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Articles by Wayne Brooks
Acquired Tax Deed Property in FL: ? about liens on property
Forum Categories All Private Lender · Port Chester, NY · Member since 2015 · 106 posts · 19 votes Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes 8y Private Lender · Port Chester, NY · Member since 2015 · 106 posts · 19 votes 8y Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes 8y Private Lender · Port Chester, NY · Member since 2015 · 106 posts · 19 votes 8y So @Wayne Brooks the liens that I have on there should of been wiped out?
How do you sell a house that has 2 mortgages on it??
Forum Categories All Raleigh, NC · Member since 2016 · 37 posts · 8 votes Most Popular Reply Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes 8y It’s the same as having one mtg.....you sell the house, the proceeds pay off the mtg(s), owner gets to keep what’s left over.
@Marc Dufour @Wayne Brooks @Troy Fisher Gentlemen,, My family has been buying CA tax sale foreclosures since the 1960's... The Sale is final... The only way the sale can be overturned if a the owner that lost the property can prove through a court action that the county messed up the sale. IE missed the publication times, and notification requirements.
How to find absentee owner information legally / ethically?
Hey all, I'm wondering what are some methods, tips, or best practices to get the home address for absentee owners of multi-unit / duplex / triplex properties. I'm looking to pump out large volume of offers to the owners but need to find a way to send them mail. Any thoughts appreciated!
Anyone worked with this company before? "Private Lender Frank"
The website privatelenderfrank.com is very new (created on 2018/08/06; exactly three months ago). Portfolio Lender Frank has a Twitter account at "POTfoliolending": https://twitter.com/potfoliolending Portfolio Lender Frank also has a Facebook page: https://www.facebook.com/pg/privatelenderfrank/pos... On Twitter he has a phone number with a 661 area code (Los Angeles County). On FB he has a phone number with a 669 area code (San Jose).
Omega Probe Inc. - Fraud or Real
Hey BP, I have a condo up for sale or lease option to buy. I got an email from a broker (I think) saying he runs a company called Omega Probe Inc based in Wyoming. He claims he has investors all over the world (Dubai, India, China, etc.) that are looking to invest in the US. His offer was to purchase at full asking with a 50% seller carry back for 4 months until he secures a buyer then pay off the seller carry back in 2nd position. Has anyone heard of Omega Probe Inc?
Wholesaling as an EXP agent seems impossible, please help
@Jose Garcia Would think that you could do it if you properly disclosed the true value of the property. Anyone ever watch Pawn Stars (https://www.history.com/shows/...)?
Over the counter tax deeds
Looking to purchase at the Alameda county tax auction in the Bay Area this week. If I'm unable to bid on any winners does anybody know of and counties around the nation that do Over the counter tax deed sales? If so could you list some possible candidates.
Seller's Agent Asking for DU. Should I provide it?
Good morning, BiggerPockets Family. I recently submitted a Residental Purchase Agreement (RPA) with a pre-qual letter from my credit union and FICO scores. The selling agent asked for a Desktop Underwrite (DU), but my credit union advised not to provide it. My credit union's reasoning was they don't like to provide a DU to the seller and his/her agent because of all the sensitive information on a DU.
Can Buyers Ask for the Lease?
I'm putting in an offer on a vacation rental that has a long-term tenant currently. I asked my agent if I can please have a copy of the current lease agreement for the tenant, and she said that the seller wouldn't provide that before due diligence. This struck me as odd, but I am not familiar with Georgia rules. Shouldn't I be able to request a copy of the lease agreement BEFORE I make an offer?
I this illegal to do with my condos?
Reposting this in a bigger forum for feedback: I own 7 condos in a complex close to a local college. They were all bought for under 100k and are worth 150k now. My uncle who invests in property says I should post 2 of my 7 for sale on the MLS for 275k each. He will buy them at the inflated price for cash creating 2 new comps for my remaining 5 condos.
Has anyone ever made any money by partnering with Charter Financial?
charter is a nice icebreaker into note brokering for newbies. There standards for purchasing are higher than most in the industry Your investment fee is refunded upon your first deal They teach you 10% of the industry, how to broker for them which is understandable But they are real and so is the Money
Changing House Zoning / AirBnB workaround?
