All Forum Posts by: Scott Matthew C.

Hi @Monica Diggs. Thanks for your post. I suggest that you explore the possibility of connecting with your nearby Real Estate Investment Associations (REIAs). These organizations possess a vast amount of knowledge about title companies that are favorable to wholesale real estate deals. You can search for such REIAs through the MeetUp platform by looking up terms like "REIAs," "real estate investors," and similar keywords.

Best of luck!

Hi @Jules Narod; thanks for your post. I highly encourage you to look at other real estate niches, such as note investing. You're a numbers person, so your strength is evaluating opportunities. 

@Chris Seveney is a wonderful resource and more regarding notes. He is from my home state (VA) and is located close to my old stomping grounds. We have never officially met, but we run into each other here on BP, helping others. @Jules Narod meet @Chris Seveney.

Best of luck!

Hi @Tyrell Blake Jr , thanks for your post. I'm in Ann Arbor and frequent Detroit since I have property around the area, such as Redford. 

I would advise you to speak with a lender first or with a private money lender to find out what you can do on your terms. 

Nevertheless, what you are entertaining is Joint Venturing with someone. Carefully select wisely and require proof of experience. 

If you haven't already, consider joining the REIAs in our area. Let me know when and where you are going, and perhaps we can meet up.

Best of luck!

 Thank you for your concern. Do you currently have notes within East St. Louis, IL area? If so, please share. 

Below are the details of the opportunity. 

Property Value: $60K

UPB: $47,063.80

Interest Rate: 6.5

LTV: 77.66

State: Judicial 

Asking Price: $28K

It's too good to be true; therefore, I need a BPO and someone hands-on. I don't make bids until I exhaust all of my options for doing my own due diligence. 

 Thank you, and I would be grateful for an introduction. How would you like to correspond? 

Hi @Jam Jackson I am certified in probate property. However, my certification is to get the listing. But to answer your question, yes, real estate investors buy them directly from the person(s) or they communicate with their attorney. 

For those who are reading this and interested in probate properties, below is a bird's eye view of the probate process. It's not rocket science. You just have to be willing to research and put some work into it. 

Probate real estate refers to the process of selling or transferring ownership of a property after the owner has passed away. The probate process can be complex and varies depending on the laws of the state where the property is located. 

1. Petition for probate: The first step in the probate process is to file a petition for probate in the appropriate court in the county where the deceased person lived. The court will appoint an executor or personal representative to manage the estate.
2. Inventory and appraisal: The executor or personal representative is responsible for taking an inventory of the assets of the estate, including the real estate, and having the property appraised by a licensed appraiser.
3. Notice to creditors: The executor or personal representative must notify creditors of the estate of the death of the property owner and the opening of the probate process. Creditors have a certain amount of time to file claims against the estate.
4. Sale of real estate: If the property is to be sold, the executor or personal representative is responsible for marketing the property and obtaining the best possible price for it. In some cases, the property may be sold at auction or through a real estate agent.
5. Distribution of assets: Once the sale of the real estate is complete, the proceeds from the sale will be used to pay any outstanding debts of the estate, including taxes and creditor claims. The remaining assets will be distributed to the heirs of the estate according to the terms of the will or state law.

It's important to note that the probate process can take several months or even years to complete, depending on the complexity of the estate and the laws of the state. In addition, there may be specific rules and procedures that must be followed for selling probate real estate, such as obtaining court approval or publishing a notice of sale. If you are involved in a probate real estate transaction, it is recommended that you consult with an attorney or real estate professional who has experience with probate transactions in your area.

Hi @Hamp Lee III the number of investors you partner with in a joint venture will depend on a variety of factors, including the size and scope of the project, the amount of capital required, and the skills and resources of the investors involved. There is no one-size-fits-all answer to this question, as the maximum number of investors will vary depending on the specific circumstances.

