All Forum Posts by: Kathy Utiss

I've found a liquor store that I'm interested in attempting to buy. The seller is willing to help with financing as well.

Pur Price: $1,700,000
Net income is $448,000 per yr

I forget what the monthly income is but its rather large. It's not a discounted property situation. But the purchase price and income sound nice for what could be an absentee owner biz. Or at least someone who comes to visit every so often.

I know my credit isn't the best anymore. And I lack down payment. I know it's probably hopeless but with $500,000 down he's willing to finance for sometime. I have verifyable documentation as to why the credit is in a shambles. Or why I'm in the situation I'm in. But thought I'd throw it out and see what you would do.

It is a liquor store that does come with the property as well. It seems to have an established clientele because of the location of the biz as well.

Just give up?

thanks,

Kathy

In your situation I think of it this way. The bank has already taken the asset back into their holding category by making it an reo property. Usually this means they've already done the dd to know what repair costs and such will be.

While you think because they have it as an reo and it needs repairs that they'll let it go for cheap. This isn't always the case. Your in one of the more popular counties/areas of the country home to PENSACOLA FL.

While home values are plummeting there some still have made equity positions on their purchases while others are losing their shirts.

While it's always the investor wanting to maximize their dollars remember who owns the asset. Have you given correct assumptions about the houses to demand such a discount? They've already taken the expense to control asset again. So them being the asset owner are looking to maximize their return.

Is the discount requested whose best interests does it serve your's or theirs? How can you make it more beneficial to really make it a deal worth happening or not? There's two sides and we've all got ours. Would the deal still be beneficial to you if you didn't have such a large cut into transaction? Are you looking to buy and hold for rental income? Or buy and sell trying to optimize $$$ in your best interest only?

I know sometimes you really have to show them in a full analysis why your proposal beats theirs. Then maybe even a couple of face slappings to wake someone above them up but if u don't try to succeed you may never.

Give them real analysis work and it does happen. I mean no personal attacks by anything stated above honestly. I just know both sides very well. And I believe if you can get someone to be intelligent there's a lot of money to be made.

Maybe also instead of dealing with real estate agent do your own research and deal with owner directly. Let them worry about what they have to do with their Realtor. Their in contract with them not you. If you have to end up paying them so be it...But get direct communication so there's no miscommunication.

Best of Luck,

Kathy

Have you checked to see if the debtor in ??? has exercised any bankruptcy rights? A quick pacer search by debtor's name will tell you if they have or not. Make sure you do a search in the court district in which they reside. Sometimes just a state search doesn't work.

If you'd like to have some help in skiptracing them it may be worth your while to email me. Also, have you determined if the lender that holds 1st does participate in note sales? One way to circumvent the debtor contact.Although some banks are getting tougher and tougher to buy notes unless their in large pools. But if you can get them to negoitate you may get them to give you a cbr. Or at least authorization to do a cbr to gain more info. As in this role you'd become the creditor. Which authorizes you to run credit info...

Also have you looked online county records or anything to see if they had tax records forwarded to a different address? Simple search...

Another great tool is ZABASEARCH.COM--If you know name, dob, any addresses they've resided at....Even if you can't find number at that location under debtor name...maybe title shows different name of ownership hence a different # to look for...

Accurint has or did have an exceptional finder for relatives, past employment...Neighbors sometimes do work well. Unless you live on my street and my neighbors LOVE ME...

I used to recover anywhere from $100k-$150k after loss mit depts of major banks wrote off accounts as a loss...So much so that I was known as DIGGER in my dept. Cause if someone truly had capability to rectify or pay I didn't give up till I found them...

So needless to say on some of these accounts I wonder how much of an effort the lender did put into actually trying to avoid taking the loss..One of the best ones I did was finding someone from an inquiry that no one could find...It was for a closing of a refi that debtor was doing...Inquiries on a cbr are a great help sometimes.

Maybe I'm not sure there might be companies that can obtain cbr without showing as an inquiry giving you some info...Maybe someone knows if these really happen seems like a online company did this at one time.

Best of Luck,

Kathy

While James is right for the most part the best way to find out anything about what's going on is thru the court system. You don't say what version of bankruptcy these people filed.

If they filed a chp 13--is it dismissed? If this is the case look to see if there's been any objections to claims presented in the case. Also homeowner may be looking to convert to a chp 7 if things didn't work out.

If they filed a chp 7 it'll be in the paperwork if their confirming or reaffirming their debt. Besides a case being dismissed you may want to see if the lienholder put in for a lift of stay and rather or not it was granted.

Then you would contact debtor's atty. Unless you know someone within the organization of who owns. Make an offer as you see fit. Is it a good option for a short sale? Or note sale? Is the lien holder an entity that even does note sales? These are all things to consider....

If you don't have anything but debtors name u ought to bring up case under a name search and the court they filed in....