We have a 3-family in Swampscott, Massachusetts that also has a large basement. So this is potentially a four family house. But we are only zoned for 2-family. Floors 1 and 2 are currently occupied by the tenants and us. My question is twofold: 1) if we can’t get it zoned to 3 or 4 family, can we at least Airbnb the basement? I don’t know how Airbnb is considered versus standard renting. 2) How hard would it be to get zoned to a 3 or even 4 family?
I would like a professional opinion if this is a good deal and would 100% financing be possible for this deal.
The property is a 20 unit apartment complex located in Atlanta GA. The asking price is 470,000. The repairs is 398000. The as is value is 842,000 the ARV is 930,000 on a cost basis and 914,000 on an income producing basis. The NOI taking in account for a 10% vacancy is 77,000. Permits in place. Is this a good deal or not? If it is would it be possible to receive 100% financing for this deal.
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I'm looking at a property going to a foreclosure sale with a senior mortgage lien and senior lien. I know the mortgage has a 30 year term and was taken out in 2005. Using this info I can calculate a rough estimate of the current mortgage balance. The HELOC lien is my main concern. Is there any way for me to find how much is owed on the HELOC?
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1. The loan broker is misleading you. unless you have great credit and are an experienced real estate investor, no lender will allow a owner second as substitute for borrower contributed capital. 2. Private lenders typically lend in the first position, not second or third. And they don't charge 4% interest, it's 12 - 16%, with 3-4 points at closing, and 12 month terms 3.
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I need to know if I can get my Earnest Money Back on a pending Real Estate Deal. Pertinet to the deal and to avoid a long scenario. I paid $500 to the Agent of a seller based on a pre approval letter from my Lender. The purchase agreement was subject to getting a FHA 203K Loan. Now a few days before the closing, the Lender claims my income has to average out a certain amount over a period of years.
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Hi, I am fairly new to all this. I was looking at properties on auction.com and noticed that there were homes that were non-bank owned. So I am assuming these properties are not in distress (foreclosure, REO, short sale), so what would be the motivation of selling a property in the web site (or what would be a buyer's motivation to buy such a property instead of just buying a non-auction property which can be inspected)? Thanks, Javier
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I found a property today in a highly rentable area. I pass this house enough that I thought it strange it was not rented or had a for rent sign. Today I walked up on the property after seeing a paper posted on the window. I've seen enough of these from a distance to know it had to be some sort of seizure. The notice said that the property had been deemed vacant or abandoned. I peeked inside to find a disarray of items strewn about in the front room.
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I purchased a property (6 months Ago) July 2014 on a Private financed Note of $35,000 due in full February 1st 2015. My property is in Louisiana, and I got pre-approval for refinance of the property from a Richmond Virginia Mortgage Company. I already had an appraisal of $70,000 done on the property 30 days prior to requesting $56,000 to pay off the property, and a $20,000 cash out.
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Real Estate Broker from Austin, TX Member since May 26, 2020 Posts 28 Votes 25 Experience 17 Yrs 28 Posts 25 Votes Real Estate Broker from Austin, TX Member since May 26, 2020 Posts 28 Votes 25 Experience 17 Yrs Tim Hendricks Real Estate Broker Austin, TX 25 Votes | 28 Posts @Mike Gel It's the priority / order of who gets paid in the event of a default & foreclosure sale. The 1st lienholder will recover all of their money first.
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Definitely don't pay her anything. If you do, she might see it as a potential way to get money from you in the future. Just tell her since the fan blade almost hit her that you decided to almost pay her. Seriously though, she's probably just seeing what she can get out of you. I think a new fan is a fair way to resolve the issue and the most I would do for her if she were my tenant.
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Since the beginning of the year, I have purchased several properties in a neighborhood from a wholesaler, and I personally know of a second investor who has also purchased several in the same neighborhood from wholesalers (between us, we have 8 in the neighborhood of about 50 properties). When the sale gets recorded, the "sale price" is what the wholesaler and the owner agreed upon, and doesn't include the wholesaler's assignor fee (the price I actually pay).
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Many investors have never been to court concerning you sale contract, but it can certainly happen. All RE is local. In most areas your Board of Realtors has developed their contracts over time, mush has to do with the experiences and court cases in that jurisdiction. Those "consumer" covenants contained in a contract did not come out of thin air based on some bleeding heart Real Estate Broker, they came from findings in law, state court findings, attitudes and customs.
