Forum Replies Created
Emma,,
thanks for straightening me up….
Its a real problem…. you have people living in houses not paying the mortgage for years and years… but being thrifty americans I am sure they are putting all those mortgage paymnents they should be making into the bank to bolster their personally savings accounts… LOL
The law that was passed:
The jist of it is that if a bank cannot produce the wet copy of the original Promissory Note,, that the bank is not allowed to pursue a foreclosure through the power of sale in the Deed of Trust… Said sales being held by trustee's that are for profit business's Mainly attorney owned.
In a Mortgage state or non Trust Deed state… the foreclosures must go through the Court system.. IE Florida NY and others.
And this is very expensive and takes a great deal of time.Most Trust Deed states can process of foreclosure by law within 6 months… Georgia you can do them in 45 days… Mississippi 60… CA 120 days plus 21 for publication… Oregon 5 months Washington 6 months.
So Most banks sold their mortgages in the hey day of slice and dice mortgages… And a vast number were sold using an Alonge document instead of the air tight Assignment of Deed of Trust along with promolgating the original note to the buyer or new beneficary… Its the core transaction that my company uses to bring in our investor partners. Along with the assignment then comes the transfer of the Title insurance..
So anyway Many of these owners of the loans cannot produce the original Note because they do not have it or know where it is.
And the new law in NV states no one can foreclosure without producing the original note.So then to foreclose the owner of the mortgage must do a judical foreclosure which the state of NV is not set up to do in any volume every state has the right to a judical foreclosure,, And the reasons they sue on the note is to get a deficancy judgement.. Texas is famous for this…
there are 12 states and I know Oregon CA Washington and AZ are ones that no lender can get a deficancy if the loan was a pruchase money loan on owner occuppied.
So there you go 250k mortgages are 30 days or later in Vegas alone and no way to foreclose, its a huge mess
Emma can probably fill in the gaps better than I since she lives there.
Socialist and communist is what your land use authority are.
Can you clarify?
1. who is the beneficary of the debt ?
From most lenders point of view in the US and this is why there is virtually no financiing for offshore clients.
Your completely untouchable. Just walk away and lick you wounds.
just like thousands of Ozze investor are going to do over the next 5 years when they realize they bought ghetto trash properties just like you did in NY… Sorry to be blunt ,, But if they were not you would not be posting how to get out of properties that are trashed and have no hope.
Short sales are a complete waiste of time an energy for a foriegn investor.. If your a US tax paying citizen or entity then yes by all means this is your best course.
On another note I wish I could Short the Oz investments in the US i would make millions in a few years.
What say you Freckle
JLH
One thing folks should look at is the RIP OFF report,,, most of your scammers are listed there.
I think Back on Mr. Patchin's posts on this forum and he seemed like a great guy, on face most people would have invested with him.
JLH
speedy
let me know when you sell a house for a profit in Texas..
Not including a wholesale purchase sold to a long term investor…or another words ist gen wholesaler selling to your average OZ investor for long term hold,,, we all know there is profit in those transactions to the wholesaler and marketing companies.
I mean the long term buy and hold investor, be curious to see if any of them have sold and made equity gain..
Ariljoel,
The major gap I see here,,, is all this verbal confirmations.. I think we have seen were that has led a good many OZZies investing with guys because they talk a good game promise the moon,,, Some are OK others are just not ready for prime time and are practicing with the investors money.
here are some basics info every investor should get from either an agent or a turn key company
Agent:
1. Look them up on the state web site for real estate commission you will see how long they were licensed and any violations,,, any agent with violations I would pass on .
2. Proof of transaction volumes for the past 24 months from their principal or controlling brokers. This info can come right from the MLS as well. An agent that has no volume is probably not one you want to deal with…
Turn Key guys
1. Criminal Background check cost 50 bucks per person do it on the principals of the company.. Turn key guys that have a bad past will not agree to do this… red flag there.
2. Credit check on the principals 35 dollars each,,, again those that will not allow it have major financial issues.
3. Personal financial statements, and copies of bank statements showing liquidity….
These are all documents I routinely provide to each of my investors….Once they decide to do business with our company,
YOu will get a lot of laughs out of the excuse’s the guys will come up with why they will not provide this info… Those that provide it and check out you have then found good people to work with….
