All Forum Posts by: Nichole Mollica

I have been told that IRS liens for homeowners income taxes are easy to get removed because they follow the individual, not the property.  

I have searched the site and not coming up with anything to clarify.  Anyone have experience getting an IRS lien removed from a property?

Hey All,

I need a good referral for a closing attorney to close a transaction for me in North Georgia just outside of Chattanooga, TN.

Anyone have advice? Who to call? Who to avoid?

Thank you very much, in advance, for your help!!

@Wayne Brooks, Thank you.. I have been told the reverse mortgages are the easiest shorts to get done.. I did not know they were all HUD or FHA.

@Wayne Brooks, Thank you. I don't know that it is HUD but I do know a very good short sale agent who knows about reverse mortgage shorts, so I have already sent out an inquiry. I thought I would ask the community as well. Never hurts to have more information.

Thanks to all.

I have an executor who would prefer to sell to me rather than pay for listing. The reverse is about 100K over market value in current condition. He wants to be able to pay off the grandchildren named in the will too. Can anyone share their insight on the short sale of reverse mortgages? I've been told they are easier to do than regular mortgage, but do all the same rules apply when it comes to the families being able to walk away with some cash? Things change every week in this industry, I'm just looking for the most up to date knowledge I can find so as not to steer anyone wrong.

In my other business I have eyes on the streets every day. We keep a list of vacant or distressed properties and have attempted to contact owners before the bank gets through the foreclosure process. Thus far I have not had much luck with tracking down the property owner even when I have the last known address. Are there any specific sites or avenues out there that are more reliable for skip-tracing property owners? Can you share how you all jump this hurdle of locating owners to send mail to??

Hi all,

I am just reaching out to find out what sources you use to obtain your mailing list info? I have purchased a few list, but the one from ListSource seems to be about 20% owner occ ,when I selected absentee. Is this your experience? Did I do something wrong when ordering?

What sources do you like for lists?

Thanks in advance for any input.

Nichole

Hi @Jake Kellerhals, welcome. I am glad to see more and more people from down south on here lately.

I went to college in Chattanooga, worked in Knoxville for many years and still have a lot of family, friends and property in TN today. My spouse was a Hamilton County sheriffs deputy for several years, then went to Marion County Sheriffs dept. for several more years. Our roots run Deep in TN and we are planning a move to be home by Christmas.

Do you attend any local REIAs or investing clubs? I have just started to dip my toes into the market down there in anticipation of our pending transition back home. Looking forward to the sunshine again!

I have a potential deal that I received a call from a bandit sign on. It is in a pretty strong value town, and it is a bulk of several properties. They are all free and clear inherited properties and most tenant occupied. This landlord is tired of fixing things, and just wants out.
Here are my issues:
The properties are owned by two siblings who inherited these along with a lot of other real estate.
The caller is the person managing the properties, tenants, rents, and repairs. He is also the Husband of one of the owners. He has told me that they all agreed to sell, but I have not spoken with the actual owners as of yet. (this I will address today when I speak with him.)
I have walked through ONE of the units, that was empty to see condition but not all units yet, as he doesn't want to "spook" the tenants and "empty the places out if they think we are going to sell."
He tells me they are all on 30 day notice, tenant at will status, no leases on any of the units. 4 of the 6 are occupied.

Ok... So. Here are my questions.
1.) Would you proceed and ask to walk through all units? draw up full repairs estimates and proceed with each property individually? or Would I be better served to just shoot him a conservative offer number based on a worst case scenario guestimate of repairs on the one and assume the same condition on the others? (he said this is the worst one, which is partly why it is not rented.)
2.) How would I proceed with this deal? As a wholesale or turn-key to landlords? The properties are worth much more as individual flips, but the trouble to get tenants out in the tenant friendly state of Mass. might be more than it's worth.
3.) I am thinking of bringing someone into this deal that I trust, and respect, simply because this is a big deal and I don't want to screw anything up and lose it. Would you (if you have never done tenants or anything bulk) go it alone or bring in reinforcements who can help steer this deal in the right direction?
4.) Knowing there are no leases, and he doesn't want to "spook" his tenants because he thinks they will stop paying and move out, makes me a bit worried about other issues that may arrise from tenant issues like security deposits and verbal agreements that I will be expected to uphold if these tenants aren't gone by the time this is put together at a closing table. How would I present this to possible buyers?

Love it! Thank you!