All Forum Posts by: Kathy Utiss

I would check the redemption laws on foreclosures. While investors invest there are many that wish they didn't. But I guess that could happen anywhere. Be sure to utilize tools of the trade for the best information. Pacer.com is for researching if someone has filed bankruptcy or not. Use netronline for looking at county records. If they are available online or in person. Sometimes the recorders office may not be online but the tax appraiser is. As for repairs on the purchase of a home prior to auction there are some professionals utilized by the professionals for costs to repair the home in best and worst case scenarios. While online market places are helpful utilize more than one to come up with the best possible ARV. Sometimes a name search will also reveal things on people not usually available until the technology of today.

I could be totally off key here. But what about using a different way? If you create or fund an IUL instead of paying cash you can then get a loan on the IUL. Then they receive the money and you still keep your money and earn money on it. This then will leave the property free and clear. The loan will be on the additional collateral you created. With future income you pay off that loan as well. Or you can create the policy donate it and should be able to get 2.5 times the value for tax purposes. So like $200,000 (donation) x 2.5=$500,000(deduction) these can also be used over a couple of years for deductions going forward. I've become a firm believer that it's not just an ability to pay but how you pay. If I'm wrong in my thought process like others I'm here to hear the best advice for all of us :) 

These cases are trickery at best. I had one I tried to get resolved years ago. Homeowner filed chp 7. Abandoned the home. Home went to tax sale county kept excess proceeds. Lender wanted homeowner to sign something to recieve the funds. After wanting them to sign something they never provided it! County earned $75 grand on that one. So be sure to do your due diligence. Just like any other real estate scenario. 

This is some of the best information I've read in a while. Thanks Jerry W :) 

If you have an address you may be able to verify who owns property via netronline.com. The tax assessor will usually send a tax bill to an address the owner is listed as recieving it. Once you have the owners name you can check the status in pacer on the bk. Probably even figure out the status of the property. If the property was involved in a bk it was put into an estate for the entity who filed. There is what they call a stay on the property in residential cases for at least 30 days. Secured creditors in order to take the property are to put in a motion to lift the stay. There is usually a hearing to determine if this is done. There are different types of bk. Chp 7 & Chp 13. There are different things to know and understand. I would verify status with bk at pacer before sheriff office. As anything will have to be authorized before the sheriff does it. That is in a PERFECT WORLD. It may at least help you figure out if its worth putting more effort into. While R/E investing is about the same nationally the laws are different in each and every state. Bk is FED though so anything involved in bk will need to be verified thru the court nationally before a sale. I feel in real estate if one is truly involved in it these are two of the most important sites utilized. As there may even be updates found in the court that hasn't been put out to the county yet. As far as sheriff sales most people have probaby been approached by every investor in the county possibly the country. Many of the entities involved in this line of investment are cut throat and liars to the core. Some investors know block by block which places not to invest in. They take gang relationships into consideration as to wether or not to invest. This is important as you don't want to buy something thinking you will exit it and no one will buy it! Due diligence is so necessary :) 

From what I understand that lien was put there for the state of PA to have a priority lien (superior) to a 1st lien. This means the state debt should be paid instead of the lender in this case.   https://www.revenue.pa.gov/Compliance/Liens/Pages/default.as... However, the person the lien was placed against can look into What is PA state tax forgiveness?"

Tax forgiveness is a credit that allows eligible taxpayers to reduce all or part of their Pennsylvania personal income tax liability. Tax forgiveness: Provides a reduction in tax liability, and forgives some taxpayers of their liabilities even if they have not paid their Pennsylvania personal income tax.

This sounds like one of those deals where maybe someone passed away. Or maybe a homeowner filed a bankruptcy walked away. I dealt with something similar before. Homeowner files bk to make a decision to go forward. Then bank or trustees never forecloses on note. Homeowner left bank never had them sign reaffirmation as home was surrendered instead of reaffirmed. Home goes for state tax sale obtains excess funds to pay past due taxes and liens then servicer sits on it and never gets their $$$.  County keeps money due to negligence. Even though homeowner was willing to sign whatever lienholder wanted.  The former borrower tried to do the right thing to resolve past financial issues. 

Your scenario is something that shouldn't have been missed. Did/do you have a buyers title insurance policy to protect your purchase in this case? If I've stated anything incorrectly this is just from my perceptive. Hope others will chime in with solid answers to enhance everyone's knowledge. :) 

I guess they are two separate businesses at the same address. One is Faster House and Faster Funds. For lending it's www.fasterfundslending.com.  https://www.fasterhouse.com/

Do you already have a primary home? If not I'd consider doing an FHA purchase. As depending on your info you can purchase a $300,000 home with 3.5% down. This is $10,500. Then you would have realtor fees and closing costs. Depending on the situation you may find a quad as well that would effectively let you use 75% of the rental income from the 3 units you don't occupy. You may also find down payment assistance. It's all in finding out what you can do. The extra income from the extra units might allow you to do more than break even in saving some of the cash flow you would usually have to put out.

As a nonprofit this is just one of our abilities! These will be for the 2024/2025 tax season. The tax deduction that you end up receiving can also be carried over into other years. We're able to provide other benefits as well. For REO Owners Deductions Could Be Even Higher!

A non-profit organization that donates to projects with the goal of building net worth for individuals, investors, and corporations is taking an unconventional and philanthropic approach. This model suggests a commitment to contributing to the financial well-being and success of various stakeholders. Here are some considerations and potential aspects associated with this unique funding approach:

1. Individual Empowerment:

• The non-profit's focus on building net worth for individuals implies a commitment to empowering people economically.
• Initiatives may include financial education, homeownership programs, entrepreneurship support, or other projects that directly enhance the financial standing of individuals.

2. Investor and Corporate Impact:

• Donating to projects that benefit investors and corporations may involve supporting economic development, business initiatives, or investment opportunities.  Collaboration with investors and corporations could lead to projects that stimulate economic growth, create job opportunities, or support sustainable business practices.

3. Economic Development:

• The non-profit's initiatives may contribute to broader economic development by fostering wealth creation, job creation, and financial stability for individuals, businesses, and the community.

4. Community Partnerships:

• Collaborating with investors, corporations, and the community can create synergies that enhance the impact of projects. Partnerships may involve shared resources, expertise, and a collective commitment to positive outcomes.

5. Philanthropic Innovation:

• The unique nature of the non-profit's funding model suggests an innovative approach to philanthropy. It may involve exploring creative solutions to address economic challenges and contribute to financial empowerment.

6. Sustainable Impact:

• Assessing the long-term impact of the funded projects is essential. Sustainable initiatives that lead to lasting positive changes in net worth align with the non-profit's goals.

7. Financial Literacy and Inclusion:

• The non-profit may incorporate financial literacy programs to ensure that individuals, investors, and corporations have the knowledge and tools to make informed financial decisions.

8. Transparency and Accountability:

• Clear communication about how donated funds are used, the impact of projects, and the specific goals of building net worth for different stakeholders is crucial for transparency and accountability.

9. Legal Compliance:

• Ensure compliance with all relevant legal and regulatory requirements associated with non-profit activities, especially when collaborating with investors and corporations.

10. Evaluation Mechanisms:

• Implementing monitoring and evaluation mechanisms helps assess the effectiveness of projects and allows for adjustments to optimize impact over time.

While the traditional role of non-profits is often associated with providing charitable assistance, this model explores the potential for philanthropy to directly contribute to economic growth and financial well-being across various sectors. As with any innovative approach, success depends on effective implementation, clear communication, and ongoing evaluation of outcomes.