All Forum Posts by: Mark Gibbs

Hopefully I'll go the former route. I have three people who are interested in buying for a fix and flip. I've offered to partner with one of them for a possible upside increase. 

Thanks for the feedback everyone. Still working on closing the deal. Apparently the sellers forgot to ever get there names on the title of the mobile homes....30+ years ago when they bought them so they are currently attempting to obtain title.

I have put together a deal for a large piece of property in Washington State where I am purchasing the land with two mobile homes. I am not looking to own the homes, I simply want to flip them to a buyer who will rehab and pay lot rent. 

Home number 1, unoccupied, needs full rehab. I have vetted three interested parties who would like to buy the home on the cheap, rehab it and resell it. I need to put together a purchase and sale agreement that basically says I am selling the home, you will pay lot rent of X dollars per month and the home cannot be moved for X years from its current location. Any additional suggestions as to how to structure the deal? My first thought is should I obligate the rehabber to pay the lot rent for a minimum of one year or the buyer of the repaired home? Or should I collect lot rent from the rehabber until the home is paid in full and the title is transferred to the buyer?

Home number 2, occupied, rent currently being paid. I would like to increase the monthly rent by $25. Tell them if they make all payments for two years the home is theirs and I will transfer property title to the renter. The only stipulation I can think of is anything breaks, it's your's to address.  

Both scenarios take me out of the home ownership business and put me into the lot rent collection business. Neither home has substantial value so I am more than fine with letting them go on the cheap. Any advice? 

Leonard, message me. I have someone I have worked with recently on some preforclosure items and he seems quite with it. Saved me from one substantial mistake out of the gate. 

Kentuckianna title did some work for me recently and they seem pretty sharp. Ask for John.

 Thanks Wayne, what would be your vote, superior or inferior position to the existing first lien?

The title report lists the common wealth of kentucky et al. (plaintiffs) vs. assets and capital llc (defendant/cross-claimant) with the property owner as the other defendant. The judgement creditor on the lien is the same assets and capital, LLC.

Hello all-

I am looking at non-performing first. The initial seller materials provided showed some past due taxes. I then ordered the title report which shows a judgement and lien against the debtor and property along with a couple of liens against the property from the city/county. I am waiting on my wegolook visual assessment of the property to make sure it is still standing/occupied etc. I'll be honest, this is a skinny deal but one I was interested in pursuing as a learning opportunity.

So my question is, when a judgement is entered as shown below, does this lien stay just with this property? The lien states "in which the above Judgement Debtor has any ownership". Couldn't this lien just as easily be applied to the debtors primary residence, assuming it is not a cardboard box? I am quite sure this was a second home/investment or something.

The judgement lien also lists the Plaintiff as the commonwealth of Kentucky, does this make it a superior lien that could not be closed out by foreclosure? Lastly, a deed-in-lieu probably wouldn't work either would it, probably not possible when their is a recorded lien correct?

Thanks in advance I appreciate any feedback. 

Hey Jake-

First off, good job starting early thinking about investing, when I was your age my focus was on girls-and they won't make you wealthy, especially when you are dating.  My first advice, go to a tax deed sale. I am in Washington State and now is our tax deed sale season, I am going to my first sale on Wednesday morning to get an idea of how the entire process works. 

Second, and more obvious, get on the forums here you will learn a ton of stuff. Keep us updated. 

I'll get this right out of the way up front, note newbie (i.e. 1 note). 

I am looking at a second that has an unpaid balance of approximately 30K. The first is foreclosing on the borrower, the court date is set and the unpaid balance of the loan is $170K, I cannot identify if attorney fees are included in this amount. Approximate valuation of the home is $290K so there is some equity. This appears to be the second time the borrower has been in foreclosure, it appears this time they are planning on letting the house go since they did not respond to the lenders notice of foreclosure.

The question I have on this is the lender on the first sent out notice to borrowers of pending foreclosure, nothing was sent to the recorded debt holder in second position. Is that required?

Second question, at this point how would the debt holder in second position protect their position? If say, the note holder in first position sets an asking price of $170K to remedy the unpaid balance the second would be wiped out. But if the second attempts to enforce rights under the loan, wouldn't this potentially protect some of the debt position or is the secondary debt just too late to the party? Foreclosure sale is scheduled for 1 month from now.

No federal or county liens appear to be present on the property. 

Before I get a bunch of responses indicating, don't bother with this, it is over your head. That isn't my concern. Nothing ventured, nothing gained. Thanks for any insight you can offer.