All Forum Posts by: Kathy Utiss

Netronline.com will let anyone find out what information is available thru county offices nationally. Not all counties are available. Some charge a fee. It may be good to see who the lender is before the sale. Maybe, the note could be purchased. There are also newspapers that publish upcoming sales. Their subscriptions can sometimes be expensive.Sometimes if you know who the trustees are they publish sales on their website. Or list the status of upcoming properties. If the note can be purchased you can also ask to see the credit bureau. Possibly even the notes of what has brought the homeowner to foreclosure. It's good to know the parameters. Sometimes homeowners are forced into bankruptcy. So it's good to find out about such things via Pacer. 

Depending on who you work with they may allow you to pull your own credit then provide it to them. They may have a specific provider for you to utilize. They may offer a free trial as well with that service. Talk to the funds provider. Fannie Mae will do a four unit as they will a regular home. Depending on qualifying factors you could live in one unit and rent out three and get 75% of the income to qualify for the three units. Who knows maybe you could rent out each room in the unit to individual people. There are a lot of professionals that utilize such services. Especially, traveling nurses and doctors. This is usually done at 3.5% down. It is true about wanting the proof of income. But maybe a 24 month bridge lender would work. If your going to tackle trying to do three back to back I think this would simplify it. Why go thru triple the costs and work? 

You can also check online to see if the particular county you are buying in is online for free before you spend money on a title search. Netronline.com is a good search tool that allows this. Then depending on the outcome order title as necessary. Another thing to check for if your in research mode is if the homeowner could be in bankruptcy thru google maybe a pacer search. As rarely are fed records recorded in county offices. 

Shenell, 

It's great to hear someone may actually understand what we're trying to accomplish. We're still waiting for the owners bank to let us know if they'll actually help us or not. Or if we'll have to find someone else to assist us. We've thought about trying to sell off each unit. Then try to figure out if its best to have their funds go to a CRT or if we as a nonprofit can create a 403(b) plan for the investors. All input in this realm would be greatly appreciated. Here is a presentation I made describing the benefit of doing such vs a regular investment.

I started a nonprofit to assist in ending homelessness in America. My business partner is able to issue IUL. We have a 28 unit hotel we're currently working thru the process on. With us being a nonprofit we work on donations. With the hotel we're currently doing or on any other projects he can create an IUL. He then donates the commission he makes. Using an IUL does some interesting things once funded. This hotel may not be everyone's favorite cup of tea. As it's been non performing. By utilizing section 8 income we will turn it into a property that is insured beyond belief and make over $ 418,000 gross $320,268 net. We can still choose how much to pay someone to operate it if necessary. By donating the owner will have the money they want. By everyone donating we all win. Owner, buyer, and the bank. Cha cha do it again :)  

This is for Richland County- https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2024_code...

This is the homepage for anyone who is interested in section 8 incomes being paid nationally going into 2024

https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2024_code...

Denver, 

I will try to reach out next week. I found a good article on Forbes that describes what I have talked about to a certain degree. 
https://www.forbes.com/advisor/life-insurance/donate-to-charity/#:~:text=You%20can%20donate%20a%20term,you%20live%20a%20long%20life.

Under this title The Benefit of Donating an Insurance Policy vs. Cash--It talks about how the amount donated $100,000 turns into $253,000- But it doesn't distinguish what groups a charity can use to do this. I have one group but feel it's good to always have back up performers in place. My biz associate actually has found a group in PA that does something similar near him so will be meeting them soon. They started their own fund and own underwriters. They like us are utilizing tools to insure their debts against default at creation. 

I started a non-profit with the aim to end homelessness in America. I work with a company that does corporate matching funds. This is done via IRS Code 7702. As a non-profit I'm suppose to help benefit society. With group I work with their able to accept donations like an IUL or Whole Life Policy. North American does provide both the IUL opens in amounts of $25,000

I'm working with my 1st client and trying to see who has experience in working with these. 

My understanding is that the owner/seller of a property should put it into a Charitable Remainder Trust before signing a donation or sales contract with me. The seller had wanted to put funds into a 1031. Does the corporate donation procedure require the charitable remainder trust? As they mentioned if paperwork not done properly prior to sale IRS could unwind transaction.

I do have my info out for a loan. They have said no as I'm a nonprofit. They are supposed to see if they submit in just my name if a lender will do or not. If not the seller is willing to see if his bank will do anything to assist. The goal for the loan is so I have the funds to put thru double the donation to pay off the seller. Then we would have funds to build more funds to pay off bank. It's also my understanding that the property will need to have appraised value as well before going into the CRT. 

The benefit to seller in working with me is that he donates or sells a property that no one else has shown an interest in buying. I checked with section 8 to see rental income on efficiencies. The hotel is 28 units the section 8 income($675) would make it cash flow. As it hasn't for at least 2022,2021 from what I've seen.  I'm just trying to give him honest answers and not mess anything up. As this could be a good start for me cause he has more he'd like to sell. 

With my nonprofit that is one way to work with sellers. With buyers it's my understanding that I can offer a deferred payment mortgage. Say a buyer finds a property to buy. The purchase price is $2m buyer donates $1m then after utilizing double the donation buyer receives $2m to pay down on purchase price. Then I give deferred mortgage that covers principal and interest. Buyer holds with section 8 income from tenants. 

If I get this right I think it will be so beneficial for so many as prices are only going up for everyone! Thanks to all who help answer :) 

What is a good amount to spend each month on fb ads? Or is it better to advertise on carrot for services? Or do both? 

Jerryll,

I'm having some SEO done to my site currently. Not sure how much you charge to analyze the current work I've had done. But I'm interested in finding out. This is so I know if I should keep the person I currently have. As they are getting paid to provide a service. But since I'm dumb when it comes to such I may forever pay the price.  

I guess when you speak of skip tracing folks you just mean seeing if you find a contact to actually speak. Or are you actually talking to a bank about buying the note so you can see the notes and credit on the owner of the property? I used to move like $100-$150,000 per month on np notes. So I'm good at finding people. Those were the days! What a story we can all tell in this journey called life :)