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Rental Property Investor from NH Member since Aug 25, 2013 Posts 111 Votes 28 Experience 15 Yrs 111 Posts 28 Votes Rental Property Investor from NH Member since Aug 25, 2013 Posts 111 Votes 28 Experience 15 Yrs Brett C. Rental Property Investor NH 28 Votes | 111 Posts I own two condexes, separate structures in separate towns, ie I have two different co-owners. I love it for many reasons! Sure a lot could go wrong if you have a deadbeat co owner but I vet them as part of my due diligence.
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Does anyone have a referral/recommendation for a design-build contractor in San Diego who will work with 203K requirements? I'm looking at the option of building a granny flat over a garage on an . Thanks!
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Single family rental is all settled in with a tenant with a 2 year lease, and a property manager. Had to close the loan in my personal name as I couldn't find a lender that would loan directly to my LLC. No biggie, it's fairly common. I'm ready to deed the property to my LLC. Mortgage states that I need to get permission from the lender in writing. I emailed the mortgage broker asking what the process was to get permission, and he responded with an email saying it was ok to proceed.
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Hey folks, I started a Whole Life Insurance policy almost three years ago for the purpose of investing in real estate. Lately, I have been thinking on cancelling my policy and put that money towards maximizing my 401k and opening a Roth IRA. I have read most posts here about infinite banking, but I'm still not convinced it's a good investment vehicle.
Take course and license exam before/after moving to new state?
I want to get my real estate license but I'm not sure whether it makes more sense to do it before or after moving to a different state. I currently live in New York and am hoping to move elsewhere by the end of the year; I have not decided where yet. I would rather do it sooner than later but don't want to waste time and money if I'm going to have to repeat anything after moving.
Is There a Way Around the 90-Day Flipping Rule?
Hello, I was wondering if there is any workaround for the 90-day flipping rule. The challenge I face is that all my property flips are completed in under 6 weeks. Consequently, every time I list a property on the market, FHA buyers are disqualified due to the 90-day ownership requirement. I'm operating in the Florida market. Thanks!
HELOC (home equity line of credit) Loan
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Selling without Realtor
Hi @Whitney Henderson . I've sold FSBO before being licensed, and in a hotter market it's a much easier task. If your market is cooler, you may not be able to sell so quickly. As long as you own the house, you can sell it by yourself. A local sign company like Fast Signs can make a sign for you that looks better than your typical, generic FSBO sign. (This is what I did) Another option for selling is the flat fee agent that lists your home for a one-time fee.
Can a licensed real estate agent wholesale property?
I am licensed and you can absolutely wholesale with your license! I was a wholesaler before I was licensed, which allows for a bit more creativity, but you can still indeed wholesale. You must disclose that you are licensed and make sure you are using the proper contracts. People over complicate this. Your fee does not have to shared with your broker as this is outside of retail real estate.
Do I need Builders risk Insurance - Fix and Flip
Rental Property Investor from St. Petersburg, Fl Member since May 8, 2017 Posts 3,926 Votes 4,386 Experience 13 Yrs Investments 3 User Stats 3,926 Posts 4,386 Votes Rental Property Investor from St. Petersburg, Fl Member since May 8, 2017 Posts 3,926 Votes 4,386 Experience 13 Yrs Investments 3 Jason D. Rental Property Investor St. Petersburg, Fl 4,386 Votes | 3,926 Posts Jason D. Rental Property Investor St. Petersburg, Fl @Oliver Davis are you using financing?
Virtual Assistant making phone calls from overseas
Investor from Cincinnati, OH Member since Apr 24, 2017 User Stats 135 Posts 61 Votes Investor from Cincinnati, OH Member since Apr 24, 2017 @Cal Ewing I use google voice without any issues. If anyone is interested ask me how, I’ll explain step by step on how to set it up !!
My house won't sell for the price we want
Hello BP community. So we have a house that was flipped and put for sale back at the end of July. We had an offer in August but after the inspection report she backed out. It was nothing major just a lot of small easy to repair problems. Since then we only had an offer from an investor for 70k a few weeks ago but my other partners rejected it. I myself wanted to just take it and get it out of my hair. We also have another house we are flipping right now and could use the money from a sale.
How to Find a Buyer Before Starting Renovations?
I am a relatively new investor and I have a condo that I would like to renovate and sell. I would like to find a buyer before the renovations start, so that I can build out the property to their taste. What strategies and channels of advertising (Zillow, Craigslist, etc.) would be most effective? Thank you very much in advance for all your help!
