All Forum Posts by: Tehseen Baweja

Thanks @Rick H.- That makes a lot of sense. You and others have kind of confirmed what I was thinking i.e. no value in the deal but I am coming across a lot of these. I would love to know some of the other sources of buying notes besides FCI and PPR if you can share here or PM.

Thanks everyone for their feedback!

As I educate myself on Notes, I would love to know what are some of the strategies and due diligence requirements when looking at 2nd Lien NPN and chapter 7.

Here is an example:

Sale Price: $8k

UPB: $100K

Property Value: $290k

Sr Balance: $400k

Sr Status: Unknown

Chapter 7 Bankruptcy / Discharged

So the property is definitely under-water and there is no information on whether payments are being made to the senior loan. My questions would be:

1. If the Sr is not reporting any payments, is there any other to confirm if payments are being made to Sr or a loan mod is being worked on?

2. Assuming payments are not being made, is it pretty much a worthless deal because most probably Sr will foreclose and wipe out 2nd lien?

3. What are some other strategies and due diligence one should do for a deal like this?

Would welcome any thoughts as I am just starting to learn this area.

Welcome @Christopher Karimi

If you are ever wanting to connect with somebody around the Plano/Frisco area, hit me up

@Account ClosedGood point. Just because it's public information does not mean they have it readily available. I called a few counties in TX and everybody has a different process, data format, time duration as well as cost. 

@Alexandra Wright

 How about this (found on Wake county's website):

Government records in North Carolina are public in nature unless identified as confidential pursuant to law. Wake County must adhere to the North Carolina Public Records Law, found at N.C.G.S. Chapter 132, which provides that “the public records and public information compiled by the agencies of North Carolina government or its subdivisions are the property of the people. Therefore, it is the policy of this State that the people may obtain copies of their public records and public information free or at minimal cost unless otherwise specifically provided by law.”

The Law states that public records "shall mean all documents, papers, letters, maps, books, photographs, films, sound recordings, magnetic or other tapes, electronic data-processing records, artifacts, or other documentary material, regardless of physical form or characteristics, made or received pursuant to law or ordinance in connection with the transaction of public business by any agency of North Carolina government or its subdivisions."

Examples of public records include (but are not limited to):

• Real estate data
• Deed information
• Tax bill information
• Arrest records
• Certain voter registration information

N.C.G.S. 132-1.2 and N.C.G.S. 14-113.20 define "confidential information" and "identifying information." Wake County acknowledges and adheres to these definitions and the direction provided in N.C.G.S 132-1.

I got tax delinquent property data from my county, did a lot of cleansing and parsing and came up with a potential list of roughly 1200 properties that I want to send yellow letters too. But I want to check if they have any equity or not! How can i go about doing that?

If I try Listsource and pick everything in my county with desired equity levels, it comes up with 15,000 entries and would cost me a fortune to buy ($2,000+)

Is there any other way to see how much equity these properties may have?

@Alexandra WrightYou may want to find out the section of North Carolina law that binds them to provide this information. For example, my county's website has this posted:

"Section 1.10 of the Texas Property Tax Code requires our office to provide electronic files to be made available to the general public. There are two types of files that we provide:

Tax Roll

This roll provides information on all properties collected by our office. The information included in this file is as follows:

• Account numbers
• Owner names and address
• Taxable value of property
• Exemptions
• Tax levy amounts

Delinquent Tax Roll

The delinquent tax roll provides the same information as above, but only on accounts that have a delinquent balance due.

Tax Rolls are available in the following formats:

• FTP- No Charge
• CD-$5.00
• Hard Copy- 10 cents per page
• Unfortunately the size of the tax roll files prevents our office from emailing them to requestors.

I am in Dana. Have been looking for something closer to me!

@Wai Chan@Kim Annelloanybody looking further north in Savannah and CroasRoads? I have not done a lot of research but I know for a fact there are decent condition properties in the $150k-$175k range. Rents are probably lower though. For example, one of the wholesalers sent me this 3 bed 2 bath 1,800 sq foot in CrossRoads,TX asking $131k and currently rented out for $1,300/month through 2016. Needs 3-5k for new paint/carpet and nothing more (according to him). Wasnt much of deal for flipping (I don't buy his ARV) but may be worth considering for buy-and-hold.

I know a few people who have buy-and-hold properties in Savannah with a pretty good return, but they got those in 2013.

@Chris Jones I would also love to get information on the Frisco meetup, if you have it.