And remember some of the US guys could have had a bankruptcy… because of the 08 crash.. But you want to see what they have done in the last 24 months….
However you get a company with principals that have no bankruptcy no foreclosures and over 700 credit score are what your looking for
in my mind.word of caution with Apartments in Texas.
2 companies I worked with lost their apartments and you will see numerous one's forsale in distress.
REASON:
Little to no building codes… You have a nice complex perking along then low and behold right down the street a new one pops up.. they run rent specials and half your tenants move to the latest and greatest.
I have seen this play out numerous times since the middle 80's
Just be very very cautious in multi in Texas…. SFR are safer in my mind.
JLH
but then you have to live there UGH……
No comparison to living in the SF bay area
Of course in Texas you can buy a mansion for 500k… In SF and then penninsula you cant buy a shack for 500k…
Houses are 1 to 50 million.
Reason:
The SF bay area has some of the worlds best climates. No humidity,, no thunderstorms or tornados… ( occasional earthquake) but tornados and lightning kill more americans every year than one earth quake every 20 years.
As well as headquaters for :
Google
facebook
intel
varion
Hewlit and packard
Cybase
Cisco
lockheed martin
Oricle
genentechAnd the list of multi billion dollar high tech companies go on and on.
Texas is Oil and gas which is great and Texas instruments and Dell…
big differnce is In Norcal Bayarea you are land restricted just like OZ
Texas is not the case, therefore prices will never really sky rocket.. they will stay stable but no real huge gain.
JLH
Crikey,
Not a nice craigs list post at all.
It does amaze me how people will do business with folks without checking them out in detail.
Just as an FYI
One of my main source's of business is from one of the larger SElf Directed IRA companies in the US… super funds to OZZIES.
This gentlemen got tired of his clients calling about so and so turn key guy that screwed them on some house,, or some other investments that went pear shaped. So he decided he would put a cadre of providers together so he could give good referrals.
he decided on 2 turn key guys
One Note guy
One factoring company
he went on a hunt throughout the US and contacted 200 plus folks… boiled that down to 20 and did deep due diligence on each.
There was a turn key guy in Chicago that was great but he had all sorts of liens and lawsuits of no pay on bills.
etc etc.Others had bankruptcies crappy credit etc etc.
He ended up with 4 companies.
2 turn key guys.
TWH for his Note with equity product.
and one factoring company in Florida ( which they just went around him and stole clients so he dropped them)
And this company has 3000 plus clients in super funds with almost 400 million in the accounts of which 10% is liquid at anytime.
they buy 10 plus notes from us a month and then we have our own efforts that create another 10 or so…. We have done 4 so far this week.
So at the end of the day the good guys do win. but boy its frustrating watching these low lifes manouver on the internet.. promise the moon and deliver mud pie.
JLH
Kyler,
Och
Emma,
Where are you finding 3/4 built homes… that are still bank owned,, from my perspective that inventory has long been sold and down the track as you like to say.
At least this is true for the west coast and what I have seen in Atlanta,,, I did have the opp last year to buy 15 homes from one bank that were 90% complete. we passed as we did not want to put 15 rentals on one street into the rental pool at once.
Please update us on this.
WI
Whats your knew thought process???? And will you lower your % yeild standard or just stand pat….. Now that your invested in the US would it not make sense to income average as oppossed to just stopping.. I mean you still have to pay to fly here pay for hotels and if its still positive cash flow does it not make sense?
Best
JLH
TZ
that is what we liked to do bring entertainment value to the site
and just think I only say half of what I would like to say:)My bad,,
did not mean that of the whole bigger pockets community,, I wrote that at 3 am.
My point being that there are so many wanna bee turn keys guys in the US and they get an audiance there the poor public has a hard time sifting through those that are legit and those that are not ready for prime time and want to experiment with your money is really my piont.
)))Lovehouses sent me what he had on his transaction I reviewed the documents and I replied to him personally.. and hope it all works out for the best…
JLH
TZ
Not sure if your being facisous or not.
