All Forum Posts by: Lakia Hasenjaeger

I have acquired properties using a quit claim deed many times. If the seller acquired the property through a tax sale then you need to get a quiet title on the property to clear any clouds on title and obtain title insurance. Once you pay the taxes on the property, you can at least rent the property out but when it comes time to sell or refinance the property, you need to have a quiet title done. This usually takes 3 to 6 months to complete as there is a "response" period for the parties to come forward. I hope this helps.

The best and easiest contingencies to use for REO puchases are the inspection and I'm not trying to be funny but just make the deadline to the response on the offer a couple of days. Banks never respond by the deadline and now you have a valid reason to walk away.

It is very important to have at least 3 sold comps for the property you are buying. Many banks and investors look for this information to determine whether or not they would consider purchasing the property. Good luck.

Banks, banks, and banks have been the most difficult hurdle for me these days. It all depends on what niche you are going to acquire. If you are going to buy and hold or offer seller financing and can purchase your real estate cash then you have nothing to really worry about. Many people are doing this nowadays at least until the market gets better. Goodluck!

I agree with adding the html link. I receive nothing but spam if I do it the any other way. This is great information.

Although I prefer the month to month lease, I would recommend extending the lease to a six month lease after a very thorough credit and background check is performed on the prospect, and then extend the lease thereafter for a year or so. What I have learned from my personal experience is that a bad renter will show their true colors early on. So by doing it this way, you are still protecting yourself. Good luck!

Welcome aboard! I find this site to be very useful for great information and also for motivation. It feels really good to see other great investors out there that have the same goals and can share information. I wish you the best of luck!

I am so sorry about your family's situation. Please tell them that there is help out there. There are lawyers that can negotiate dbt repayment plan that will be a fraction of the amount they owe. Please tell them to find a reputable lawyer that has proven success. My uncle had the same situation years ago. He owed the IRS $100,000 and ended up settlling for only $10,000. I wish them the best of luck.

My goal at the beginning of this year was to purchase at least 4 properties and rent them out to good renters. I also wanted to purchase a company van for my company. So far I own 2 properties and I'm in the process of rehabbing those. I already have a waiting list of renters. I have also already purchased a company van so I am on the right track. We'll see how the remaining year goes!

I am so sorry about what you went through. I have had similar situations such as yours and understand the frustration. Unfortunately, I don't think there is any recourse here. The appraisal is generally the buyer's expense and the appraisal report is yours that you paid for. If you do not have a copy of this, you have the right to request it from the bank. The appraisal can be used if it's less than 6 months old if you choose to go to another lender. I wish you the best of luck.