All Forum Posts by: Kathy Utiss

Depends on what the seller has agreed to do...realtor fees are 6%---looks like their looking for each side to pay part of it.  Although, some negotiate less.

This is a good ???...Commission based jobs seem to be harder to get loans with. The reasoning usually is because of it being commission income could be irregular..However, maybe if your selling a product that is widely bought on a consistent basis and the income hasn't been sporadic you might have a shot. 

I know if it's a w-2 job with commission and your in the same field and the commissions are consistently  of a higher level they will figure it into your income, and dti.

Pacer handles the courts federal cases..If your looking at foreclosures, you can do a name search to see if their in bk or not...Not sure of to many other ways.

I've been looking at residential properties all over for good deals. Except in Texas.  Your realtor must not want you to find some good deals. Foreclosures are good. Some are priced exceptionally low and need rehab work. There are some diamonds in the rough. I've spent most of my weekend finding some exceptional opportunities on homes. If a foreclosure sale has happened and the bank took back the home the taxes had to be paid. If the sale was stopped and not taken then a homeowner is still on the hook for them. If it was a note sale you would have to be responsible for the taxes and any other liens. Foreclosure sale wipes out other liens, banks pay the taxes. Otherwise they will stop sales and leave homes in limbo. 

Now this one might be good if you can get it for the price their advertising it for. Which is $53,000. Found this by looking for REO properties thru Ocwen. https://www.hubzu.com/property/0007092512107-2077-...

Zillow shows foreclosure price of $75,000 They show the value to be $120,000. So 65% of $120,000 is $78,000.

Hi,

I hadn't been back to review the posts since I've posted to this. I promise I wasn't trying to be dishonest about the CTL Loans Joel.  But I did just find the email for the person who claimed such to me.  I'd be more than happy to share their info. I by all means only try to bring real solutions to the table.

Would you appreciate that upon closing a commercial property that your initial investment/investment is insured against loss? Are you currently closing with a self liquidating loan? Is it interest only? When you close are you only getting one income stream from the property? Are you having to close with months of reserves? 

We've negotiated to do just such with a well known institutional investor. They have agreed to use our method to assist in the purchase of properties. The chart below explains why. By insuring each purchase against default in the beginning you create more income.

I apologize I don't mean to get off the initial topic here  Jon.  We currently are looking at some properties that have low prices with a decent equity spread. However, it's all in the numbers as they say. 

Yes but there are reasons their not foreclosing. The lien was for $535,000. You don't say what their purchase price was. Or how much down they put.  But you do say the current value is around $380,000. 

The environmental violations may be something their not wanting to pay for. Could they negotiate yes but most of the time the big banks don't exert more money than necessary. I've seen them steal homes with not producing the note! I've even proven they don't know who owns the note in my own case. They accordingly were dismissed w/o prejudice. Beyond this I was accused of wanting a "Free Home." 

At any rate if they sell their notes I'd propose a note purchase. Your gaining a  bit of ground with the discount on the ECB violations but to come to a purchase price offer of $80,000 minus extreme repairs being necessary will get you laughed out of every bank for the most part. I don't care how many people I hear say I buy notes for 10% of unpaid principal balance. 

If they will sell the note and she will quit claim deed her interests it's all a numbers game. But definitely look into other liens on the property as well.  I would also suggest an extenuating circumstances letter. She may make decent money but that money disappears the more you have to pay attorneys. They may not sell the note regardless of what they can show as ownership paperwork and go after the estate that she's the administrator of to seek fees. If they can do such a thing. Which wouldn't surprise me.  Especially, if they can show she has neglected her role in maintaining the property IE: ECB violations. 

I would suggest looking at netronline to see if the county the property is in is online.  You don't say what state or county is in. This is a dilemma caused by the banks, and trustees. I would also suggest a look thru pacer to see what was suppose to be the outcome from the court. 

I've been an asset recovery manager for both Chase and Citi at one point in this lifetime. My understanding in chp 7 is that you can file bk, You can wipe out all other debts except for home,and keep home if your current on the home, and you do a reaffirmation of the debt. Sometimes not sure how recent some keep the home without a reaffirmation of the debt. 

However, in most chapter 7 cases they are filed with the intent to start over anew so the home is relinquished to the court. However, to effectively resell the property an asset sale(foreclosure) should be done to remove ownership from your owner. The fact this hasn't been done does bring in the past tax scenario as mentioned above. However, you've said that their being paid. So who is paying the taxes? That would be the place to start. 

I had one property that I worked diligently on in Ohio. The homeowner had filed a chp 7. The home went to tax sale and recovered more than was due. There was more than enough to pay the lien that had been placed on the home. 

Ie: Citi instead of giving me whatever it was they wanted the homeowner to sign (instead of still contacting him after chp 7) so they could receive the funds finally on maternity leave removed the file from my que. I know in the case I handled the county may of had some requirement to claim the funds due them by a certain deadline on the tax sale.

A good book? I'd say read biggerpockets.com from the people who are investing in real estate every day. The numbers speak volumes. What Bruce said is true in most cases. Although, I've been told recently Fannie Mae is doing 90%ltv on commercial properties $1m or less with 5 or more units. 10% down is a lot better than 30% but no different if you don't have the money down. I'll be verifying the veracity of the above very soon. As I've already found some excellent cash flowing properties under $1m 

A way to find out if a specific counties info is online free to research or minimal cost is netronline.com...very good tool for any re investor. 1st American Title also has something they offer investors to research. But netronline should be able to hit most counties across the usa. 

Actually, I know some associates who are contemplating singing up with Josh's program as we speak. In this industry he's apparently one of the few really doing these deals. 

I believe there is a 30% equity split as well...Unless, you use as a transactional lender. So if you have to use him you want to make sure you have all your ducks in a row.  There are many that claim to offer things. Most do one thing, and that is give expensive lip service.  

We've negotiated a sweet deal using traditional real estate methods, institutional funding, with a solid exit to secure ROI like no other that I'm aware of. Unless, of course you are in a private trade. I know more than others, and less than others in this industry.

There are some very educated  people in "Bigger Pockets" with real world experience to learn from.  What I didn't learn from being one of America's top asset managers for both Chase and Citi I learned here on "Bigger Pockets." 

Another avenue is to research some of your favorite posters on Bigger Pockets read posts they write. Always, keep your eyes open and LEARN. The knowledge some share you are getting "FREE." You can tell who is sincere about the job they do by the way they write, inform, and perform with educated answers.