However,,, I for one have gone out of my way to help your Countrymen and others try to figure out what they do or do not own. All for nary of a thankyou…
and in this case as stated above this was a loan to a US person or company for a rehab flip… This is what I do and have done for most of my carrer…and have offered to help. to date all we have is the person or company that Lovehouses lent to and an address and a link to a Biggerpockets blog…. Biggerpockets is like the Forum here in the US bunch of people posting.
when and If Lovehouses cares to share his original documents I will be happy to tell him what he has at no charge… Or he can hire an attorney in the state the property is in and send the original documents and pay for a foreclosure… this if indeed he has a valid mortgage held over the property…It major issue here is whether he has been totally defrauded by this individual.
The house if it has not been rehabbed is probably only worth 5 to 8k max… and if thats the case, I am not sure if he is in a mortgage state or deed of trust state… DT is really simple to foreclosure, Mortgages its a court case… So how much money are you going to throw at a deal that your return is only going to be 5 to 8k if your lucky…Me I would just write it off and say goodbye I got screwed..
Now if the property has been rehabbed and their is a tenant in their its only value is what another marketing company could sell it for and or wholesale as there is no retail sales in these type of renter areas by and large… So maybe he just keeps it as a rental and Maybe Kyler or another KC Vendor points him in the direction of a PM…
So I will leave it there… No up side for me, just trying to help if I can.
JLH
quick zillow search ( and again Zillow is all over the map and this one is not different)
this property sold for 15k.. ones next to it sold for 67k… others for 8k…
so bombed out in need of total rehab value probably 8 to 15k.
after rehab 40 to 50k..
so question is what were you told and how much did you lend on this one.
JLH
Checked out his website,
certainly is not puffing.
Huge experince he has bought and rehabbed 15 properties… And has a huge successful management company consisting of 40 properties.
sorry but this is hardly experince,, and really can't blame the guy sounds like another beginner getting into the bizzness. And just coping other Turn Key web sites and hopeing for those that may fall into his net. Or as we say in the US fall of the TURNIP TRUCK….
Again if you can get me the docs and I can look at what you have I can give you some solid advice.
These web site and bigger pockets site which I am aware are just amatures preying on those looking for unrealistic returns..
AGAIN I STRESS RATE OF RETURN IN THE USA IS DIRECTLY RELATED TO RISK.. THE HIGHER THE RETURN THE GREATER THE RISK…..No matter what the nice man or lady tells you.
There is no question that these rates of returns exist just like there is no question that they are highly risky and there are those that will lose their entire investment aligning with the wrong property, market or person.
Kyler,
give this OZ investor a 411 on the property if you will please. Klyer is our resident expert on KC, there was another property manager that frequented this site from KC but have not see him post in a long while.
llovehouses,
Kyler can give you a report on your collateral. If you want to scan and e mail me your doc's I can give you advice on what you have… IE do you have legit documents,,, etc. In addition I will talk to a few of my contacts there in KC and report back
When we see this criminal behavior we are usually looking at transactions that have little or no supporting documentation, Other than the typical ( I bought a house and never got rent and what do I do)
Be happy to help and give you a quick read on what you have.
video,
Do you know Doug at Debeers there in Detroit,
he runs a pretty tight ship… I learned a lot from him when I was lending money in Detroit… I got a PHD in how to handle those properties. and those tenants…
There is a Huge difference in the African american population in the south and in the North… I their demeanor and how they will treat houses and landlords.
In the south its the Bible belt and 75% of all people go to church on Sunday… Just try to buy a car on sunday in the South there is not one car lot open… that kind of thing… There basic beleifs revert back to childhood when their moma took them to church.
In the north not so much… so even though we have the same socio issues among the African American community, of which makes up probably 80% or more of the tenant base anywhere East of Denver… these are the tenants that 100% of Ozzies that are buying any kind of rental under 100k are dealing with…
so to your point of knocking on doors to collect rent this is how you get maximum payment every other method drops… And when you put a PM in there that expects rent to be delivered your going to have non paying tenants thats a given.
My other personal experinces are the tenants in Detroit man when they get pissed they will just tear the crap out of your home as a parting gift to the Landlord.. they have not one ounce of respect for another mans property period.
In the south, they by and large just leave… they won't pay you and will just do day to day damage, ( most caused by children) but I have not experinced the tenant that malicously trashed a house.. Plenty of non pay and other collection issues but not the hatred between races like you get in the North… Again just my personal perspective and experinces.
In the South its still Mr. Jay Ms. Lori please and thank you… In the north its get the %$ out of here you %$ white man.
JLH
and just think I only say half of what I would like to say:)
