All Forum Posts by: Tom Gimer

Originally posted by @Houston Pitts:

Tom, It is funny you mentioned that. I asked three last month and the ones I spoke with said they do not work with HMLs or private money. They were in an office complex and I just walked the block.  I just haven't found the right ones.  As you have suggested I will continue to search.  Thank you for your help.

Some title companies are captive. They are owned by (or affiliated with) the real estate brokerage they have an office next  door to, or even a desk in. They have no interest in generating new business with investors... easy deals already come to them. 

Investor deals tend to be trickier. More work involved... more issues to resolve... interesting situations to navigate.

Sounds like you found title companies that prefer the low hanging fruit. Keep looking.

In many jurisdictions when you file for an eviction you can request a money judgment as well. If you obtain said judgment, If deadbeat ever gets a job or buys real estate, you can get paid via garnishment or lien.

Sure. For an LLC this would often be done in the Operating Agreement through provisions regarding the gradual vesting or transfer of membership interests. But hire an attorney to prepare the paperwork -- a business attorney with real estate knowledge -- so it's clear exactly what happens if there is a breach of the agreement.

Nobody wants a partner who does nothing yet, due to an improperly structured arrangement, still ends up with equity.

Nobody on BP can answer this question without knowing the exact terms of the option. Options are not always assignable. Best to consult with a local real estate attorney — with a copy of that agreement in hand — and the sooner, the better.

In all likelihood the other potential bidders reviewed title, discovered that the first mortgage on the property (plus a year of arrears) was well in excess of the value of the property. In situations such as this, the lender bids in at the balance, wipes out any junior liens, and the property becomes an REO.

Originally posted by @Houston Pitts:

Scott,

I will continue to look.  Those numbers are high but will get better as I complete more loans with lenders.  I will continue to Google search for them as you have suggested.  Wish me luck!  Thank you again for your help.

One of the best sources for information on legitimate hard money lenders is a local title company. 

Those aren't the terms of a typical appraisal contingency, but contracts are about a meeting of the minds and two signatures. If you can get the seller to agree to an automatic reduction in price based upon appraisal, good for you. Any smart seller would require multiple appraisals to agree to such a scenario, if at all, but not all sellers are smart.

One more thing... be sure you can operate your planned business out of this property, or at least understand the steps, costs and risks of getting that approved.

You'll need an attorney -- your own attorney -- to answer these questions.

Why you think becoming the beneficary and trustee of an owner's trust won't violate the due on sale clause of a mortgage is a good place to start discussions.

@Jay Hinrichs Good investors make great title clients.

Originally posted by @Jay Hinrichs:

@Tom Gimer  I doubt it I am a personal friend of Nicks... not his style... I have done business with him off and on since 2002.. there are more than one way to learn real estate.. BP is fine... paid training is fine.. there are many great trainers like Nick.. Lindahl is one... cardone... quarles.. etc.. there are some poor one's as well.

but I know many investors that I have funded over the years that learned their craft from trainers.. I have sat through some that were pathetic.. and I have sat through a few of Nicks and frankly his is best in the industry from my perspective.. but yes it cost money and if you have no money maybe U wait until you can afford it.. but you would be surprised how many RE brokers go to Nicks events I have met many.  

My comment was in jest -- about a thread that seemed to be dead, which now appears to have life. I know nothing about Nick other than his ads playing on DC radio these days, looking for just a few special folks to join his team.