All Forum Posts by: Jason Krick

@Anthony Lammardo

How's it's going?  I'm relatively local to you (Sinking Spring/West Lawn area).  I'm still working on my first deal myself.  Feel free to reach out and maybe we can help out each other.

@Karol Hernandez

It did end up selling at the tax sale.  3 parcels.  One investor bought 2 and another bought the remaining one.

I still don't know why it happened like that.  Seems strange.

Check this website.  You can search by keyword and county. (I use the street name, or owner's name if I have it).  

The returned list is the bulletins announcing the judgement.  It should have plaintiff, defendant, judgement amount, and legal description.

www.palegalads.org

I'm not sure what else can be done besides what happened.  Multiple notices, as well as a final one informing them that time was up .  The constable was sent.  When a gun is drawn, it's past the point of serving an eviction, and becomes life or death.  

Emotionally, it's tough for me to read.  I won't get into the was this justified/not justified, as I know that's not the meaning of the thread.  

Sometimes, even when you do everything by the book, others will behave in a way that you don't expect.  It's true in all areas of life.  The father made his decision with his daughter standing behind him.

I'm interested in the thoughts of others, because I can't see anything the owners could have done differently.

I'm new and going through a similar situation.  I'm going through the commercial lending department of my local credit union.  I am currently in negotiations.  This is the scenario that they are doing for me:

ARV is expected at $120k+. I will put he first 25k into the deal, and they will loan up to the 75% ARV. I am attempting to purchase the property (REO) for $15-20k. If I can get purchase, closing costs, holding costs, etc, under that $90k benchmark, they will immediately refinance so I can pull 100% of the money in the deal back out. They are lending to me initially on a line of credit, which will be paid off after the refinance. If I come in anywhere under 90, the extra funds, plus the full credit line, are available for me for my next project.

If my situation was like yours, my bank would extend the $60,000, I'd cover the $47,000 put in,  and I would have $13,000 to put toward my next deal.

Whenever an older thread like this is resurrected, I always wonder how everything went.  Today, I decided to see if I could find out.  A quick Google search turned up these two podcasts.  I haven't listened to them, so I have no idea the content, but it looks like he did ok for himself.

http://investfloridashow.com/ep-56-karma-senge-tri...

http://www.kevinbupp.com/ep-45-how-this-self-defense-instructor-went-from-zero-to-318-multi-family-units-in-less-than-6-months-with-karma-senge/

@Jamie Wooley

I could be wrong, but I think @Brian Gibbons works/advocates a strategy similar to what you are describing.  I don't think he purchases the property, but lays out to the seller what the profit could be fixed up, charges them a fee, and they partner on the rehab.  I certainly don't want to speak for him, but maybe he will chime in here.

Any insight Brian?

**Please read the entire post, as I am not advertising a deal that I am selling.

I have a lead on a property in Tamaqua, Schuylkill County, Pennsylvania.  It looks like I've found other properties to focus on right now that are closer, and in a market I am more familiar with.   So, I was going to pass along the info if someone is interested.  I asked the seller if he was okay with me putting the lead out there to interested parties, and he said yes.  

The quick summary is that he had owned by himself, or with his partner (negative separation from partner) since around the early '80's.  He admits the house needs a lot of work, and says it is basically a shell.  He also told me his remaining mortgage balance is $16,500, and claims there are no other liens.  He is not looking to make a profit, just get out from this.  It is a double lot, with the house on one lot and the detached garage on the other.  

Just to be clear, I am NOT a wholesaler. I do NOT have the property under contract, and I have nothing to gain by a deal being done. I'm just trying to help the seller out and a buyer as well. I don't know the comps, ARV, or market. Given how he described the house, the fact that it is a double lot, and the low mortgage balance, I thought someone who knows the area might want to explore it further.

I can give you a little more info and contact information.  Please PM me if you'd like to know more.

Message sent via colleague request.

@Account Closed

You need to understand that bankruptcy is used when the current situation is unmanageable.  That's not your case here.  You need to demonstrate that your daily expenses do not allow you to pay your debt.  If you are living at home, with no other financial responsibilities, the court won't be able to see how you can't repay it, as of now.

I don't think you can declare based upon what might happen, or what you fear will happen.

When I did it, I was living with my fiancée and I had to break down every single expense and declare what percentage of that expense I was responsible for.  

I get the stress.  I've been there (much worse and older than you).  But if you get over $300 a week, you can pay off close to $7,000 of that before school starts.  That's 1/3.  Your minimums will be much lower at that point.  Maybe instead of worrying about what might happen, what you would do, you should shift that thinking and say to yourself "How can I manage to do this?"  If I pay off $7,000 before school starts, what will my payments look like?  How much will I need to earn to continue paying it?  Maybe the answer is delaying school, maybe it is going part-time.  Maybe, you get such a sense of pride from your accomplishment, you realize going to school and working isn't that bad.  The weight of debt is getting lighter.  

I'm certainly not a lawyer.  I am only speaking from my own experience.