All Forum Posts by: Arcinio Arauz

I spoke to an arrogant wannabe wholesaler that invariably sends me a text asking if I have any homes for him. He states that he's got access to 10 million dollars in funding, has the cash buyers and needs me to send him properties I tie up. I tell him I work only with real players and with cash deals to close fast in 1-2 weeks. Then the snake oil sales man tells me he closes in less than 3 days! Hah! I've done this stuff long enough to know that title companies take 3-5 days for prelims, funds are deposited and all other administrative nomenclature needs to fall into place.  Even if everything falls into place my fastest time is 9 days. Is less than 3 days for closing realistic or is this guy the car/vacum cleaner salesman like I perceive him? 

It may be posted here somewhere on BP so forgive the redundancy... (please provide link if so).

Question:

What is the best way to find a tenant with a good FICO score without personally running their credit? Are there any online programs where tenants can provide me their FICO upon application? I am hesitant to run their credit myself given the sensitivity of ones' SSN. 

Hey Partner,

@ Rick Harmon gives good advice and I second his admonition.  AP is not for the starter. It's for the gutsy risk taker willing to stand in court if needed. If you're homeless, I doubt you want anything to with the law and a judge. 

The initiative that you have concerning a willingness to work is stellar. As for real estate, I would suggest finding junker, beat up abandoned properties (you may know of some already). Then since you have access to a computer and internet, find a rehabber/cash buyer to buy the homes you've found and have him/her pay you a finder fee...CASH MONEY! CHACHING! Some wholesalers make 10K or more just for finding the deals!  Once you do your first one, you'll be hooked. 

 It's a creditor lien, order of the court to pay back money between a former family dispute. A member of non emediate family placed the lien. 

Thank you and understood but doesn't quite answer my question. Can the lien holder issue some adverse action in any way since title was transfered but not through a traditional sale? 

In essence for example ... say I hold a lien on a property, later I find that there is a new owner by family transfer, can I as the lien holder file some suit to request payment of lien?  

Pardon the lack of knowledge on this but I have a question concerning lien holder positioning.

If a person places a creditor lien claim on a property, then later there is a transfer of ownership (quit claim) as by from grandparent to grandchild...Will or can that lien holder issue any adverse action on the new owner? 

Generally we know that the purpose of a lien is so that the lien holder can have a claim to said property. In the event of a sale, title companies would find the liens so that they are paid in order accordingly ie... 1st, 2nd 3rd position. In this case it's not a traditional sale but rather a transfer from grandparent to grandchild. So can the creditor do anything else that would have an affect on the new owner?

Did you find the owner and she wishes not respond or have you yet to locate her exact whereabouts? If you are certain that you found her, send a certified letter from an attorney's office indicating you wish to buy from her.  That would be a start of a very long process of AP. 

I also forgot to mention, that if it is possible to retrieve a death certificate, somebody on that Certificate is named as the "informant". You need to find out who that is.

Hello there. It looks like you've learned a lot by reading these threads. I have personally done a handful of AP deals. Only one has been successful. Another one landed me in court. I believe the biggest take away here is the fact that somebody beat you to the punch and started paying taxes before you did. You'll need to find out what their motive is and does the other party even know of AP? What do they want to do? It can be possible that you could buy out their interest. Have them sign a sworn affidavit and have it notarized. They would release any interest if  they have any in the said property to you. Who knows, for $10,000 that guy may just take it and never bother you again. At that point your year (1) one begins the next four consecutive years you must adversely take possession before the quiet title to receive ownership in your name.

 From the conversations with B of A as I gathered info...there's a balance.  Thanks for being so kind to help brain storm.