot wait to learn more! :D

Hi All,
Been recently interested in the manufactured market.
Wondered the pros and cons of this side of the business.
I have 3 current SFD, so this is a bit outside of what I am interested in, but the ease of turning is super interesting.

I am concerned about the park approved a possible new owner if I am turning and how terms are figured if I financed.

Any thoughts are appreciated.

Mary

Ok......Here's to tryin', thanks Jeff!

It has peaked my interest. So, am not a noobie w/ SFR, but w/ MH, is there a title, much like a car?
I realize there is lot rent, but the MH itself is titled?

I have read that the buyer of the MH must be approved by the park?

So much to learn! But can't get enough!