Forum Replies Created
January 28, 2013 at 3:28 am #34182
Absolutely! I watched this the other night. It should be required viewing for anyone who has a mortgage.January 2, 2013 at 9:01 pm #34173
Jeff and I are working on some new and cool tools for NARS Members. Stay Tuned!January 2, 2013 at 8:58 pm #34169
IMO, you may only need a “Simple Land Trust”, which as a member of NARS is super cheap. In fact, I would recommend you have two Trusts, a Family Revocable Living Trust for everything but the property and a NARS Simple Trust for the property. Your Mom’s Will should be in her Living Trust. If all she has is a Will, then the property and ALL assets left outside of a RLT would have to go through Probate and you don’t want that. Have the RLT as one of the beneficiaries of the Land Trust. All Real and Personal property would then pass to her heirs and avoid probate.
Oh Yeah, I’m not an Attorney, but I do offer to teach them.
As a NARS Member you can just get on the site and create your own Simple Trust for the house. If you need a referral to a excellent Estate Planning Attorney, let me know.March 29, 2012 at 10:12 pm #34051
Again – Sorry for the confusion!!
You seem to be saying that HOPES is not a viable solution – Right? That would mean these owners have already lost the fight unless they can find a 2.2 million dollar buyer.
You need to remember, this thing we call “HOPES” is nothing more than asking the Bank/Lender to become one of the beneficiaries in return agreeing to certain terms. All HOPES is, is an offer. They can either accept it, or reject it.
We may from time-to-time, need to “encourage” a Bank/Lender to accept our proposal or face the possibility of losing the asset altogether via a Quiet Title Action. However, to do that, we need evidence. Private Lenders, Community Banks and some Credit Unions typically do not conduct their loan/mortgage business the same way that the BIG Banks and Brokers do.
The only HOPE I may be able to offer you here is that the original “Pretend Lender” may not have had the legal right to sell off the note, either at full value or at a discount. It is entirely possible that they did so illegally. Other than that, unless the current note holder is willing to be creative… NEXT!March 29, 2012 at 4:50 pm #34049
They need 2.2 million to pay the balloon payment on a shopping center earning 10% CAP. Has anyone ever solved this kind of problem? One of the owners “says” they will not accept an equity sharing arrangement.
So opposed to saving the property and their current equity, they would rather lose it all together??? Sorry, but I don’t get it.
Dave I need some feed back with regard to whether HOPES can help these guys. It is a commercial deal of course.
NO, because they don’t want help, they want a free ride.
Can this “privately held commercial note purchased from an institutional lender (a bank)” be challenged?
Not sure you’d get very far with a “challenge” on this one.
Even if the Owners don’t want to “Equity Share”, that doesn’t mean the Investor/Lenders wouldn’t.March 27, 2012 at 3:17 pm #34040
I believe he goes by “vegasdave” or “vegasinvestor”. You may be able to find and email him from the members area.March 17, 2012 at 3:36 pm #34037
What are the more important issues I ought to be concerned about?
1. Show Up – Can’t get an offer accepted if we don’t make one.
2. Pay Attention – Let them tell you what they need, want or their pain is.
3. Be Honest – Can we really offer a legitimate solution or offer.
4. Stay Unassociated with the outcome. All we can do is make our offer based on what their pain, needs and wants are and answer their questions. If they like us and we like them, we’ll do business. If not… NEXT!
I’m looking forward to our call with them this morning.March 12, 2012 at 9:42 pm #34035
“Can this program be used for Multifamily properties with 100+ units. If yes, please provide me with additional information on how to get started etc.”
Just remember, what we do, is not a “Program”. It is not a service we provide or a service we sell. WE ARE INDIVIDUALS WHO MAKE OFFERS!
With regard to multi-family units…
“Community Land Trusts”, with large multi-family properties have been used by Corporations and Municipalities for decades. Each unit is leased with the right / option to purchase should the tenant perform as agree over a specified period of time. Depending on how it is set up will determine how many or who would be the beneficiaries and what there options may be with regard to a future purchase of their respective unit.
Let’s get a Questionnaire / Property Profile completed and determine if it is a doable deal.
FAIR ENOUGH?February 4, 2012 at 2:10 am #33943
We are, where have you been?January 14, 2012 at 7:57 pm #33868
First of all Gary, Mike is actually a good friend of mine, member of our local REIA and very well acquainted with NARS and the EHTrust. In fact, I’m willing to bet that he knows as much about it as 99% of most NARS Members.