That being said, it is generally recommended to limit the number of investors in a joint venture to a manageable size in order to ensure effective communication and decision-making. Too many investors can create logistical challenges, increase the complexity of the project, and potentially lead to conflicts or delays. I have personal experience with that and it wasn't fun.

As a general guideline, a joint venture with more than 5-7 investors may become difficult to manage, particularly if there are multiple decision-makers with different ideas and objectives. On the other hand, a joint venture with too few investors may limit the available resources and skillsets, making it harder to achieve the desired results.

Ultimately, the maximum number of investors in a joint venture will depend on the specific circumstances of the project and the goals of the investors involved. It is important to carefully consider the pros and cons of partnering with each investor and to evaluate the potential risks and benefits of the joint venture before making a decision on the maximum number of investors.

I guess I could have said no, there is no limit but there is no fun in that.
Best of luck!

@Brian Ashby Thanks for your post. I was interested and did some research and went down the rabbit hole.

Just to make sure whoever is reading this they first understand what is a Qualified Opportunity Funds? A Qualified Opportunity Funds (QOFs) are a type of investment vehicle that allow investors to receive certain tax benefits for investing in Qualified Opportunity Zones (QOZs). The tax benefits include the deferral, reduction, and potential elimination of capital gains taxes.

When a QOF sells its interest in a Qualified Opportunity Zone Property (QOZP), the tax benefits associated with that investment typically transfer to the buyer of the QOF interest. However, there are some restrictions and requirements that must be met in order for the tax benefits to transfer.

First, the buyer must also be a QOF or a qualified investor. The buyer must hold the QOF interest for at least 10 years in order to receive the maximum tax benefits.

Second, the buyer must continue to hold the QOF interest in order to receive the tax benefits. If the buyer sells the QOF interest before the 10-year holding period is up, they may lose some or all of the tax benefits associated with the investment.

It's also worth noting that there may be some limitations on the transfer of QOF interests. For example, the QOF may have restrictions on transferring interests in the operating agreement or there may be restrictions under securities laws.

In short @Brian Ashby I am out of my league. I would speak with a CPA and Attorney that specialize in QOF. 

**Get the facts! Speculation will cost you time and most likely money. Best of luck to you. 

You are correct that in New York, a lien waiver is generally only effective if it is delivered at the time of payment or after payment is made. If a contractor or subcontractor has not been paid, they may be entitled to file a lien against the property to secure payment for their work or materials.

To protect yourself as a property owner and future flipper, it is important to have a clear understanding of the lien waiver process and to take steps to minimize your risk of liens being filed against your property. Here are some steps you can take to protect yourself:

1. Include lien waiver requirements in your contracts: When hiring a general contractor, make sure your contract includes a provision requiring the GC to obtain lien waivers from all subcontractors and suppliers before final payment is made.
2. Monitor progress payments: Keep track of progress payments to the GC and make sure that they are paying their subcontractors and suppliers on time. Consider adding a clause to your contract allowing you to withhold payment until you receive the necessary lien waivers.
3. Consider requiring joint check agreements: A joint check agreement is a written agreement between the GC, subcontractor, and supplier, which requires the supplier to endorse the check jointly with the subcontractor, ensuring that the supplier is also paid. This can be a way to ensure that all parties are paid and that you receive the necessary lien waivers.
4. Stay in communication with the GC and subcontractors: It is important to stay in communication with your GC and subcontractors throughout the project to ensure that everyone is on the same page and that any potential issues are addressed as soon as possible.
5. Consult with an attorney: If you are concerned about the risk of liens on your property, it may be helpful to consult with an attorney who specializes in real estate and construction law. 

My point @Don Frost is to minimize your risk of liens being filed against your property and protect your investment as a future flipper. I know by first hand if it's not on paper, it is not enforceable. 

Also, I am not a real estate attorney I just know enough to be dangerous. 

**Get the facts and contact an attorney because speculation will cost you time and, most likely, money. 

Best of luck!

I would connect them with a real estate agent. Also, they may qualify for a professional loan.