All Forum Posts by: Angie Hills

Hi all! I read Peter Conti's e-book on making multiple streams of income buying nice houses. Using Lease Options. It was really interesting & my husband and I plan to search for some distressed sellers.
I have been researching pre-forclosures in the papers for months and attended a few auctions - all for learning and experience.
My plan is to:
Get the houses in the paper in pre-foreclosure, research them on the coutny website and if they seem worth it - mail info to the homeowner. (I understand that there will have to be Many Many letters mailed out before any one might contact.)
Hopefully, at some point in the near future we might have a homeowner contact us and possibly set up a lease option.
Question: I have found many, many forms on the computer for lease options. But also keep seeing to check your states laws. Georgia.
Should I get a RE atty and have a consultation to go over laws such as - Due on Sale clause, tennants paying any repairs, etc.?
Maybe have the atty create the documents for our first transaction?
Thanks in advance for all your help and any other advice would be greatly appreciated.
Looking foward to getting involved and activly investing!
Angie

bump

Nevermind - it's all over now. We met with the atty's today and ended up settling before going to court. Thanks anyway for everyone being here!
Thanks...Angie

Hi all - I have a question about capital gains. We are in the middle of modification of Child support - meeting with both parties this afternoon. My question is -

Does anyone know how capital gains is figured in gross income for child support calculations? It is on the worksheet under Gross income: salary, etc, gifts, etc, capital gains, assests.

I know there is some sort of difference in capital gains in TAX laws and FAMILY Laws - but I can't find anyone to explain the difference. The X sold the house (it was QC to her after the div 3 yrs ago) & Profited $200,000. She will not be taxed on this as capital gains - but the accountant said that she will list it as capital gains on gross income - but doesn't know how its figured.
The scary part is - our ATTY doesn't either!!!! She didn't even have it listed on the worksheet - thank god I'm smart & did some following up myself. I called the office yesterday (this case has been going on for a full year!) and said - hey - I see on this gross income it asks for capital gains & assets - shouldn't this $200,000 she made show up under her gross income - they said "I don't THINK so" - well that's not the answer I want to hear when I'm paying someone 4-5,000 to correct a $30,000 overpayment error (just screwed actually) in the first place. I'm not paying the atty office to think so or don't think so. At least I got them to 'research' - so I called back today to follow up & the sec. said - yes we did find the rules & capital gains should be included. It's not detailed how it's figured - I guess it's up to the Judge!
So - I have contacted 2 CPA's (both said yes - capital gains (even if not taxes as such) and assests should be listed as gross income & contacted about 6 diff atty's & most said - "I don't know" & one said 'yes' - but I've never had to do it - so I don't know the % or whatever. I even called the courthouse & they said - I can't even answer that - I said well if the atty's don't know & you don't know - who does? She said - The Judge! Doesn't look like it's spelled out - is it just his personal opinion & depends on his mood? Also - from my experience w/my X, my husbands X, & many friends X - the poor dads get the bum end of the deal!!!!
Please - desperate for some answers!

Hi all - wanted to keep everyone posted on the property auction. We went today, but didn't win :cry:
It was well worth the visit though. I contacted the atty yesterday afternoon & she only had 1 pce of property & wouldn't be doing it until 3:00 pm. (I know there were other properties earlier w/diff. atty's & banks - but did not attend) There were only 2 other guys besides me & my husband. One waited in his truck until the atty showed up, the other was sitting on the steps & said he had been waiting all day. He asked what we were there for & said that he's been doing this for years. I don't think he was as 'smart' as he wanted us to think - I'm pretty sure he was trying to 'scare' us off since we were new - he kept making comments like - you have all your cash ready? Have you seen the property? I walked all over it & the septic needs to be replaced... There's a bunch of taxes due, etc. I asked him how long he's been doing this - he said 'years' - I asked if there was usually a large group at the auction here - he said 'a few regulars' - but the larger town abou 30 miles from here he said is crazy with people.
He didn't win either though - the third guy won at $8,500. My husband said he looked like a contractor. It was definately worth more - if we had more cash available - I think we would have went up to 10,000. County has it assessed at 26,000.
Oh well - got the experience & hope we find 'our' deal in the near future.
Thanks again for all of your help.
Angie

