All Forum Posts by: Kathy Utiss

It's hard to beat some of the best advice your being given in real estate. It sounds like your brother chose you to carry on a legacy. I would suggest talking to a life insurance agent besides an attorney. What their requesting you to do is a normal procedure followed when the situation on the originators of the debt change. You'll find this especially in a divorce. Say like wife receives home husband leaves. She now has to qualify to keep the home w/o hubbys income. Hence, why everything is so important to have structured in this life. The potential can be very enormous if done correctly. As this amount puts you in an accredited investor position which opens some opportunities not found in normal loans. You'll find some of the best free advice in these forums.  Good luck in coming up with the best solution to benefit your life the best :) 

This is all so true. I tried to get approved for people to have a deferred mortgage. I didn't achieve this. What I have gotten approved is still amazing if you ask me. This is approved via one of the top life insurance companies in the country. It works if someone is buying or selling real estate, businesses, or even funding for non-profits. Or if an investor has multiple notes they want to insure their income on. 

I started a non-profit whose purpose is to assist in Ending Homelessness. It comes from years of experience of trying to be successful in this one life we all have to live. While there are many successful in this business many are not. We get told many things in this lifetime that just are not true. So I'm hoping I'll get some honest input since I RESPECT so many opinions of those known to me and, unknown to me in this world. 

The initial goal was to insure purchases against default. While I haven't gotten the approval I wanted I got some good news still. What I'm able to offer now is via one of America's top life insurance companies. This is an opportunity to use your life if you qualify healthwise to insure your life basically against default. As you create collateral that will pay off insure repayment of your investments in approximately 13 years. Plus an additional piece of collateral. Along with some other benefits. 

Honest input good or bad is greatly appreciated :) 

Usually FHA only goes up to 4 units. However, they are supposed to have a multi-family program for over 4 units. Not sure if anyone can chime in about such availability for you or not. If so regular FHA is 3.5% of purchase price down, closing costs, 75% of income generated from each unit is considered to use as income towards the loan. You don't say the purchase price. There are other things they will consider as well. Like Insurance, repairs,future income growth. My biz associate says you usually want a property making 10% so if your buying at $2m it should have an income of $200,000. If you can't get this property maybe going with a 4 unit one even without such a great deal would still be beneificial. Maybe you could get down payment assistance that way. Not sure what MA offers but I'm sure there are probably programs. Although, read up and see what you qualify for there may be better options besides FHA.

These are other things to consider-

Purchase Price $175,500 Possible ARV is $234,000

if correct your purchasing at a price of 75% LTV

This is a possible equity gain of $59,000

Then if your selling sometimes seller's pay 6% this is $14,000

Then you will need a good repair estimate. I might even suggest a home inspection. Some lenders only accept from vendors they can verify performance on. I'm thinking there is a special name for them besides a handy man or licensed contractor. So without repairs your down to $45,000. Then you have to be sure of the days on market for homes similar to the one your purchasing. Cause after putting everything on the line you don't want to be left with no way to continue forward as responsible as you are now :) Sounds like the monthly costs and rents are about the same. That could make it a difficult situation. 

Have a client thinking about buying an Air B&B prior to a primary residence. This way they would have more income. After expenses income is $15-$18,000 a month. Which way do you suggest. Want to advise them the best way.

I call it selective prosecution. Subject to equity skimming is all so many know. So the best way to avoid foreclosure is to insure one's debt at creation. It costs someone $0 to find out if they can. The lender is insured of no default and a minimum of 2.5 times payout. 

I started unraveling this nightmare when my employer lied about having signatory authority to settle or sell mortgage notes. Of course had they not lied at the acceptance of employment I wouldn't have been selling such. The employer who lied their board of directors are over 35 of America's top law offices. 

 If you go to court with a way to be responsible they don't want this. I know as I had bankers with $150,000 a month who got told because they were not spending xyz they wouldn't sell notes. The next investor with $50 million a month couldn't get biz done either. As once the bank sold the worst possible notes they still wanted to make money on them. The equivalent of paying cash and demanding indefinite payments. 

The real question is who decides if you know your true identity or not. Or if you really should have inheirted billions? Who decides this prior to your birth? Who sits in the backroom with the vodoo dolls? As here is my rich uncle who kicked the bucket. He was the miner for the man over the 1st holding company in all America.  The legacy my family left me is out of this world. A world famous supposedly fictional great grandma according to grandpa. Yet I have her in a picture with another well known figure of the day. My uncle Pat Durack https://archive.org/details/twentiethcenturyv1padd/page/n561...

I'm so grateful for all real world answers given by everyone. Sometimes I even go to some of the pages for more information. As most are thoughtful and honest in their knowledge. I don't know what I'd do if I didn't have a place to help me keep my knowledge in check. :) 

I would check the redemption laws on foreclosures. While investors invest there are many that wish they didn't. But I guess that could happen anywhere. Be sure to utilize tools of the trade for the best information. Pacer.com is for researching if someone has filed bankruptcy or not. Use netronline for looking at county records. If they are available online or in person. Sometimes the recorders office may not be online but the tax appraiser is. As for repairs on the purchase of a home prior to auction there are some professionals utilized by the professionals for costs to repair the home in best and worst case scenarios. While online market places are helpful utilize more than one to come up with the best possible ARV. Sometimes a name search will also reveal things on people not usually available until the technology of today.

I could be totally off key here. But what about using a different way? If you create or fund an IUL instead of paying cash you can then get a loan on the IUL. Then they receive the money and you still keep your money and earn money on it. This then will leave the property free and clear. The loan will be on the additional collateral you created. With future income you pay off that loan as well. Or you can create the policy donate it and should be able to get 2.5 times the value for tax purposes. So like $200,000 (donation) x 2.5=$500,000(deduction) these can also be used over a couple of years for deductions going forward. I've become a firm believer that it's not just an ability to pay but how you pay. If I'm wrong in my thought process like others I'm here to hear the best advice for all of us :)