All Forum Posts by: Tony Severino

Courses, like tims or chicos all have basic agreements. The one thing that isn't consistent is that each state has its own set of laws.

For example.... Land Contracts, Private Money and Hard Money. I work both the Illinois and Indiana markets. In Indiana, neither party and discuss interest rates, payments, etc with each other, its gotta run through a 3rd party.

In Illinois, there are no such laws. Its Caveat Emptor.

Thats an example of why that is said..

Now about Tims material... I own it and love it. He is on a webinar w me Tuesday night.. If you want to see it demo'd let me know w a pm.

Mike

Just a thought for you, since I don't know your exit strategy.

If I cant find comps for a property, I probably won't buy it. I want to buy assets that I can sell and get healthy checks in the bank account. If I have the biggest or smallest house in the neighborhood, I have found those to be the hardest to move.

Just a thought for you....

t

Ok fire dragon

Its been a few days since you first brought this up.. and you have claimed to what wanted to pay the landlord friend or whatever the relationship is...

And from what I can see here your into his wallet for about 30 grand...

How much have you paid him since this moment of enlightenment that you owe him some dough?

RD

I suggest that you try to sell it w/o a tenant, as was referenced above... however, I would market it to the cash buyers in the area. Any Realtor worth their salt can get those off the MLS, as well as your title company. Zip together a good marketing piece and shoot it off to the people who are buying... ie the cash buyers.

Now for those people to be interested, its gotta be a deal. just a thought for you

The MLS is the route of last resort for us... The last 7 houses we sold never hit the MLS. Our Buyers list and direct marketing to cash buyers move them way quicker than the MLS ever could.

MLS = My Last Solution

Tony

It sounds like you are talking about a Chapter 7 Bankrutcy, where the owner is surrendering the property. Although it is possible for the owner to keep the property in a chapter 7, today I dont see alot of that happening in my markets

There is also a chapter 13, where the owner goes into a payment plan over a period of time up to 60 months to catch up all the bad debt. This is where I go fishin.

if you want to know about where I learned it, just PM me.

Tony

Sam

A little known secret is that about 85% of the people who file bankruptcy end up being involuntarily discharged (kicked out). Pacer.gov is where I track them.

Consider putting this property into a drip mail campaign maybe every 6 weeks or so. When the day arrives that they get kicked out, they should remember you.

And of course when they are kicked outr of the bankruptcy, the foreclosure proceedings pick up right where they left off. so if there was a sale set already, the sale will be reset.

Hope that helps...

Tony

PS Post bankruptcy is a freakin gold mine, if you drip to them.

Sam

A little known secret is that about 85% of the people who file bankruptcy end up being involuntarily discharged (kicked out). Pacer.gov is where I track them.

Consider putting this property into a drip mail campaign maybe every 6 weeks or so. When the day arrives that they get kicked out, they should remember you.

And of course when they are kicked outr of the bankruptcy, the foreclosure proceedings pick up right where they left off. so if there was a sale set already, the sale will be reset.

Hope that helps...

Tony

PS Post bankruptcy is a freakin gold mine, if you drip to them.

Tom

I had something similar once, we hired a private dective locally who found them for about 70 bucks. Took them about 3 hours.

They have access to databases that we don't, for example, utility company databases, phone company db, cell phone db...

of course the more info you have, the better.

Tony

Stacy

there is a guru forum , and it is private and by invite only. as a member of the forum I have access to the folks you are looking for. please send me a PM. colleague request sent.

Tony

Kyle

have you considered approaching the note holder and offering to purchase the note.

This can do several things. By being the note holder with company A, you control the foreclosure process, and can postpone the sale if that helps company B acquire the property from the estate.

Also, if the foreclosure ends up going through, you now are the owner..

Personally, I don't think the son should receive one dime above the amount due to the note. He ran this thing in the ground and has been stealing the income for how long now by not paying the note.

He is now looking to feed his pockets again....

just my thoughts....

Tony