All Forum Posts by: Ibrahim Hughes

@Beste Park

Contact the municipality and asking for a copy of their rent control ordinance.

@Lori Hayward

First I wouldn't assume that the property is abandoned. You'll find that individuals who own property that you think are abandoned might find the term offensive. Almost like accusing someone of abandoning their child or pet when they had it.

Second, I would just tell them that you're interested in buying the property. Do you research on the LLC investment Company by checking your state's database. That should tell you who the person is who controls the company.

Hi everyone. Just wondering if anyone has had any luck or experience with a situation where there's an IRS lien against a deceased owner.

There is enough equity in the home to pay it off but wondering if any accountants can chime in here on what the chances would be of getting such a lien discounted in light of the owner being deceased. Thanks in advance.

Hi everyone. I am on the board of a small non-profit and we are about to renovate a newly acquired building for our community center. We're fortunate enough to acquire grant money from the city to get the renovations done.

However, as the treasurer, I am one of the lead team members being tasked with making sure the finances of the renovation project are managed properly. My top priority is to make sure that we don't get ripped off by a contractor doing shoddy work.

Side story: Many years ago when I was new in the business I got ripped off because I thought I was experienced enough to inspect a Contractor's weekly work before giving him payments. Little did I know that by the time 2 months had passed and the city inspectors showed up, most of the work was done incorrectly. I lost thousands of dollars on that project and don't want to go through that again obviously.

On residential rehab projects that my brother and I partner on, he primarily handles the contractors. However this is a completely separate project that he's not a part of. Additionally, this is commercial and these are the funds of a non-profit so I want to go the extra mile and make sure they are protected.

Most of the city inspectors here are also private contractors who hire themselves out to different municipalities and even to tax lien holders looking to get an abandoned property certified as such. Does it make sense for us to hire some of these inspectors to inspect the work after it's supposedly completed yet before payments are made?

Or should I expect them to be able to complete the rough phase of work and pass rough inspection before a payment is made?

@Carlos Carrion

Did your title companys search indicate that the property was in foreclosure? If so check the file to see if a balance is indicated.

Also what's the arv and estimated repair cost (, worst case scenario)?

Anyone understand how HUDs new loss mitigation concept supposed to reduce mortgage payments? I'm not getting it. Particularly this paragraph here. I just don't see how the extra 2nd mortgage is supposed to (temporarily) lower existing payments. Anyone (you may have to register for a free account to read the whole article)?

"The struggle is that in the rising rate environment, if you want to recast a mortgage, someone might go from maybe around 3%, to a rate of 6% or more, and they really wouldn't see any reduction in their monthly payment," said Peter Idziak, senior associate, Polunsky Beitel Green.

The draft concept appears to provide a mechanism through which the mortgage can stay at its original rate and the payment can be supplemented by a second lien loan that's applied to monthly principal for three to five years, after it absorbs any arrearages.

This would allow borrowers with reduced incomes to pay reduced amounts during the three-to-five year period, according to the FHA, which is an arm of the Department of Housing and Urban Development. The payment returns to normal afterwards, potentially with an ease-in period."

https://www.nationalmortgagenews.com/news/fha-releases-draft-of-new-foreclosure-prevention-option

Have you looked at purchasing the property tax lien on this? I checked and Arizona allows investors to buy property tax liens. This could give you the opportunity to eventually foreclose out the senior lien.

@Tim Braun

1. Check with the tax collector, not tax assessor, and be ready to give them the parcel ID or block and lot number.

2. You should learn how to do your own title searches. The skill comes in very handy. Nothing elaborate but just being able to find the most recent deed on a property as well as any mortgages and judgments that attach. These should be found at your county recorder's office.

@Nathan Gesner

Oh snap! How can you tell???

@Azhar Awan

Welcome sir!