All Forum Posts by: Jeff L.

@Account Closed Thanks for the info, please do let us know how it helps. I'll be placing my rehab on the market next week. How long has your staged home been listed?

@Uriah D.  @Dawn Brenengen

Thanks to both of you.

Anyone in the RDU, NC area have any residential home staging companies they would recommend, especially if you have actually used their services?

Thanks in advance,

J. Lee

Are u seeking turnkey, Completed rehabs for buy and hold rentals? Have 2, one will be finished next week, the 2nd next month.

@Kyle Jorgensen  In Wake County NC, as Chris mentioned, you can see a complete list of tax delinquent properties the county is on track to foreclose on, along with what tax amount they owe and sometimes, the date of the property. Here is an example of one of the properties I pulled for you:

Tax ID#: 0270494 Amount due: $10,806.64*
Property Address: 1091-102 Pemberton Hill Road, Apex
Date of First Action: May 20, 2015
Date Judgment Filed with Courts: July 30, 2015
Date of Sale: To Be Announced

In my experience, most delinquent homeowners wait til the last minute to pay or take any action at all because they don't believe its really going to happen for some reason-human nature for you. So get used to most folks ignoring you completely or calling you at the last minute, like a day before the foreclosure auction. The county also lists delinquent businesses and vacant land. Here's a link to Wake Co. NC site from which I pulled the example, your state/counties will vary.

  http://www.wakegov.com/tax/realestate/foreclosures/pages/default.aspx

Good luck.

J.Lee

Welcome Mary Anne. I'm a rehabber in the Raleigh area, currently working on 2 flips. I will echo another poster about the competitiveness of this market. It does take some creative efforts to find properties but they are definitely here in this area. The two I am working on now I found through unconventional sources. If you ever move to the triangle area, look me up, I would be happy to help you out. Best of luck in your last semester.

Glad to see you here! I'm a rehabber in the Triangle area, feel free to reach out to me and add me to your buyers list. PM me if you are interested. Welcome to Bigger Pockets.

@Daniel Mohnkern By leaving everything in the name of the seller and not receiving the deed and putting 20k into rehab then you are taking a huge risk, even if you have a strong contract outlining the deal if the seller decided to take the renovated home and sell it quickly on the down low then I would be faced with litigation, attorniey fee's and a lot of time fighting to get this money back. That is one risk I was/am not prepared to take. Considering the deed was transferred July 9th and this rehab will be on the market in 3 weeks, the DOS clause isn't that big of a threat to me, although it wouldn't be something I would want or choose to happen. I'm on my 2nd Sub-to and would never do one without having the deed recorded in my LLC's name BEFORE spending a penny on rehab or mortgage payments.

I spoke with the mortgage company today when I paid the mortgage payment and they have no problems with the transfer and said for me to send them the tax bill.

@Daniel Mohnkern @Steve Babiak     

Since the tax bill is due Sept 1 and according to the tax records they have consistently paid the bill during the 1st week of September, I'm thinking that the mortgage company has already received a bill for the taxes well before now and is already aware of the due date and amount. I was thinking the county sent me this bill because I'm the new owner and wanted me to be aware that the tax bill hasn't been paid. I'll ask my closing attorney what he thinks. Because the tax bill is in the name of my LLC now, I'm sure asking the county to bill the mortgage company would still tip them off, but you never know. Thanks for the input!

@Mike Jury  Thanks-I'm asking if anyone here has experienced a similar situation, not so much asking what I should do. I know calling the lien holder would be the 1st practical thing to do but I am trying to avoid contacting them and bringing too much attention to the deed transfer because of the potential Due-on-Sale clause, but the home will be sold by the time that process could be completed, so I'm not too worried. Not trying to hide it, but I'm not interested in advertising it to them either. 

Thanks @Steve Babiak, so the county doesn't generally bill the mortgage company and it's up to me to forward the bill to them? My previous mortgage company was billed directly by the county so I was never required to forward a tax bill.