All Forum Posts by: Shafi Noss

I'd like to talk with a title attorney in Georgia about clearing a fraudulently filed warranty deed on 2 properties I would like to purchase. Does anyone have any recommendations?

1 Vote

Atlanta, Georgia

Anyone have do or have a reference for a GUC loan for a warehouse in Quinlan, a satellite town of Dallas?

According to borrower

Land is worth 310k
Debt is 200k
Construction Costs: $300k
ARV: $900k

Borrower has great credit and experience and is seeing how much leverage he can get.

1 Vote

Dallas, Texas

Quote from @Account Closed:

Quote from @Blake Grzybowski:

I am a wholesaler in Michigan and would like to start reaching out to potential sellers who are in the pre-foreclosure process. I can't seem to find any info to get a list of all of the pre-foreclosure properties (at least in kent county). I've reached out to banks, district courts and county to find where I could get a list. They all tell me to got to Legal News because all mortgage related things are posted by them. Issue is, all of Legal News' info is properties going into foreclosure and being sold in a 4-5 weeks at auction. I've done deed searches and look at different documents filed. Nothing gets posted in Notice of Default. Most things are posted under some sort of lien (Lien, Misc. Lien, State Tax Lien, Fed Tax Lien. Very rarely are there postings in Notice of Judgement of Foreclosure docs and Certificate of Forfeiture of Real Property. Lastly, majority of of liens are posted in Judgement Lien Documents(JLD). I have found the JLDs to be mostly from credit card companies and banks, but I am still unsure if that's what I am suppose to be looking for or not. I know I can still reach out to the foreclosure lists and I do. Just looking to get a head start I guess you could say. Any pointers on where to go or to look to find the list would be unbelievably appreciated. Thanks in advanced!

For foreclosures, you reverse engineer. You look for the trustee doing the foreclosure and call their office asking for their status website. If they don't maintain a website, you ask them how they update the public with foreclosure statuses. Our clients are very active in buying pre-foreclosures. There is a way for this to be done.

But, this is not the legal posting newspaper. That is something else. This is maintained by the specific attorney’s office for the specific foreclosures they are performing.

Although very profitable, Foreclosures are a poor choice for wholesaling, unless you have substantial capital. They are better suited for other exit strategies. You have limited time to complete the transaction before the sale. There is an "arrears" that has to be identified and paid out of pocket before the sale or the loan needs to be paid off in full.

What service do you offer?

0 Votes

Grand Rapids, Michigan

Not exactly an answer to your question but I randomly stumbled across a tired landlord who wants to sell his property off-market in Toledo, happy to share if you are interested.

0 Votes

I have not run into this but I know some banks dislike having accounts that are for lending and your bank may be developing that distaste. It sounds like they are primarily concerned about AML though. Maybe you could ask them for clarification on how to comply and evaluate how effortful it would be vs. switching banks?

0 Votes

Indianapolis, Indiana

I echo Kyle's sentiment.

1 Vote

Houston, Texas

Quote from @Moises R.:

Quote from @Shafi Noss:

I've refi'd maybe 40 DSCR cashouts in St. Louis. $100k is totally fine, but leverage may be knocked down for it being a duplex. At $150k it's no problem to hit $100k, lower and it would have to be approved.

Thank you for the response. What are rates looking like lately for something like this?

6-8%, hard to narrow it without property data

0 Votes

Saint Louis, Missouri

0 Votes

Saint Louis, Missouri

Quote from @Jay Hinrichs:

Quote from @Shafi Noss:

Are you planning to hypothecate?

Shafi why do you mention Hypothicate ? those are pretty rare and not really available to most investors.. Just curious in what setting would you do this and have you actually done one before ?

It allows you to leverage your notes if you have the balance sheet to make the bank comfortable. I had a stake in a startup HML in Texas and helped set up a facility for it and a private lender who is open to it but never closed anything with him.

0 Votes

Quote from @Sarah Reece:

Quote from @Shafi Noss:

Are you planning to hypothecate?

Not at this point, I am looking at short term 6 -12 month loans and if I understand hypothecation it works better with longer notes. I will admit though, I just like saying the word "hypothecation" because I feel really smart when I do 😂 and right now I am feeling a bit, um, unknowledgeable...

I'm not sure why it would be better for short term notes but happy to chat if you would like to understand that better.

0 Votes

All Forum Posts by: Shafi Noss

Shafi Noss has started 96 posts and replied 528 times.

Post: Title Attorney in Georgia

Post: GUC Funding for Warehouse in Texas

Post: Can't find Pre-Foreclosure Properties

Post: Investing in Toledo

Post: Private Money Lending--Requests Made by my Bank

Post: Anybody doing lease options in Texas still?

Post: Looking for a $100k DSCR cashout on property i own free/clear

Post: Looking for a $100k DSCR cashout on property i own free/clear

Post: Looking to Move into the Hard Money Space - Feeling Stuck

Post: Looking to Move into the Hard Money Space - Feeling Stuck