Thanks for all of your input. I am starting to understand the whole pre-foreclosure process a little more. And I have heard something about buying a 'note' but didn't understand it until your explanations.
It's all starting to make sense :)
Thanks again for all of your help! I did not pay for a title search - but I paid for access to my county's records of liens & deeds and have found no liens. The property is 2 years behind on their taxes - I'm not sure how often our county has a tax sale - I contacted them on this & they said only a 1-2 times a year. Taxes are only 3-400 a year - so even having to pay a couple of years back taxes would be fine.
We have physically gone to the property and walked it - it is only a couple of blocks from our house. It is vacant now - but has the electric pole & septic tank where a mobile home was. My husband and I are going to the auction on Tues with $6,000 cashiers check and would love to bid on it. I'm assuming the bank will start the bid at 2,700 (less or more depending on what has been paid down & what other fees have be accumilated) and we are only in a financial position to bid up to 6,000 & pray we may get it. We have never been to an auction & have no idea how many properties and or how many people/investors will be there - we may get blown out of the water from the beginning - but we're hoping this is a smaller/med town & maybe not too many investors & hopefully not to many worrying about an investment as small as this. But we'll never know until we try.
If any of you are prayers - please pray for us! :)
Thanks again for all of your help and support!

Hi all - I hope I am not double posting. I posted some info on this property already, but I can't find where I posted it & don't know where to search - still new to the site - so please forgive me if it's a double post - but I am asking more info on the property.
I am looking at a small empty lot in my neighborhood (I live in Georgia) that I found in the legal notices - going to auction Dec 4. I have check with the courhouse on background info & suchand will be going to the auction to bid on it.
*** My question is: Can I buy this directly from the lender before the auction? Buy the NOTE? or Shortsale or something?
***
It doesn't look like a mortgage. It looks like the owner purchased the lot for 15,000 cash 5-6 years ago & must have taken out a loan 2 years ago and had the property for collateral or security. The loan is only 2,700 and the bank is auctioning the property.
This is my first auction & have no idea how much competition will be there & if anyone will be bidding against me - I'm assuming if there are other investors in the area - that they might be interested in it and bid. So I thought if there was anyway I could buy before - I would want to.
Please advise anyone knows the exact process & if I would be able to contact the atty or bank to purchase in advances.
Thanks so much for your help...Angie

Oops! I am in Georgia. :D
I would like to find out all I can about preforeclosure or foreclosure consulting - my original intentions were not to charge the home owner for a consultantion. My original intentions were to contact people that are loosing their home to foreclosure and have no way out and no intentions on doing anything but letting the process take place. Then possibly aquiring some homes as subject to (or by other methods if advised or if I learn other methods).
But rather than just meeting someone and telling them - sorry to hear about your loss, but I'll take this off your hands for you - I have breifly heard/read about other options to help the owner/advise the owner/work with the owner so there is a benefit for you and a benefit for them. I'm sure different avenues work for different situations and I'm assuming some are just planning on getting out of the house and would love to have someone catch it up and take over notes to save them from a foreclosure (my sister had a neighbor a few years ago begging people to take her note over & no one would so she was foreclosed on) but at - I am also aware that there are some that are desperate and want to keep their house or would be willing to have someone take it off their hands but have a gread deal of equity & would like a little return. So, again - I just want to know any/all options/avenues that I could offer the homeowner that may be beneficial for them and me.
Thanks again for any advice!

I have been watching my local paper for the preforeclosures & auctions & will be attending one on Dec 4 and possibly bidding on a pce of property. I found another property that I would be interested in inquiring on a subject to with the owners.
It was a $61,000 mortgage in 1998, built in '76, 3br/2ba, 1665 sq ft, brick home. The tax assessor shows value of 120,306.
I have been learning about subject to offers and seen mentioned 'preforeclosure consulting' and think I would be very interested in persuing this avenue. I would like some advise/input on what type of consulting I could offer to a preforclosure. I understand that this avenue is very stressful b/c the owners emotions are high. Therefore I would like to have all avenues of 'consulting' before I even attempt this. I have heard there are offers/avenues that are a win/win - for you and the owner and would like to have any/all of these avenues as I can.
Thanks in advance for any of your help.

Hello all! I have been searching my legals for foreclosures going up for auction. There's an auction Dec 3 that I am interested in attending - need to go just to observe & learn - but there are a couple of properties that my husband & I are interested in.
Just want to make sure I know everything before I get there. I have researched both properties on the county website, do I need to get a title search on these before I go to auction and bid on them?
One looks like a foreclosure due to default in mortgage. The 2nd looks like foreclosure (although I don't think they use the word foreclosure in the legal notice) - because a loan was taken out & had the property as 'security' or 'collateral'. I'm assuming in a case like this I have to make sure there's not a first mortgage - or would there not be a first mortgage if this bank is 'selling' the deed to the property. In this particular one - the research I have done on my own - looks like the property was paid for cash - no mortgage co. showing up or no security deed.
Thanks for any and all advise!