All Forum Posts by: Mike Sedlacek

If you want to make is it easy for yourself , you can buy the list from a company called www.AllTheLeads.com. They specialize in probate lists and offer classes on how to approach people going thru probate. Other than that go to the local county clerk office.

Have to owner get a bankrupcy lawyer and file bankrupcy that may stop the foreclosure. Google it at do some reacher our talk to your lawyer. I'm in Virginia and here a bankrupcy will stop a foreclosure and this gives the owner time to market the property and avoid deficiency judgement.

Sure its easy. Just google Tennessee foreclosure process.

The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin.

Well I lived in Upstate New York and was an investor there of multi-family dwellings. I did my own evictions without a lawyer and was successful each time. Now that I am living in Virginia, I will be doing my first eviction in court on January 7. Tag me and I will let you know what happens. 

However, I have an investor living in Texas with a two family dwelling I sold him here in Virginia. A tenant in his property stopped paying rent 2 months now. He asked me to represent him in court .I filed the proper paperwork showing I am representing him. On January 7th at 9 AM in court room 3 I will be in front of the judge pleading my case. We'll see what happens then.

Vacancy. What would it cost to bring the empty unit to rental condesion and how long would it take to rent it again? Can you afford a 2 month vacancy plus repair costs? 

To save on appliances, especially for rental units, I do one of two things. In my area, large apartment complexes often replace working appliances and usually sell or depose of the older items, 50 to 100 refrigerators at once. I found that I can buy from them used appliance still in good shape for under $20.00 that are great for rental units. Also, I go to a large appliance store in my area that sells scratch and dent appliances. I purchased dented refrigerator, gas range, dish washer and microwave, the whole package for half off. Frigediar Brand. On paint I use the same colors on all my units so I get Contractor Pricing. So sign up with Sherwin Williams, if they are in your area and save 20% or more on paint and supplies. For flooring we have discount stores in which I am set up as a contractor and purchase vinyl plank flooring and save 10% or more on items. Friends of mine who have hacked homes felt it was better to upgrade as they lived there and since they would keep things in good shape when it came time to sell or rent they didn't have to rush to get the home ready when it came time. Just saying.

Yeah I have purchased 50 plank signs ( 2 ft. X 18 inches) Wrote on them and placed them at busy intersection right before the traffic light on Friday night usually after 5pm. If I didn't pick them up late Sunday night, by Monday the city got them. In my town there is a fine of $500 if caught, but I haven't heard of anyone being fined. I usually didn't get any calls so I stopped doing it after about 3 months. Maybe to early to give up. I'll try again after the first of the year. Although they say now is the time to place them because people who need to sell are anxius before the holiday. Try and see what happens.

Most people who are going through a pending Foreclosure are some what in a state of denial. Some of them have contacted a lawyer and been told to stay put until the final day and be sure to make plans before it happens. In my town there is such a backlog of pending foreclosures that the (non judicial state) Trustees aere behind in taking action. It can take up to a year before you see court step foreclosure auction. So the people stay put.  And not to mention they don't have money to move and afraid of being left on the street. A letter to them is just toasted away. 

In my case I had full cash to purchase with, an attorney that can close in 8 days and title insurance to protect the investment. I personally aproached the homeowner, offered cash to close and gave them help to move and up to $5,000 above the amount due for them to make the transition less painful. 

What are you willing to do to be of help to this unfortunate family?

My title company, Priority Title, charges $150 to do a title search. Not to costly I'd say. Check out a company near you.

A friend of mine is a general contractor and his wife is an accountant for a large firm. They buy houses in good neighborhoods that other investors won't touch because of the work required to rehab the house. Since he has a crew he can rehab the house no matter the condition and still make a profit. His criteria is a profit margin of $20,000. He isn't afraid to rent out the house if needed and continue to sell it at his price. This year alone he has done 3 houses with $20,000 profit. He usually goes after the foreclosures at auction and has the cash to bid.