US foreclosures #2 (aka the Emma171 thread)
- Thread starter Sunfish
- Start date
What about a tenant who occupies fraudulently then sets about selling house. If there is no lien /mortgage in place then there are absolutely no impediments to the transaction.
Where a fraud was perpetrated with a mortgage in place the mortgage amount was small so of no consequences in the scheme of things. Because the amount was paid to the bank they then didn't query it either.
Different matter if you have a lien on your own property and your attorney get a request to discharge the lien. If nothing else at least you can sue your attorney for signing of on the lien if he did.
I would think that it is imperative that you have some level of save guards in place to ensure that a quit claim can't simply breeze through.
Cheers
Handyandy, thats a fair point. One suggestion is creating a corporation to put a lien on the house as suggested here: http://www.youtube.com/watch?v=zJnbvWNe3LU
Which looks like what you had in mind as well. I have no idea how effective that would be or what the implications are. Would be interested to hear how others have approached this issue.
Bevk, unfortunately it just took that long to find a suitable tenant.
Which looks like what you had in mind as well. I have no idea how effective that would be or what the implications are. Would be interested to hear how others have approached this issue.
Bevk, unfortunately it just took that long to find a suitable tenant.
Kochie's US investment advice
Omigod
I need to sell my US property...Kochie says it's no good
http://www.news.com.au/money/david-and-libby-koch/warning-flag-for-property-vultures/story-fn7kicty-1226033061438
Omigod
I need to sell my US property...Kochie says it's no good
http://www.news.com.au/money/david-and-libby-koch/warning-flag-for-property-vultures/story-fn7kicty-1226033061438
Especially interesting where Kochie mentions how expensive it is to effect repairs in US.
Emma just sent me the bill for new fridge, dishwasher, dryer, microwave, bathroom cabinet and sink, light fixtures, taps, smoke detectors, garage door opener, disposal unit, delivery and installation.......total bill?? About $1300 (Thanks Emma)
Yep very expensive Kochie...think I paid more than that for my fridge in AU.
Emma just sent me the bill for new fridge, dishwasher, dryer, microwave, bathroom cabinet and sink, light fixtures, taps, smoke detectors, garage door opener, disposal unit, delivery and installation.......total bill?? About $1300 (Thanks Emma)
Yep very expensive Kochie...think I paid more than that for my fridge in AU.
Bigfire (and everyone else):
Well done!
I think you might be starting to understand why both Emma and I got so annoyed with so-called 'experts' either spouting forth utter garbage or straight out rippping people off.
Hopefully all of you will be able to pass on your great knowledge to friends and family.
It isn't that hard, you don't need to be ripped off and ANYONE with a little thought can make it work...
It is fantastic to see someone like Bigfire above write more knowledgably about an investment vehicle than a well known media 'expert'....
Well done!
I think you might be starting to understand why both Emma and I got so annoyed with so-called 'experts' either spouting forth utter garbage or straight out rippping people off.
Hopefully all of you will be able to pass on your great knowledge to friends and family.
It isn't that hard, you don't need to be ripped off and ANYONE with a little thought can make it work...
It is fantastic to see someone like Bigfire above write more knowledgably about an investment vehicle than a well known media 'expert'....
ah eveyone loves Kochie - a man of huge opinion, large influence and a great one for dumbing down the masses even further.
he goes to my gym, I have heard that condescending all-knowing voice sprout off in the change room...
Karl Stefanovic > Kochie
property tenanted
Massive shout out to Emma as my first LV property is tenanted today!
In less than 2 months Emma has totally renovated the inside and outside of my property, coordinated section 8 inspections, secured a tenant, filled in a multitude of forms and paperwork etc etc blah blah
Totally recommend this woman!
Only wish I had waited for the AU$ to get this high before I jumped...oh well
Now for No. 2...
Massive shout out to Emma as my first LV property is tenanted today!
In less than 2 months Emma has totally renovated the inside and outside of my property, coordinated section 8 inspections, secured a tenant, filled in a multitude of forms and paperwork etc etc blah blah
Totally recommend this woman!
Only wish I had waited for the AU$ to get this high before I jumped...oh well
Now for No. 2...
Nice 1 BF! Congrats mate. I dont even have a IP yet #cough#hurryupemma#cough#...
Am jealous.
I just had a chat to Loans USA. They were at pains to point out that due to revelations from online posts regarding overpriced US property there are now 'a number' of wholesaling groups they are no longer dealing with.
They strenuously denied ANY links to these companies - including (and specifically emphasised) myusaproperty. I do not know if this was one of the companies they no longer deal with, but they made it clear they are separate and are very much concerned about their own risk management strategy.
I have yet to see any 'hard' money or even paperwork, but I am encouraged enough to say these guys are worth looking at.
