Manny Gathers, RE Notes Save Families & Can Make You Rich $$$  (Best Money Strategies, LLC)

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Rainmaker
1,636,342
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

You have multiple issues at play here and legal consult with a good bankrupcy and Colorado Real Estate Attorney is in order. Then you must tackle the decision on whether it is profitable for your needs.

Apr 03, 2017 10:26 AM
Ambassador
4,560,673
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I'm with Sandy Padula and Norm Padula, JD, GRI NMLS#1483386  - it was my thought, too!

Apr 03, 2017 11:38 AM
Rainmaker
1,717,404
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

And how you going to do that when it's under BK protection?

Apr 03, 2017 10:25 AM
Ambassador
3,038,741
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I am with Sandy Padula and Norm Padula, JD, GRI NMLS#1483386 on this one. Get professional help. 

Apr 04, 2017 08:40 AM
Rainmaker
1,525,205
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I could not have put it better than Sandy Padula and Norm Padula, JD, GRI NMLS#1483386 did!

Apr 04, 2017 08:29 AM
Rainmaker
3,069,934
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Sandy Padula and Norm Padula, JD, GRI NMLS#1483386 nailed this one!

Apr 04, 2017 06:44 AM
Rainmaker
4,167,375
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Consult an attorney in Colorado. Too many potential issues to address here! Are you willing to roll the dice?

Apr 04, 2017 06:34 AM
Rainmaker
6,555,044
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You need good legal advice. I recommend the lawyers at Village Settlements.

There are plenty of good opportunities in Maryland and you will be smart to stay in a familiar market. 

Apr 04, 2017 05:17 AM
Rainmaker
4,065,243
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I have no idea... and how big an area is Colorado? Real estate is very hyper-local. I suggest you get the advice of a top real estate agent who know this specific market inside and out. And as legal issues relating to real estate are also local, I'd get the advice of a top attorney.

Apr 04, 2017 03:57 AM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

First consult an attorney.

 

Apr 03, 2017 07:52 PM
Rainmaker
1,217,186
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

I'm a CA Man. 

Apr 03, 2017 06:48 PM
Rainmaker
1,381,663
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

The only advice I'm capable of giving is "talk to an attorney in your state versed in these things."

Apr 03, 2017 05:47 PM
Rainer
314,393
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Need attorney, court approval and will have to legally evict tenant or squatter. Tenant can appear with long lease, wreck property after you buy the note, burn the house down without insurance (insurance pays owner not you) many problems to explore and overcome. BK 11 since 2012 is reorganization??? 

Apr 03, 2017 04:45 PM
Ambassador
2,564,951
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Definitely one for the lawyers.  Good luck in whatever you decide.

Apr 03, 2017 04:32 PM
Rainmaker
1,157,485
FN LN
Toronto, ON

You should discuss with appropriate legal counsel and tax advisors.

Apr 03, 2017 03:06 PM
Ambassador
4,205,428
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I'm with Sandy Padula and Norm Padula, JD, GRI NMLS#1483386 on this one!

Apr 03, 2017 02:37 PM
Rainmaker
551,324
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Good legal advice from an attorney, as already noted, would be essential. 

Apr 03, 2017 12:18 PM
Rainmaker
5,536,198
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Manny,

I agree with Sandy Padula and Norm Padula, JD, GRI NMLS#1483386 

Apr 03, 2017 11:03 AM
Rainer
66,028
Cody Carmen
Adhi Schools, LLC - Rancho Cucamonga, CA
Market Analysis--Educational Content, Adhi Schools

Sandy Padula and Norm Padula, JD, GRI NMLS#1483386 have your answer. Aside from the host of questions that would be necessary for someone to know if the property itself is a good investment, the specific law of your state is at play here. I would talk to an attorney.

Apr 03, 2017 10:46 AM
Rainmaker
4,894,467
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

You found a foreclosure in our market?   Maybe not in Denver?   I would definitely hire an attorney, as I just had a property UC with a buyer, where the BK attorney never released the property, and could not clear title.

Apr 05, 2017 06:43 AM
Rainmaker
878,306
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Manny - Determining whether a property is profitable can only be defined and determined by you and what you feel is profitable. My definition may be different. I have seen many people disagree on whether a home is profitable or not, and there are many variables. I think you are doing the right thing by speaking with an expert, and hopefully they can help you decide.

Apr 04, 2017 11:19 PM
Rainmaker
916,373
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

IMO only you, your attorney and your accountant can answer that question

Apr 04, 2017 11:11 AM
Ambassador
1,616,354
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

how much equity at the buy?

Apr 04, 2017 09:02 AM
Rainmaker
292,535
Jack Lewitz
Exit Strategy Realty - Evanston, IL

I am confused by your question. Bankruptcy and Foreclosure are two seperate issues. You can file for Bankruptcy and also have a foreclosure. You can also request the BK court to allow a house to be taken out of BK and sold if it is a short sale and no value to the asset. Buying notes requires you to do your homework. Is the house occupied or vacant, what condition, is there unpaid taxes, what is market rent, what is fair market value. Do your homework and it will tell you if it will be profitable.

Apr 04, 2017 07:15 AM
Rainmaker
883,427
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Manny,

Take great care to determine if local law suggests.

Who has greatest authority, tax lien, HOA, note holder, municiple lien.

Purchasing NPN is an excellent means to acquire av SFH portfolio with many exit strategies.

 

Apr 04, 2017 06:37 AM
Rainmaker
4,799,481
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I would need much more information before I would even venture a guess on this one.

Apr 04, 2017 06:03 AM
Rainmaker
598,659
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

It's impossible to make a determination based on the limited information provided. 

Apr 04, 2017 05:35 AM
Ambassador
4,312,753
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Manny Gathers - Well, check, check, check....

Apr 03, 2017 11:13 PM
Ambassador
5,366,635
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Every deal is different, and if they were simple everyone would be doing them.

Contact a GOOD RE attny and examine the situation well before deciding how much to pay, if anything, or if you should even get involved.

Apr 03, 2017 08:14 PM
Rainmaker
3,985,837
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I think only you and or your accountant can answer this

Apr 03, 2017 08:13 PM
Ambassador
3,730,430
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Interesting...

Apr 03, 2017 07:23 PM
Rainmaker
1,149,509
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Sounds like risky business to me. No venture no gain.

Apr 03, 2017 02:24 PM
Rainmaker
2,635,377
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

You got some homework to do....Trend, market values and condition of home for one and then the wild cards like governmental agencies, court times etc.

Apr 03, 2017 02:19 PM
Rainer
258,899
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Lots of moving parts.  As to the profitability, that's a function of acquisition costs plus holding and selling costs vs market price.  Then there's the time element and aggrivatation factor to deal with.  And as others have said, an local attorney.

Apr 03, 2017 11:55 AM
Rainer
502,292
Noel Mayer
Upper Montclair Weichert Realtors - Montclair, NJ
YOU WILL BE RIGHT AT HOME WITH NOEL

I stopped by for the comments.

Apr 03, 2017 11:31 AM