All Forum Posts by: Jean Norton

I'm a gold vip member at auction.com.  Most of my acquisitions are profitable - just be careful as most have had serious issues, such as grow-rooms in the house, non-working wells, etc.

The title information is provided on only a few of the properties.  Most of the properties will sell with clear title, but some that are occupied will only sell via quick claim deed, which is speculative.

Also know that even if you see a property sold, just wait.  It may come back on the next round.

So many real estate investors, wholesalers and dealmakers unknowingly violate various SEV and other Federally mandated rules.  I see these on Facebook quote often.  For my real estate friends, be smart...

New blog post:

http://www.jeannorton.com/sec-violators-facebook/

Me too!  Plus I'll share my famous "5 Styles of Contractors and How to Manage Them" at the event.

I love the comments everyone - thanks!  The post is not meant to degrade note investing and it is truly an advanced strategy.  However, for me, as someone just learning about non-performing notes in a Las Vegas location, I couldn't help but notice similarities.

Thanks so much for taking your time to post your opinions.

New blog post on Non-Performing Notes - If you're a Craps player, you will totally understand the analogy. If you're not a Craps player, or are too risk averse then you may not want to enter into non-performing notes as an investment strategy. READ MORE...

http://www.jeannorton.com/investing-non-performing-notes-like-playing-craps/

I rehabbed a condo with them - the whole condo complex was built with them.  The answer isn't whether IF they will leak, but a matter of WHEN they will leak.  You must plan to replace these pipes in your budget.

If you have access to REALIST, you can see what the original loan amount was, but it won't show you penalties, etc.

Yes, I used to get a lot of properties from Hubzu.  At this point, I believe their prices are way too high.  I've watched properties that I bid on from a year ago and they still try to get higher prices.

The auctions are a joke.  They just recycle through them.  If you're using hard money, your hard money lender will get a little frustrated.  However, I can't say I was unhappy with any of the deals I got.  Just make sure you have your patience in check.

I'm not sure about the laws in NC, but this isn't a bad strategy.

First, if the aren't paying the HOA, then they aren't paying the mortgage either, so you don't know how much the additional penalties are. You are the deed holder, so you can start eviction even though the first mortgage is in place. You don't have to pay that off to start the eviction process.

Yes, you can refinance the property and pay off the first mortgage, or you find out (through the borrower) how much is owed and then simply pay the mortgage as if it was yours.  (Some call it taking the property "subject-to" keeping the exiting loan in place.) Or you can rent out the property while you wait for the first mortgage to foreclose.

There are a lot of houses in Florida that haven't reached foreclosure, but the owners have simply given up and walked away.  The banks hire companies to watch over the properties and make sure they don't become a real eyesore and stack up code violations.  Oh...how I wish I could get that list from the companies that take care of those houses.

A legal method to capitalize on this is to find the owner and have them give you a QCD.  You will be the official deed holder, owner of record, and have the legal ability to rent out the house.  The bank will eventually foreclose.  I know several that employ that strategy.  Remember, you risk becoming the "evil investor" in this scenario and I've seen TV shows exposing investors that do this.  Legal?  Yes.  Ethical? Not too sure.