All Forum Posts by: Kathy Utiss

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 :) 

Great list! Would love to know how you approach them. I've got an interesting deal on one outside of Austin in Bastrop TX . Updates are done. On Market for $340,000. Should a buyer decide to donate $175,000 to my nonprofit I'm able to raise enough money to pay off the current lien.  Then offer the buyer a deferred payment mortgage. On the front side this is instant equity of $165,000 then a deferred payment mortgage. Principal amount saved over 360 pymts is $944 a month. 7%=$23,800/12=$1,983 Combined monthly savings of $2,927. Buyer is only responsible for Tax,ins, maintenance. Will need to allow a section 8 tenant for a year.   

It is a great story. There are many humans who are good people. Who believe in good vs evil.  This story or thousands of similar ones like it is why I started my nonprofit. 

Our aim is to end homelessness in America. Each of us have had or have mentors in our lives. Mentors build us to be better humans in many cases. What does it take to lower crime? To make everyone understand we all matter alike? That we each only have one life to live? Housing,food, and quality jobs build people. 

So does making positive happen. So many do right to be treated wrong by so many. Then they wonder why so many just can't get along. Meeting that in between the great divide to unite as we say is totally different than we're told. At any rate we have some great things to bring about for those that believe in this one life to live.

I can offer double the down payment on properties for section 8 buyers. If someone is also buying section 8 we can also arrange a deferred payment mortgage. I can do either. I think the deferred payment mortgage is the most beneficial. The question is if it ends up costing you nothing to donate to benefit yourself and more alike would you? 

Many talk about adding value to this life. Our method insures one's down payment, and prevents default. Different investments help accomplish such like US Treasuries, and Life Insurance Policies. 

Yes real estate will keep us thinking morning and night. Or at least it has me :)  If you had ever told me as a child I'd end up in asset management I'd say no way! If anyone had told me I'd also figure out a way to end homelessness and benefit others alike I would have said no way as well :)

It's a good amount to start with. The thing about mortgages are those pesky requirements. It's also all about who you have on your team as to what you can do. I got blessed with some good people who helped me bring together what I offer.  Maybe, there's a mind up there after all :) I actually made advertiser's today. 
We are a nonprofit organization. We qualify for tax-exempt status by the IRS our mission and purpose is to further social causes and provide a public benefit.  These are some good articles I just found that explain a little bit more behind the structure I have in place to offer what I can offer.  As I can offer a deferred payment mortgage on properties residential or commercial. I use licensed professionals as necessary. Looks like I'm going to have a great deal to offer on my mom's house in Texas :) 

https://www.forbes.com/advisor/life-insurance/tax-code-7702

https://www.insuranceandestates.com/7702-plan-vs-401k/#:~:te

I've made a presentation that I'm attaching that I'm hoping gives a better understanding. Our goal is to help end homelessness. Granted there are going to be those that qualify and don't qualify to help themselves. If something is against the rules I apologize in advance. Just trying to get the best advice possible. 

When you say NACA I assume you mean Neighborhood Assistance Corporation of America. The best place is to find out is probably the recorder's office so you can see exactly what the terms of that soft 2nd are and with whom. With interest rates your right refinancing isn't really an option if your trying to move. Selling may be an option. As it has been 5 years since you financed with NACA. I didn't know they did a purchase option for homeowners. But as they say in real estate it's all in the numbers. What will make it make sense so you can move on?