All Forum Posts by: Kathy Utiss

Here's a 24 unit in San Fran 

https://www.loopnet.com/Listing/949-Post-St-San-Francisco-CA/17274789/


45 Unit
https://www.loopnet.com/Listing/698-Bush-St-San-Francisco-CA/15774659/

33 Unit
https://www.loopnet.com/Listing/376-Ellis-St-San-Francisco-CA/14571152/

42 Unit-

https://www.loopnet.com/Listing/285-Turk-St-San-Francisco-CA/12696668/

This one is in Santa Monica 

https://www.loopnet.com/Listing/858-860-3rd-St-Santa-Monica-CA/17339304/

I wouldn't go by tax assessed value...I'd be looking at properties near the home for sale or that have recently sold. This property was a homepath one that I really liked..Asking price was $59,000. Home next door sold for $132,375. A good tool I find to use is realtytrac. As you can search by name of street and such you want to get the to the screen that looks like this 

https://www.realtor.com/realestateandhomes-detail/4861-Eva-Rue-Ln_House-Springs_MO_63051_M84328-44373

https://www.realtytrac.com/mapsearch/sold/mo/jefferson-county/house-springs/63051/eva-rue-ln/?sortbyfield=proximity,asc&address=eva%20rue%20ln,%20house%20springs,%20mo%2063051&enableaddress=1

Good numbers...I can show you even better :) Using collateral enhancement I can show you how to do a few different things. 1st thing is for every portfolio you expect to make $100 million on in 30 yrs. I can show you how to make $140 million instead. Every loan originated is also insured against default. By doing such you end up with an interest only loan. Remember the debt is insured against default. This means your initial down payment most want, and your principal payments. Imagine it every investor is looking to originate in an LLC as well. Also, questionable deals require reserves...No RESERVES NEEDED..Lenders have many overlays or ways to try to kill a deal...But NUMBERS do some incredible things.

Completed Value of  Modular Home $350,000

Cost for Home and Improvements $212,000 or less

Cost for Land $60,000 (6 Lots) (Expected Appraised Value $120,000)

$222,000 is 63% (Loan to Value)

Potential Equity on Each Home is $128,000 if no realtor is needed or it goes down to $107,000

There is a contract in place for the land purchase. Also with the modular home provider/builder. 

What about via county records? Tax Records or Recorder's office? Maybe running an address search on said property may enlighten a lot to on a property. I looked up where you are Jefferson county has online access to such things here. 

https://search.jeffersondeeds.com/

A good tool to use to find out what counties you can review records on nationally is at netronline.com 

 Arv $780,000

Purchase Price $425,000 is a 54% LTV

$425,000/$780,000.

At any rate the potential equity then is $355,000. That's just at the 54% most hard money lenders will go to 65-75% ltv depending on the circumstances. But then you have to factor in what is going to get you top dollar for the property. Repair costs, holding costs, realtor's fee's. Then what are you willing to do for the homeowner?  That's a lot of money to lose out on. I know most investors don't care when it comes to such a situation. However, what make's it a win win situation? Maybe, house hack it. Let her pay to live there and get a couple of roommates paying rent as well? Elderly one's like her, or a vibrant person who needs a decent place to rent at a good price. 

Housing is at a premium for everyone trying to make it. What is your credit like if you have to purchase, and get out of her name to pay her off something out of it? 

You may want to put a post in the St. Louis Real Estate Investors FB group. They usually know good contractors in the area.

Oh what a fun thread..I would definitely go to the county direct not online :) Cinncinnati is in Hamilton County OH. If your not finding info thru the county did the homeowner file a bankruptcy? I know of a homeowner that did a Chp 7 to walk away. The bank placed it for collections but never foreclosed.  Wanted the homeowner to pay although debt was discharged. The home was actually sold but never retrieved by the lender. Unless a certain form was signed. As the bank didn't retrieve the funds in time the county wouldn't release them to the lender. Homeowner was willing to sign whatever bank wanted. Never got the form. No foreclosure home remained in his name and still (responsible)had to pay taxes and up keep on property.  Needless to say they pulled the file... Talk about a convoluted file.  

The bankruptcy case should have a POC-Proof of Claim to be paid from the bankruptcy estate. That should reference the trustee for who ever is in the court wanting to be paid. Besides county records.  The bankruptcy trustee may even be questioned. I would definitely review pacer as well it's cheap and it may be quicker to get answers than waiting for them. 

You don't say how you intend to purchase...Comps are $135,000 Min amount due is 110,000 if you have to do HML or whatever 75% ARV is $101,000 some only do 60% ARV which is $81,000. The amount of repairs isn't huge. But then you will also have a realtor fee unless you have a list of buyers interested already. 6% of $135,000 is $8,100 so between repairs and realtor is $15,000.

So this looks like a short sale opportunity unless there's more value that your unaware of. So you need to make sure your rehab fee's are spot on. However, if the owner of the 2nd can't be found maybe you can get evidence produced somehow. Could make things quite messy. Especially, homeowner low on funds no atty fees to fight in court.  Homeowner didn't reaffirm so it was probably a chapter 7.  Since their walking away the foreclosure needs to be completed unless they want to be haunted with having to pay taxes cause the home remains in their name unless foreclosed on.

I know they foreclose without notifying the 2nd lien holders as well. So maybe getting some negotiation out of the 1st to modify and a reaffirmation would work. If the homeowner has a way to restore their life going forward with stable jobs and wages. May not be as beneficial to you but my two cents. 

Impressed with the website :) Nice to see good reviews ....Definite plus in helping newbies understand the numbers involved in purchasing real estate.