All Forum Posts by: Robert Dobbs

Funny to hear about unclaimed funds.

Last month I closed on some lots, in Citrus County, FL

Used my same olde title company. While I was on the "Citrus County Clerk's" Website, I noticed a link to:

"Unclaimed Funds".

I clicked it. To my amazement there was a long list of names that were due money that was unclaimed!

I noticed the local title company that I use all the time, was mentioned (5) times on the "unclaimed list".

They also had a link to the State of Florida, and the title company was also on the State list (2) times.

I called the owner of the title company
and directed her to the "county links".

She "freaked-out" and thanked me.

I must call her back and ask if she got anything back without jumping through hoops, and were the amounts worth her time and efforts?

Bob
Land Rescue League LLC

Shanequa,

Hello!

Find out:

1. What reasons are the property taxes $5600 past due?

2. Who and where are their living relatives (and can you get a list of all of them? (with names, relationships, ages, phone numbers, addresses, etc.)

3. Do any of these relatives know about the property taxes being past due (to the tune of $5600)?

4. Has a title search been done by you?

5. Are there other liens (other than taxes), code violations, mortgages, judgements, etc?

6. Does this couple have a will, living will, power of attorney, trust or other "elder care" documents expressing this couple's medical directives, their wishes if one or both pass on or become "hospice bound"?

7. Are they registered for Medicaid, that kicks in when their medical bills reach a certain monthly level? And will they requalify for said Medicaid benefits, during an annual review if this couple deeds this house over to you, even with a life estate transaction?

8. Does this couple have an elder care attorney in place?

9. Are they receiving welfare, food stamps, etc. Said benefits that may be altered when this couple signs a life estate deal with you?

10. Can you, this couple, their "next of kin", case workers (if any), an elder care attorney, all get together and allow you to do some type of compassionate "life estate" transaction, in the name of "good will" and at the same time, a "sound real estate investment" on your part?

11. Call a reverse mortgage agent, and get a calculation of what lump sum amounts, monthly payments, line of credit, this couple may qualify for, based on their age, value of home etc.

Lots of issues and due diligence here!

Bob

I'm not a lawyer, but I see lots of legal issues to deal with! Good luck to you!

Warmest holiday wishes to everyone!

From Delray Beach, Florida

Bob, Land Rescue League

(...and let's hear a greetings from you too! & Where you're from!)

Hi Sherry,

Nice to hear you are feeling better (medically speaking).

I will not go there (the "all fixed" route! LOL!)

Suggestion, why not try listing the three on eBay
(and leave the Cleveland house out!)?

Cost you around $100 to list a "bundle" there.

Currently, there are 14 Michigan listings there.
Usually great Michigan bargins.
Some are unreal,
some are too good to be true.

Sherry, may be worth a try?

I've been an eBayer since 1999 and my current nitche is selling wholesale vacant Florida lots there.

But I do follow the residental deals there.

Sherry, here's the link to the current 14 Michigan eBay listings:

There's:

Flint (5)
Detroit (4)
Kalamazoo (1)
Lansing (1)
Not Specified (3)

"cut and paste" this:

http://www.ebay.com/sch/Residential-/12605/i.html?State%252FProvince=Michigan&_trkparms=65%253A12%257C66%253A2%257C39%253A1%257C72%253A5841&rt=nc&_catref=1&_dmpt=Residential&
_sticky=1&_trksid=p3286.c0.m14&_sop=15&_sc=1

good luck to you! hope you sell them soon!

Bob
Land Rescue League

My first real estate deal was in Alief, Texas.

Back in, I think around the 1986-87 real estate, oil crisis "bust combo"

A three year old US Home condo, yeah I remember on Turtlewood Court, originally worth about $40,000 and the real estate agent begged me to "put in an offer". I told her $9500 just to get rid of her, she called me the next day and told me the "oil-field relocation services company" that owned the condo accepted my insane offer. Yikes!

I didn't have 10k, so I learned fast how to "scramble for dollars"!

Thank you Houston, Texas (suburb, Alief, TX) for my 1st real estate transaction.

The Houston economy was so bad, I talked a local bank (who was a client of mine) into making me this very small loan and I would put up the condo as collateral. They made an exception for me (I guess because I was their group health insurance agent, and I bought the VP lunch? LOL!) for such a small amount

They did the loan for me, and within 6 months, the bank was out of of business and then I was making payments, I think to the FDIC, until I sold the property a few years later!

I can only imagine the "wild swings" in Houston real estate since 1987.

If those Houston REOs are not selling at listed pricing, "keep pounding" those banks with much lower offers!

Good luck!

Bob

DO A CRIMINAL BACKGROUND CHECK

CHECK REFERENCES

EMPLOYMENT VERIFICATION

BEFORE YOU RENT

NOT AFTER!

A concern for you to consider:

You were given information about illegal/criminal activities going on at your property.

You may be in violation of the law by NOT reporting possible criminal activities going on at your property?

It would be too bad if these thugs "got busted" and the police found out that you knew about possible drug dealing on your property from that ex-tenant but IT WENT UNREPORTED BY YOU TO LAW ENFORCEMENT!

