All Forum Posts by: Elizabeth Klingseisen

@Amily Yi-Chieh Tseng Unfortunately you cannot "refinance" a lease option since the buyer is not on the title. What you can do is get on title either as a "subject to" or owner financing, and then refinance (probably have to wait 6 months, depending on the buyer's credit.)

@Stefania Booth If you are interested in foreclosures the "safest" way to see what is going on is to pull a title search, even a summary or letter report (you can get them from a title company.) Usually with HOA or other liens there is an option for the owner to make up the payments in default, plus legal fees, to cure the lien.

One strategy would be to contact the owners with these liens (especially if they are a high amount,) and offer to pay the lien, in exchange getting the title ("subject to") and sell the property and split the equity. We have done this with pre-foreclosures, where we reinstated the loans by paying the default amount.

Make sure you run title and have an attorney and/or the title company prepare the right paperwork to protect you though.

@Bridgette Smith and @Chloey M.

Hello there! Yes. It's all about building relationships with these banks. Contacting them, asking to talk to their mortgage department and setting up a virtual or face to face meeting would be ideal.

Remember that portfolio lenders favor their customers and credit union members. You don't have to be a customer, but show them that you are a serious investor and that you value the chance of building a business with them.

Don't worry about title. You will have to do a title search before closing anyway and the banks (which are now the owners of the foreclosed properties,) will have to take care of any "clouds on title."

@Bridgette Smith Definitely. Contacting community smaller banks and credit unions (also called portfolio lenders,) is the best way to secure line of credit and also build a rental portfolio without the restrictions and caps imposed by larger banks and lenders, which are government regulated.

Google Search is the easiest way. Also there is a list that comes out twice a year of banks, which are blacklisted because of too many foreclosed properties on their books. These are also smaller banks and credit unions. These are good to approach to get some of their properties and establish a relationship to fund future deals.

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@Melissa Pierce We have not purchased tax certificates here in South Florida (I assume that is what you are referring ,) but in other parts of the US we have. Here is South Florida is very competitive and not much ends up at auction. All the good stuff is settled beforehand.

The taxes are due right away, and then you get a certificate, but you have to wait for the redemption period to file for the deed. If you go to the county site, tax collection division, they should have a good help page explaining the process for your county. I know they do on the Miami/Dade and Broward sites.

Good luck! :)

@Diana Falter We use TextMagic. It's really affordable and it integrates with our CRM very well, which is Podio.

@Bridgette Smith Definitely. Contacting community smaller banks and credit unions (also called portfolio lenders,) is the best way to secure line of credit and also build a rental portfolio without the restrictions and caps imposed by larger banks and lenders, which are government regulated.

Google Search is the easiest way. Also there is a list that comes out twice a year of banks, which are blacklisted because of too many foreclosed properties on their books. These are also smaller banks and credit unions. These are good to approach to get some of their properties and establish a relationship to fund future deals.

https://cr4re.com/PBLAugust202...

@Lisa Leon I agree. You should definitely talk to a tax accountant like Chris said, but I am going to share how we (my mother and I have been doing this.) My mother, @Laura Alamery, has been investing for over 30 years.

When we use partner with someone who is investing money in the purchase and rehab (some time they invest 100%, other times we do 50/50,) we create an LLC just for that particular property. We also file a mortgage note and deed of trust to protect their investment (basically we give them a lien on the property.)

When we sell the property, the title company receives from us an agreement on how to disburse the proceeds. The title company handles the disbursements. If the funds go in one account, like hours, we have to issue a 1099 at the end of the year for the disbursement of their portion.

Since the LLC is in both names, separate tax return is prepared for the LLC with the investment, purchase and disbursement (our CPA charges us $300 per LLC for tax preparation.) The LLC is then dissolved after the property is sold.

I hope this helps for general information, but please consult your tax accountant, because it depends on your personal situation and State.

@Lisa Leon

@Amanda Young I don't overlap the 2 strategies. I do them separate for leads generation. 

You can get an absentee owner list and market to that (text, call, direct marketing.) And also drive for dollars and come up with another list of vacant or distressed houses.

Absentee most likely are landlords, not necessarily vacant or distressed homes.

They are both great lead sources :)