First, don’t pitch it as a lease option. IT IS NOT. A lease option has a sale price attached. This is a Lease to Own at fair market value at a future date. The last thing you want is for some judge in the future to rule that your transaction was actually a disguised sale. Then you have to deal with the IRS.
The EHTrust IS NOT our ALTERNATIVE to Lease Options or any other form of Seller Assisted Type Financing Arrangement, IT IS THE WAY WE DO THEM.
Don’t drop homeowner’s insurance. You have to keep it. Your renter must take out renters insurance. Two entirely different animals.
NOT EXACTLY CORRECT. The “Homeowner’s” Hazard Policy HAS TO BE CHANGED to a “Non-Owner Occupied” or “Landlord” Hazard Policy. If the current policy is kept in place and there is a claim, it will be rejected and all the premiums will be for not. Changing to a Landlord Policy may change the premium and in some case be more. So before you go quoting a monthly payment, you need to contact your agent and ask IF you can convert it to a Landlord Policy. Some carriers will not, others will charge much more, most will charge a little less since the policy only covers the structure only and not the contents.
IF, the new resident wants their personal property (contents) covered, they will need to carry their own “Renters Policy”. But, It is not required.
Additionally, I detect a strong case of laziness. You appear to be used to having others do the dirty work and you simply want to reap the benefits.
REALLY GARY? Not only is this comment VERY RUDE, it is not true and I have no idea how you “detected” a strong case of laziness. Again, Mike is a personal friend and is one of the hardest workers I’ve ever met. He is an Entrepreneur and Business Owner with skills you can only dream about. Mike also understands that even if he thinks he knows a lot about a subject, he’s not stupid enough to believe he knows it all and therefore… asks lots of questions. This is the mark of a successful person, which he is.
Gary, you know that I respect you very much but why do you feel the need to verbally attack each and every persons that posts on this board with questions? If there is one thing that Bill has tried to teach me over the last 13 years is to Talk To People, Not Down To Them, unless it’s Cork of course. Just kidding Corkster. You know I look up to you, mostly cause you’re taller.January 14, 2012 at 5:01 am #33869
Mike, you have an excellent memory and understand the process well. I also got your facebook message and will be glad to work with you. There are several pieces of literature, as well as various articles etc., available. I’ll email you with some attachments over the weekend. Fair Enough?December 2, 2011 at 11:10 pm #34006
QTA is not a Concept, it is a Lawsuit and when combined with the proper docs and EVIDENCE, WILL result in a lien release. QTA is the final step that every successful attorney uses in court. I have personal knowledge of this.
However, without the proper evidence, a QTA is useless. You can’t just file a QTA and expect the court to do all work for you. You dave three choices, hire an attorney and hope they are educated on the securitization process etc., do it your self and hope you don’t screw up, or work with a partner that has extensive knowledge, success and experience.November 22, 2011 at 5:53 pm #33775
Have you talked with them yet and when would you like to set up a conference call with them and get this ball rolling?November 22, 2011 at 5:12 pm #33771
ARRGH, Scott. I’m not talking about making ONE offer. I’m talking about going to the HOA management company and offering to solve their problem of homes that aren’t paying their association dues. I don’t know anything about how HOAs work, though. The idea was to offer the HOA a way to improve the community. I was trying to brainstorm ideas. Oh, well, never mind. Amy
Amy, we ARE talking the same thing. To “improve” the property, it first takes occupants who are all paying “their fair share”. This is going to require a multifaceted offer. It may require an offer on each currently vacant or non-paying unit. It starts with a conversation with the Property Management or HOA.
Perhaps the proposal could be that the titles for each unit be vested with one trust, or even individual trusts with the HOA as a beneficiary. Then WE can market for RBs for each one. As the properties get occupied and more funds are available, the HOA/Management Co. can start improving the property. As it improves, the value of each unit should rise and the HOA may also share in Equitable Growth and Appreciation.
Does that get the brainstorm brewing?November 22, 2011 at 3:21 am #33773
obviously now here. I realize that. I’m just asking how you would proceed or if you even would.
So now I don’t understand how you can come up with that answer and then ask “IF” you would even proceed. Is Opportunity Here or not? How are going to know if you don’t even try to make an offer?
OK, I’ll let you off easy. All I want to know is when do you what to talk to the Property Management Company and show them how we can turn this complex around?