All Forum Posts by: John Slater

@Carolina Mejia

They could very well foreclose on the sale date, but if he is communicating with lender and they know he’s looking to refinance they may extend… but they may not. If he gets a loan in his name to pay off the old loan, then his mom on the old loan doesn’t matter.

But Who holds title? Was it the both of them and was it joint tenants? If so then he can move forward with selling and doing anything he wants. If not on title as joint then he can’t just sell, will need some level of probate depending on circumstance.

remotely is tough without paying for a paid service.  Court recorders office you can pull them for free, not sure if your county allows you to do that online.  sometimes you can get some info, not all for free on the online court records.

@Bernardo Rico finding deals on-market will always be tough. The agents job is to find the seller the best offer, not always the highest but usually that is a key factor. So even if the property is a fixer, they will still be pushing the market so the chance of you getting it under contract and trying to wholesale is slim. As an agent myself, gotta be honest and say I'm not a fan when people try to wholesale my listing, often can complicate things also. Have you considered looking for off market fixers? simple driving for dollars looking for distressed houses, marketing simply to see if considering selling, or focus on pre-foreclosures, there's 75 of those in Richmond right now, plus others such as FSBO's might be an option.

Yes, estimated credit bid is what we call opening bid.  Doesn't have to be the same amount as that what is owed, although normally it is..  I've started to notice in california that some lenders have an opening bid less than that which they posted a a month before the auction, and in some cases significantly less.  Most of the time I see lenders looking for the amount which is owed, but sometimes what I see doesn't seem to make sense.

@Phyo Ko - Hi, and congrats!

When you look for a team/broker (which area are you?) It's easy to go with a big name, KW, compass, Coldwell etc, but if you jump on a team the biggest thing for me is looking at the splits they offer.  That being said, being on a team can be a real jump start to get the experience you need.  I joined a local broker when I first started, I interviewed at the big ones, but ultimately I connected with a broker that was very hands on.  She provided a boot camp all new agents went through, not only that but she conducts the whole boot camp herself to make sure agents are taught the right way from day one.  Sadly nothing in the exam teaches you to become and agent.  If you find a broker that has some kind of mentorship within, say with an experienced agent and they take a small percentage of your first deals, I would always go with that now versus a big team... There's experience to be found in both sides, if your confident in yourself to go out there and find leads, then it becomes about focusing on a niche, your local farm, a particular type of lead, vacants, out of state owners, pre-foreclosures etc and learn how to drive leads.  Sad to say it's a tough market right now, but using your military connections can be a great way.  I took a military relocation program certification to specific help those that needed to relocate fast.  

@Kimberly DiMarino Its all possible yes, but depends on when the sale date is.  the foreclosure process can be a long process but if you finding the house in the very latter stage it will likely be a challenge and you'll be rushing through things to try and make it work.  Do you know when the sale date is?

Quote from @Antonio Chelala:

Hello everyone,

I am extremely grateful to have found this great platform and a community like you all:)

I am new to real estate and rental property investing, and I am starting to run the numbers on listings to train myself to see if there is Cashflow. I am now in the phase of educating myself and reading books and joined this forum to gain knowledge before I invest in real estate.

My question to you guys today, is I found a property for foreclosure at this address 1811 E Lakeview, Benton AR. I still don't have a good estimate of the rental prices, Zillow is suggesting a number but I don't always rely on it.

If the renting out the property generates cashflow, then I will buy and hold.

If the property does not generate cashflow renting it out, would it be profitable to buy the property and resell it, since it is on foreclosure?

Thanks a lot

Best,

Antonio

 HI.  First I'd check to make sure its in foreclosure.  From what I see (I checked two different systems) Here's what it looks like.  3/21 the loan was sold to another back, less than 30 days later they issued foreclosure notice, then in 6/21 they refinanced.  I checked two different systems and both say the same... Not sure I'd trust Zillow on that.

That being said, when you do approach a foreclosure there's a few things to assess.  Default owed, condition of property, loan balance etc and after repair value, then based on where you offer is, the offer that is accepted, its about what makes sense to make your money. Its not as simple as "if it doesn't cash flow, should I flip", its more "what would I cash flow", or what profit could be made after the flip assuming my offer gets accepted that allows me to make profit.  Hope that makes sense.

Quote from @Nathan Gesner:

Quote from @Helen Zhang:

Why pay someone to get out of property they have no right to occupy? I have no patience with people that violate the law and take things that don't belong to them. I would hire an attorney to start the eviction process. Most tenants/squatters will disappear as soon as they see you are serious.

If you want to do it yourself, the letter should be short and professional. Example:

"Dear XXX,

I am the new owner of the property at 123 Straight Street. You are not legally occupying this property. I intend to take possession and renovate immediately.

I am offering you two options:

1. Vacate the property no later than January 31, 2023. Call me when you are out and I will meet you at the property to collect the keys. Once I walk through and verify the property is vacant, I will hand you a payment of $2,000.

2. If you refuse to vacate, I will hire an attorney to evict you forcibly and I will seek a judgment for rent, utilities, cleaning, repairs, attorney fees, court costs, and anything else owed.

If you accept my offer, please sign below. If you refuse, or refuse to respond, I will initiate the eviction process immediately."

I think this is perfect!  I too offer cash for keys, either I spend the money on eviction or I can give it to them to help them move.  That being said, in california tenants have a lot of rights depending how and what stage the property was in foreclosure, and honoring remainder of their contract, if they have one, but thats california for you.

@Max Petrov - hi max, yes, I created a course around PF.  

What is it you’re looking to learn or do you have a couple of questions, maybe I can help you here or we can connect personally.

@Paul Veronis

I see a lot of posts on Corps and LLC's and I always say the same thing.

If you’re looking to build an investment company and make money, be ok spending money in the first place and get advice from a real tax cpa and attorney that knows real estate. Good ones aren’t cheap, but “buy cheap, but twice” is worth remembering. Research kkos lawyers, mark kohler’s office did all my corps and he teaches investors too, so his office know their stuff.