My tactic of buying non-foreclosures where I just ask owners to carry paper and assume their loans means the gearing I get may be a lot better than a traditional loan, but I think these guys are worth a phone call.
Finance is finance!
They strenuously denied ANY links to these companies - including (and specifically emphasised) myusaproperty. I do not know if this was one of the companies they no longer deal with, but they made it clear they are separate and are very much concerned about their own risk management strategy.
I have yet to see any 'hard' money or even paperwork, but I am encouraged enough to say these guys are worth looking at.
My tactic of buying non-foreclosures where I just ask owners to carry paper and assume their loans means the gearing I get may be a lot better than a traditional loan, but I think these guys are worth a phone call.
Finance is finance!
give us a heads up on the fees they charge?
last time i checked with them they were charging less fees to go through MY USA property and more to do it all yourself and find your own property...
last time i checked with them they were charging less fees to go through MY USA property and more to do it all yourself and find your own property...
It didn't _sound_ too bad.
If there was a 'recommendation' from someone it was cheaper - I just said that the only people I have seen recommending them were themselves charging $70k for the referral so I felt they were entitled to discounts from everyone! Melinda just laughed, so they do have a sense of humour.
$3300 upfront and rates around the 4% P&I over 'a time frame' was mentioned.
Obviously if it is 5 years it is ridiculous - but it sounded promising.
I haven't received anything yet and they had not done commercial and not done Ca.
The only fly in the ointment I got straight up was 'well we still make sure there is a 12% return' - which implies a valuation based on return, which we know might be suspect.
However, it is a lead. And as I have said from day one about finance - just gimme it, I'll decide if it works or not and on MY properties
Best of luck.
If there was a 'recommendation' from someone it was cheaper - I just said that the only people I have seen recommending them were themselves charging $70k for the referral so I felt they were entitled to discounts from everyone! Melinda just laughed, so they do have a sense of humour.
$3300 upfront and rates around the 4% P&I over 'a time frame' was mentioned.
Obviously if it is 5 years it is ridiculous - but it sounded promising.
I haven't received anything yet and they had not done commercial and not done Ca.
The only fly in the ointment I got straight up was 'well we still make sure there is a 12% return' - which implies a valuation based on return, which we know might be suspect.
However, it is a lead. And as I have said from day one about finance - just gimme it, I'll decide if it works or not and on MY properties
Best of luck.
Have to ditto Jeremy - as I wrote earlier - I spoke with Melinda Ransom from LoansUSA and seriously - as I said then and now - I don't CARE what the terms are - so long as they a CLEARLY spelt out, I know what I am getting into and it is in writing, in blood and something I can calculate without hidden issues... then that is great, I will make an INFORMED decision. When I spoke with her she didn't hide her fees and answered intelligently and knowledgeably the questions I posed. Again, maybe they are high up front fees but if they have a solution for someone desperately needing financing beyond hard cash lenders they at least get a looksie in my mind!
OH, on the plus side just looking over March 11 stats for Vegas - median house price - $120k.... love it when you buy 50k below current medians!
Oh just wanted to share March Stats for Vegas ...
OH, on the plus side just looking over March 11 stats for Vegas - median house price - $120k.... love it when you buy 50k below current medians!
Oh just wanted to share March Stats for Vegas ...
Hi, new to this thread - I am still only half way through the first thread (but gradually catching up and also reading this one as new posts come in), but wanted to say what a great visual this is. If only every real estate agent, conveyancing solicitor, mortgage broker, and bank (regardless of country), had something this simple and informative to give new buyers/borrows to detail the buying process. When I bought my first home here in Australia (and subsequent investment properties), not one of these places was able to detail the process this well. Great Job.
Finance
Wow! Incredible stuff Emma, Jeremy and all (most )the other contributors!
Finally read the complete 2 threads... I think about 2 weeks worth of spare moments
Just a quick question which may or may not be worth considering; It would seem vendor finance is relatively easy to come by in the US. This being the case, what is stopping anyone from buying a property with v/f in place, and as long as the returns are higher than the payments, then all is well!
Sure the finance may only be for 5 years, but if worst came to worst, you would hand the property back after the five years if you were unable to secure more permanent finance, and take no loss!
I am probably over-simplifyng - and this may even be considered un-ethical. I do not know, but would love to hear some opinions!
Wow! Incredible stuff Emma, Jeremy and all (most
)the other contributors!Finally read the complete 2 threads... I think about 2 weeks worth of spare moments
Just a quick question which may or may not be worth considering; It would seem vendor finance is relatively easy to come by in the US. This being the case, what is stopping anyone from buying a property with v/f in place, and as long as the returns are higher than the payments, then all is well!
Sure the finance may only be for 5 years, but if worst came to worst, you would hand the property back after the five years if you were unable to secure more permanent finance, and take no loss!
I am probably over-simplifyng - and this may even be considered un-ethical. I do not know, but would love to hear some opinions!
