All Forum Posts by: Shane H.

What's the address?  I think I've seen the one you're talking about.  Iffy if I'd buy there if it's the same one - some of the blocks in what google identifies as "South City" aren't that bad - dealt with people in my former job in a # of the areas - some really crappy areas (more easterly and southerly  - some are just a bunch of blue collar working stiffs.  Lots of decent houses that would probably rent for $500-800 - most of the nicer single families are in the middle to northern and western quadrant but E of the RR tracks.

The WWii housing are the neighborhoods known as Hilltop (pocket near Lincoln/Oliver) and Plainview - Plainview has a mini pocket of Asian Immigrants where the houses are nice (relatively speaking) and picked up and insides (of the one's Ive seen) were decent - think they were Thai or Cantonese - can't remember - had to meet with a few folks for for former ins job there - Plainview I would never invest in - but that's me.  Figured that's where you were talking about when you said no running water - holes in roofs etc - of any place in town that's where that will happen.  The pocket of Asian immigrants I did not see with houses that way - at least the ones I dealt with.  did see a lot of drug deals with dudes on bicycles near a warehouse in the middle of plainview was located - When I was in college an employer I worked for rented warehouse space at the empty shopping center in the middle of the community - sure it was a hopping place around WWii at the height of the manufacturing heyday.  

But yes you are correct it was supposed to be bulldozed - can find a few interesting articles on those hoods on kansas.com or by googling.

Maurice - is the triplex in Plainview?

Again it was late - yes Im aware the amount of redemption time depends on how much of the original principal was paid off and there are other circumstances that can be argued, whether or not the house is occupied or not at the time of foreclosure, whether or not the mortgagee has lost their job between the foreclosure sale and expiration of the right of redemption etc.   I didnt intend to put in the amount of time someone has lived in a place.  I'd be glad to post a link to the statue if you'd like - I used to have it memorized verbatim but have not had any interest in redeeming a property for some time - but then again I'll save myself the time of posting up the link - since you know it all you likely can find it or have it memorized already.  

Yes Ron we will agree to disagree - the simple def of a short sale is if the Bank is willing to let the seller sell the property for less than what is owed on the mortgage.  So it was late and I couldnt sleep and didnt spell it out by the book definition.   But could the seller sell for less than what is owed on the mortgage if the bank agreed - hell yes - so the equity in the house has nothing to do with whether or not a short sale could happen or not.  

Secondly if the seller knows there is equity there why would they let it go that low, lastly would you as the buyer really be doing the seller any favors by trying to take advantage of them...ethics aside.

And I guess we can agree to disagree - who in the world wants to go down the rabbit hole of dealing with a national lender to get a short sale approved etc - Not me - I've got better things to do - margins in Wichita are so slim it's not worth it for a few bucks.  

But Ron S you seem to be the expert here - I'll bow out.

Derek - seems like you have a deal if you can get the seller to give you wiggle room on the sales price - if you cant truly help them by closing fast refer them to a realtor that can help their house move so she can get some of her equity.  All about listening to the seller and doing what's right by them for their situation and not just yourself and adding value.  

@Account Closed - I reread your thread - I think some of the others that responded haven't looked up the true definition of a "Short Sale" - it's simply getting the bank to agree to sell the property or their interest in it for less than what is owed - has nothing to do with what the property is worth.  

So yes - that would be an option as it would allow them to avoid the lengthy and can be costly foreclosure process.  There are redemption periods in KS and a whole host of other things the bank takes into account.

As I alluded to in my message it all depends on who the bank is - if it's smaller or more local or regional there's a chance you can get somewhere - if it's a large national bank or huge mortgage lender then your options are likely going to be more limited - but I wouldnt despair as there would still be other options such as securing redemption rights if the bank forecloses etc.  

I've not completed a short sale purchase as I got tired of the time it took (wished I would have waited as long term it would have turned into a good deal for me - but live/learn) - but have completed the whole purchase redemption rights, redeem a foreclosed property etc.  Would love to help.

The way to start is getting ahold of some of the foreclosure docs/case file (if there was a previous foreclosure) you should be able to find the case # and go down to the courthouse and get ahold of it - they used to email those out but not sure if they still do.  I have the # to call down at the courthouse saved in my phone.  If you have a relationship with the seller you should be able to get some of this information.  In KS depending on how long someone has lived in the house and how much they have paid off of the original principal determines how long a redemption period the present mortgagee would get by statute.  Anyways - lots of moving parts but simple enough to figure out with the right info.  If it's as advertised seems like a great opportunity.

Or if there is truly that much equity in the house just purchase outright from her at a price she deems is fair etc -- multiple multiple ways to skin a cat or in this instance solve a problem.  

Glad you jumped in.  I think long term that area will do well and it shouldn't be much longer before more development happens on 254.  Wondering if 254 will turn into a mini Kellogg if you will where it will require significant investment to make it into more of a "freeway" -- I think it will happen between 235 and maybe Towanda anyways - probably take forever to do so but should happen.  

If they ever put a Dillons or Wal Mart out that way things will continue to grow - Bel Aire really didnt have more growth until they put the Dillons at 37th/Woodlawn in the 90s (Of course this was all predicated by the fact the NE Expressway/k96 had went in a short time before)

@Brandon Blankman did you buy the duplex from the guys that owned the one next to the vacant lots I used to own?

Welcome @Samantha See --- BREIM (Bridge Real Estimate Investing Meetup) - Ran by @Nathan Brooks and Mid America Real Estate Investors Assoc MAREIA ran by @Kim Tucker are 2 I'm aware of in the KC area.

Think using google you can find links to their websites and facebook pages.

@Account Closed I wouldnt close without title insurance.  Title insurance is CHEAP compared to the relative sales or even purchase price if you're getting a heckuva deal - they can also uncover things you'd have a difficult time finding.

I've always liked the staff at Security First for the few transactions I've done.

A lawyer was involved yesterday and she's been very helpful since.  It was amazing how quickly once we spelled out everything how willing she was to assist my new bookkeeper and we magically got reports we had been asking for that we were told were non existent, even more amazing was she called us and answered the phone when we called back.  

So far it's been resolved besides my financial loss which I hope to resolve by her submitting and E&O claim to her professional liability carrier.

I'm not screaming - just wanting to emphasize to anyone else that they never back themselves in a corner - I was always afraid this could potentially happen - you can never 100% predict human nature no matter how hard you try.  Our staffing woes at times have shown me that.  

Yesterday was a great day - had great teamwork at the facility and a lot of positive energy.