But unless you know you can make it a win/win situation should you research it? How much equity and repairs is there? Or how much equity can be made into the deal are all things to consider

There's so many things to consider in doing such a transaction like James said. Depending on where their at in the banko and the other things mentioned you may if you intend to purchase have an attorney motion the court to put in your purchase offer. Debtor's atty may even help. They usually have connections to lawyers they don't mention.

It does happen...Foreclosures are happening everyday. Not everyone is totally informed about the things their going thru always in such cases. While its unfortunate for most homeowners its not for investors always.

Just being educated enough about our financial and legal system can make wonders happen though. However, the education, morals, and values of most are lacking in this business.

Without mentors in life one could fail easily. Not that anything I say is Gospel to follow and is for informational purposes only. By all means if you decide to take this endeavor to the next level let us know.

While James may say its not a way to go some investors do well (small to James standards $2m a yr) but large to most. But they sometimes also have legal fees if they end up becoming a judgment creditor and don't do appropriate due diligence before hand...And even to get to this amount of income it could take years to build this type of income. Which means you need CASH and the banking/real estate smarts to get there.

So your LEGAL TERMINOLOGY needs to be up to speed as well. Or else you may get yourself into something you shouldn't of. But some are easy transactions to accomplish. As I told David I'm here to assist if or when requested or needed...If I have the knowledge.

Good Luck,

Kathy

I'm surprised they don't have a way you can search by parcel number. Even if you think you find everything you still have to do a formal title search prior to any closing so they'll find it. Your own title search I would just consider preliminary.

I think this is something that any investor would agree with. Cause you wouldn't want to know u screwed up later. It could be a costly mistake.

Best of Luck ,

Kathy

David,

I think there a couple of postings that help with this that I read recently. You may want to see how to get some type of title search account thru a title company. Or maybe realquest.com. Look around in the foreclosure listing paper you have. Some companies sometimes advertise doing such things.

Thing about where your at it doesn't look like their online with their records. Good way to find out about such things is at NETRONLINE.COM.
There are alot of cities online. Maybe check larger counties where your at to see if their online or not.

In most areas if their online you can easily read thru the title listings or records recorded at the county rather mortgage deeds, or taxes. If it attaches to the property the county usually has it on record.

I could avail myself to help you look over things in counties that are online if you need or want the help.

Best of luck,

Kathy

I think only the filing of a bankruptcy or dismissal or discharge of a bankruptcy is shown in like the county papers they put out either daily or monthly. Not all the other stuff.

Hi the way you can search once you have name is on https://pacer.login.uscourts.gov for the bankruptcy cases it's somewhat easy to navigate and only costs .08 per page.

If your having a problem getting name just run property address from foreclosure listing. Yes doing one's own title search is quite easy if the counties are online. Not all are. That's why I use Titlesearch.com when necessary. At least it may give me a heads up to move forward or not.

When you call the trustee you usually reach an automated system. If you do reach someone, they are usually very cold and unfriendly and will not share any of the title work that has been performed.

Nothing unusual. Most people in this business try to be intimidating. Sometimes the foreclosure trustees actually have websites. That tell you when their doing sales and such. Sometimes I even see one's that they receive bids on. Sometimes it may be the opening bid amount they'll start with on the foreclosure. You may want to see if any that are performing these in your area do this.

Sometimes if you can figure enough out on your own you may be better of dealing with the Mortgagee that's foreclosing. Although sometimes their difficult as well. One day they'll sell their notes individually the next not. Who knows the banks are so screwed up for the most part anymore its pathetic.

Good Luck,

Kathy[size=18][/size][size=18][/size]

Josh,

I did some checking. The Prinicpal Yvonne Cox bought her res in 2002, Purchase price was 210,000-Loan amt was 191,000. The area she occupies her business is in down town St. Louis, serves St. Louis county and E St. Louis as well.

Sec of state shows they've been registered as a prop mgmt company here in St.Louis since 2003. You may want to check by county the homes are in. Maybe you'll find someone closer to your property may be better depending on it's location.

Google search didn't show any complaints listed anywhere. No bankruptcy cases. No civil suits...Website looks pretty legitimate. Yvonne if her website is true seems to carry alot of good qualifications and past employment history.

Just my 2 cents....

Good Luck,

Kathy

You know sometimes since your buying the 1st you may just want to contact the foreclosure trustee performing the sale. They should know all the outstanding liens.

I know most people here aren't for online searches. But I've used titlesearch.com before and they seemed reliable. Enough to give you the information you'd need. Usually around $40. But not to much to find out if indeed they have anything outstanding.

Another trick once you understand how to look up properties and get homeowner's names is to look to see if they've filed a banko or not. Sometimes this tells a lot more than you think. As it does list all creditors. Who the trustee is, maybe even give you a guideline as to who and how to approach. Most foreclosure investors do this.

Good Luck,

Kathy