All Forum Posts by: Vonetta Booker

True--good point, thanks!

Good points--I think I'll do some more research & try to track down the owner.  Thanks for your advice, @Mary B. & @Ned Carey !

I'm interested in several listed short sale properties that are currently occupied by the owners.  Is there a potential risk where a bitter owner might trash the house upon closing--or does that generally happen more with foreclosures?  

Great ideas--thanks! :-)

If the price was right, I'd look at it as a possible buy & hold (it's in my neighborhood, which I love--close to my daughter's school, and I could own again instead of renting & then acquire future properties against it, perhaps.)

The question is, would I have to pay any back taxes along w/ the purchase price (thus killing the deal)?

There's a vacant home I came upon while out bike riding in my neighborhood. In great condition as far as vacant homes go; checked on the MLS & it was an expired short sale nearly 5 years ago, with a list price waaay below market in this area. I'm definitely interested.

Knocked on the next door neighbor's door, intro'd myself & asked if he knew about the property.  He said it's bank-owned, lots of people have checked out the house--but there are supposedly a ton of back taxes owed--close to 100k, according to the neighbor.  Said the owner just skipped out & disappeared a while back, leaving the taxes owed. 

On its property card on the city's tax site, the private owner is listed (w/ the same address)--which is why I was initially led to believe it wasn't yet bank-owned.  However, the notice on the door lists a field rep service that's used by a lot of banks.  

What's the best way to go about doing a possible deal? I'm wondering if I'd have better luck contacting the bank listed as holding the mortgage on the last MLS listing, rather than tracking down the previous owner. Also, would the bank be able to tell me how much back taxes are owed, and would that be classified as a tax lien deal? (How do tax lien deals work, anyway?) Would I as the buyer be responsible for the back taxes plus the price of the house?  

Sorry for the long-winded multitude of questions, lol.  But if I can get it at below-market (even to live in first & then rent out later), that would be awesome.

Thanks for your advice, guys.  @Doug McLeod :  I am currently looking at potential buy & holds--but I'm kind of nervous about any would-be "tenant nightmares," lol. (I'm trying to offset that by really educating myself about screening, landlord best practices, etc.)  I was thinking private lending might be a more hands-off, passive option--I appreciate your insight!

I'm exploring the possibilities of being an HML (starting off on a smaller scale), and I have a few "newbie" questions for those who've done it for a while.

--Is it possible to start off by lending smaller amounts, like $20-$25k? 

--Is there a minimum lending term for newbie lenders, say 3-6 months?

--What is the average interest rate (or range) that lenders charge? 

--How do you vet someone to make sure they don't run off with or lose your cash? 

--What are the typical legal documents and terms that are set in place/signed to protect you? 

--And lastly, how do you connect w/ those who you lend to?

Thanks!

You're right, @Simon Campbell --I'll touch bases with him.  Thanks! 

@Andrew S.--Yes, that's what I was afraid of...this is why I get a little leary of condos, that extra HOA fee.

If it's not a deal w/ a seller you've been talking to, do you bother calling them back & telling them so?  Or just make a low offer and use the rejection to move on, lol?