I'd hate to see you lose your first rental property, confiscated by law enforcement! Yikes!

Better check this out ASAP!

Bob

100% agree! A "code violation", is just what you do not need!

This whole mess stinks and seems like a lot of cr@p!

Ok, so I'm not funny! LOL!

Thanksgiving weekend?

Emergency Rooms

Gas Stations

Property Managers

LOL!

Here's another bank story:

Interesting things can happen in December, when you deal with banks.

Usually the last week in December being the end of the "bank's year".

I've heard about it for years now: "Banks getting motivated to clear their books of REOs before the end of their bank year".

But that just went "in one ear and out the other" for me.

Until November of 2009.

Me? Dealing with Florida land and "cruisin' the Net" for deals, back then, I read about 18 vacant lots in Citrus County, Florida that were "bank owned".

Each lot was 1/3 to 1/2 acre and each lot was listed for sale, if I remember for somewhere around $6,000 to $8,500 each, which was at or near county tax-assessed value.

I did my due-diligence and made an offer to the bank's listing agent.

"I'll take all (18) lots for $21,600 (or $1200 each)".

The Realtor told me in not so many words, that, "I was out of my mind", the bank WILL NEVER consider my offer! Please don't waste my time!"

I asked the listing agent to "humor me" and still present my offer, as I reminded him that I was also a licensed agent and ALL offers must be presented to seller-clients, regardless of how low an offer may be, in the great State of Florida (plus at the bottom of my "offer package", I wrote "carbon copy to: "XYZ Bank". I never really sent a "carbon copy" to the bank, LOL!).

Within a few days, I received a phone call from the agent, and he said "I don't believe it, but the bank said if I can close by (I think it was December 28th?) before the end of their bank year, the bank will accept my offer of $21,600 or $1200 per lot!

I gained some valuable experience that December month in 2009;

End of the bank year DOES mean something to certain banks regarding REOs!

This bank was so motivated to get rid of these (18) lots by the end of their bank year, they ran with my offer, plus as a bonus, one of the lots had a mobile home on it, with a well, septic, electric and all the proper permits. The bank made me sign that I would be responsible for removal of the mobile home. I said sure, OK!

I flipped all (18) lots quickly, for a nice profit, and the lot with the mobile home? Recently sold by my investor-buyer for over $16,000 (he paid $3200! LOL!). What I think, the bank thought that mobile home to be a big liability for them, and just want to unload the lot, so "they threw the baby out with the bath water" (with all 18 lots!) LOL!

Now I try to make multiple REO offers in November-December, stating boldly that;

"I guarantee to close before the end of the bank year!"

Anyone else have good fortune with "end of year deals"???

I'd love to hear your "war stories".

Bob
Land Rescue League LLC

P.S. What the bank didn't know was I had all (18) lots already sold to (4) different lined-up buyers, well before the end of their bank year! LOL!

Hi Ron!

Good luck to you on your new real estate endeavors.

I did a quick search for Marrero, LA to see whats around for sale, maybe there's one for your next deal, if you are looking in Marrero?

1. $28,000 - 6565 Rue Louis Philippe Street - 4/2, 1100 sf

2. $29,700 - 2049 Ellington Dr - 4/2, 1570 sf, brick (foreclosure)

3. $29,900 - 2072 Betty Bl - 3/2, 1200 sf (foreclosure, reduced)

4. $32,500 - 6122 4th Av - 3/2, 800 sf (foreclosure, reduced)

5. $32,500 - 6545 Benedict St - 3/2, 950 sf

6. $33,750 - 6432 Millender Dr - 3/3, 1867 sf (foreclosure, reduced)

7. $35,000 - 1448 Ames Bl - 4/1, 1638 sf (foreclosure, reduced)

8. $37,900 - 6756 Carver Dr - 3/2, 1120 sf (foreclosure, reduced)

9. $39,000 - 2037 Tuskegee St - 3/2, 937 sf

10. $43,500 - 2032 Luther Dr - 4/2, 1578 (says new on narket!)

11. $44,500 - 1933 Gladstone Dr - 3/2, 1256 sf (foreclosure, reduced, nice pic!)

12. $45,000 - 3069 Sorbonne Dr - 4/2, 1100 sf (foreclosure)

13. $46,000 - 2569 Ramsey Dr - 3/2, 1241 sf (foreclosure)

14. $49,900 - 3005 Mt. Kennedy St - 3/1, 792 sf

15. $49,900 - 2869 Brittanica Dr - 4/2, 1419 sf (foreclosure, says new on market)

Ron, I'm in Florida, so I have no knowledge of your area or even if you are looking in Marrero?

Thought it would nice to to show you these 15 as a Thanksgiving treat!

Who know's? Maybe your next deal is listed here? Or maybe you looked at all of these already?

In any event, good luck to ya!!

Bob

P.S. Ron I see 263 single family homes for sale in Marrero, shows 15 under $50,000.

With the highest being $2,100,000 on 4100 Barataria Bl - 6/7, 6383 sf!