All Forum Posts by: Rich Littlefield

This is actually a complicated issue, I guess I would ask a couple of things:
1. Are these FHA insured notes.
2. What actually are your goals?
The rules on how beneficial this can be for you, can be very different if it is insured or not insured by FHA. Most Reverse mortgages are insured, but the rules can be drastically different.
Secondly I am not sure what your goals are here. Do you want to acquire the properties, if so are  you wanting to flip t hem or rent them out. I say t hat  because it almost sounds like you are trying to get a better rate of return on interest.
I am uniquely qualified to answer many questions on this subject, but there are many subjects going on here, from  pricing of the notes, to estate issues, to foreclosure issues, legal rules and  contractual rules many of which could  come from FHA. I do not know everything, but I have contacts where I can get answers.
Feel free to contact me if you like, I would always like to get to know another person who buys notes. I have call for that from time to time, I would glad to help.

I would say if that the sellers should pay for it. Though that would be under Ca law, I am not sure about AZ.

It sounds like the person had financial issues and is slowly resolving them.  I would have file eviction earlier, but now that she is paying somewhat on time, I would not do anything.

I would think those taxes go on schedule E unless they are on your personal home. 

Almost all things are negotiable in this situation.

Well the fact of the matter is that all homes have mold.  It is going to be hard to hold a non-owner for mold. Good luck with t hat. In California a non occupant seller is held to a lower standard than if the seller lived in the property.   

Unfortunately they drill appraisers with the belief that coming in with a low appraisal is somehow "noble and good," when it actually cheats the person who is writing the check for the appraisal, the borrower.

As a broker for commercial properties, the problem is that if people are coming by and looking at the properties the tenants many times  start looking to move out. This is why many times you have to write the offer and make it contingent on looking at the property.