All Forum Posts by: Jim Gordon

As an OO you should look into a 203k loan that will allow you to finance repairs and delay making payments up to six months. It is an FHA program and currently if it is a FHA REO they would throw in a couple of thousand in closing cost money. The repair money would be placed in escrow and FHA approved contractors and materials would have to bu used for payment from escrow.

Especially subject to transactions because those can be considered lender fraud.

Like most of those programs you are normally out the money. Try to contact an attorney and see if they will go after it for you. A attorney may tell that it will cost more than you may get back. Not legal advise just my opinion.

I would ask a commercial mortgage broker about that and other RESPA issues. Remember to disclose any affiliated agreements.

1) The grapevine has been known to be wrong.

2) If all you can find are tax liens you are looking in the wrong place.

Go down to the county recorders office and start your search there on the property and on the owners to see what you can find. The courts will hardly ever respond to an email from someone.

In Ohio someone has to be arrested from that address for your proof to hold up in court according to what I have been told.

Gas lines scare me. Next to one of my properties a gas smell was reported. The utliity company shut off the gas to my property thinking it was a split line.

I went and had the gas company check and they could not find the shut off for the other home.

Finnally after much knocking on the door the person answered the door. She reported that the gas smell was strong in the kitchen. The utility man asked her to step outside so he could check for the problem and would she please take her lit ciggarette outside with her.

Gas used to sell for .35 a gallon -- Now that we have better technology to obtain it and better refinng methods to extract more fuel from the crude oil the price should be lower!

Just kidding, the price of eveything else has went up and we always come up with more creative ways to spend money on advertising.

I had a problem with drug dealing in one of my units. I called vice and notified them of the problem. The neighborhood was a "weed and seed" grant area with extra enforcement.
I am just thankful they were late with the rent so I could evict them because if I was still waiting for vice I wouldn't have a property left!

Look at the comps that were used on the appraisal and make sure they are in your area. Remember condition will help a house sell quicker but not normally 20% over the area.