How to call BS on the listing agents "Multiple Offers"
I was recently searching for an investment property. I came across a very nice 3 family that was updated. The owner had listed with an agent and had no real offers for over 2 months. They had lowered the price by $40k. We immediately put in an offer. The selling agent immediately told us that there were "4 offers near asking" and to come with best and last.
In between jobs, 20k saved. Can I make it full time RE investing?
I’m looking to dive in! I moved back in with parents. So grateful they are not charging me rent. I’ve never done real estate investing and like wholesale concept. Im in San Diego and am looking to network work with or work under someone to get started. What do you recommend I start with/ focus on?
Earnest Money Deposit Not Refunded
We just made an offer on a triplex that looked great, but turned out it needed about $30-60k worth of HVAC work from our inspection report and contractor bids (it was an old property and the system turned out to be totally shot). We had an inspection contingency clause in the contract that we could back out based on the result of the inspection and have the money refunded.
Solar Panels on Foreclosure
Question for everyone in the forums. What is your experience with solar panels and how the bank handles them? I'm assuming these would be a lien on a property like any other lien? The only reason I ask, is they don't seem to be being handled that way, but it could just be the rep I'm dealing with at the solar company. Currently under contract on a property from Auction.com and there are solar panels. The company is Vivint. I was wondering your experiences if any when dealing with solar.
Tax Lien
I would get all the infomation from your local county if they offer tax lien sales, or there are 7 states that offer online tax lien sales. They are Arizona, Colorado, Florida, Illinois, Maryland, Nebraska, and New Jersey. They can be found at http://www.realauction.com/county-tax-lien/ Go to the "training site" in the state you want and look through the bidding rules as well as everything under the "training" tab. Make sure you view the "general information" and the "certificate process".
How to pay a realtor if they bring you a buyer on a wholesale?
i will be writing an article on this very issue in the near future: "Why I believe its crazy to ask agents to negotiate their own commissions when wholesaling" Long title, i know im still working on that part. In my experience i have found that paying agents commissions with in my sales price has concluded in more closed deals then asking an agent to negotiate with their buyer to pay the agents commission. And more repeat business. in short: 2 reasons. 1.
Seller finance legal forms
While approaching leads for seller financing, I’m nervous I don’t have all the legal documents for kinds of deals I haven’t done yet. Needing documents like “Deed in lieu of payment” Hoping to get them here instead of dropping what is sure to be thousands on an attorney to draw them up… Any treasure trove of useful documents that we share with each other?!
Property redemption period
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Easement rights on private road
Hi all, Hoping that I can get some insight on this complicated easement down the private road that I live on. I own property #2 on the image as well as the easement part #2. Houses # 2,3,4, & 5 all have easement rights recorded with property #1 giving rights to easement #1. Lot #6 is an empty lot with no easement rights which I am considering purchasing and adding to the existing property #2 that I already own. Lot #7 is where the problem comes in.
Right of Redemption
Wendy Patton Specialist from Clarkston, MI Member since Mar 9, 2009 Posts 817 Votes 342 Experience 40 Yrs Investments 1 817 Posts 342 Votes Wendy Patton Specialist from Clarkston, MI Member since Mar 9, 2009 Posts 817 Votes 342 Experience 40 Yrs Investments 1 Wendy Patton Specialist Clarkston, MI 342 Votes | 817 Posts What would you like to know about redemption in Michigan?
Dirt Needed - Literally
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Sellers wanting to sue for liquidated damages.
Originally posted by @Adam Ruiz: With everything going on, we had to make an unfortunate decision and pull the plug on our upcoming closing. I feel terrible for all parties involved but without a true economic foresight I can't reasonably jump into this new house. I told my agent that we understood we'd lose our EMD. But now the sellers broker put it in their head to sue me for liquidated damages. Above and beyond my deposit.
Can you sue subcontractor
I have an issue with a GC on a remodeling job. He has abandoned the job unfinished and refuses to answer phone calls, txt or emails for over a month now. I sent him certified mail terminating contract for default. I have also filed a claim in small claims court to recover what I have paid him already. Likelihood of recovery is very low. I hear GC has three other jobs in a similar abandoned state as mine. I have tracked down the subcontractors independent of GC. The plumber is owed funds by the GC.
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