All Forum Posts by: Jean Norton

I buy a lot of my properties via online auction.  If they are giving a Quit Claim Deed, then they are most likely occupied properties.   I avoid those, but if you don't mind putting up some extra cash to get the people to move out - or evicting, then they could be a great option.  The fact that someone is living there tells you the house IS livable, unlike some of the other properties.

I am very active with auction.com and others - most of the time I get outbid - or the property is worth more to others than to me.  Yet sometimes I snag a deal with good profit spreads.

Just know that these properties, especially if they are from a bank, have something REALLY WRONG with them, such as code violations.  Just add that into your offering price, and don't forget that darn 5% buyer's premium they add to the final price.

Also, don't give up.  All of these sales are subject to the sellers approval.  I often see the same property come back up for auction - and sometimes I see it again via a different auction house.

It may be too late - but you can go to the county tax records and look up by address to find out who owns the property, then go to the county's "official public records" and search the name and see if there are any other liens on the property.  

I had always heard that banks can easily do no-doc business lines of credit up to $50k as long as you've been in business for at least 2 years.  Try it!

Congrats Bryan!

I can't tell you about Wisconsin, but I applaud you thinking outside of the box and looking into other areas.  Just like in the stock market - diversify.

Some old blog posts are worth revisiting.

http://www.jeannorton.com/the-seminar-business-and...

I came across someone that raises money for a deal, offering 50% of the profits to the cash investor. However, if there is a loss, it is the cash investor that absorbs the loss.

Frankly, I think that's a hard sell, "Invest in my project and if I screw up, you take the loss". But in the discussion, this person said that's why they give 50% of the profit to the investor for doing nothing.

Does this violate any SEC rules? Getting money from unaccredited investors expecting them to take the loss?

What do you think is the most common form of deal structuring with private investors? I usually offer 50% and share profits and losses equally (although I've been known to pay the investor back in full and take the loss on myself).

Here's the ebook - who's interested in a workshop based on the book?

"How to be a Cash Magnet for your Real Estate Deals"

Three simple steps (not necessarily quick) to position yourself as a trustworthy source for investors to WANT to invest in your deals.

http://www.jeannorton.com/ebooks/

You will want to find the Chapter 7 trustee and ask to purchase the property. I don't know about CA in particular, but the case information is public (but not free). You'll have to get a pacer account at http://pacer.gov and search the debtors name to locate the case. You can look at the docket history to find the one document that speaks of the property - or at that point you will have the name of the trustee and can call their office for more information.