 RAY-N-PA (PA) (by Ken [NY]) Jun 11, 2019 9:37 PM
 RAY-N-PA (PA) (by Ray-N-Pa [PA]) Jun 11, 2019 10:44 PM
RAY-N-PA (PA) (by Ken [NY]) Jun 11, 2019 11:37 PM
RAY-N-PA (PA) (by DJ [VA]) Jun 12, 2019 11:51 AM
RAY-N-PA (PA) (by razorback_tim [AR]) Jun 12, 2019 7:04 PM
RAY-N-PA (PA) (by Ray-N-Pa [PA]) Jun 12, 2019 8:33 PM
RAY-N-PA (PA) (by Ray-N-Pa [PA]) Jun 13, 2019 8:27 PM
RAY-N-PA (PA) (by Ray-N-Pa [PA]) Jun 13, 2019 8:27 PM
RAY-N-PA (PA) (by Ray-N-Pa [PA]) Jun 13, 2019 8:29 PM
RAY-N-PA (PA) (by Ken [NY]) Posted on: Jun 11, 2019 9:37 PM
Message:
On another post you mentioned that you are using Pacer to help you find deals,i am familiar with pacer but how are you using it to find deals? --72.231.xxx.xxx |
RAY-N-PA (PA) (by Ray-N-Pa [PA]) Posted on: Jun 11, 2019 10:44 PM
Message:
I look for folks who have already filed either a chapter 11 or 13 for a restructuring of payments.
A stay will be filed against all creditors taking further action and the creditor have to accept the terms offered in the chapter 11/13 filing
Nationally about 20% of folks who file are not going to follow through for what ever reason with the debt consolidation plan. Why does not matter. What does matter is the creditors will be then authorized to make the "motion for relief of stay". When that is filed, the person has 30 days to straighten out the financial hole in which they have dug themselves. Rarely are they able to at this point. Could be drug, gambling, booze - an ex, medical issue - something
On the cases that have these motions, you need to then track down the owner and let them know that they are at rapid risk of loosing everything - You want to find someone motivated - it harder to find anyone more motivated than someone that stands to loose it all in a month's time.
The PACER program does charge you to use it, but these specific leads coupled with having cash available to bail these folks out allow me to take properties subject to. The magic question to ask the person ready to file chapter 7, what do you need to start over. It can be as little as $800 to move out, and then you take over payments for their house. You will need cash to catch them up then. You will have a moral obligation to keep on paying on the place too. Some of these places are problematic so you have to look out for the things you don't see.
How do you use PACER Ken? --24.101.xxx.xx |
RAY-N-PA (PA) (by Ken [NY]) Posted on: Jun 11, 2019 11:37 PM
Message:
My experience with Pacer is just checking to see if someone is in BK,beyond that have not used it like you are.I will definitely get on pacer and get that info.I am familiar and have done a few subject to deals and similar type deals.My primary thing is flipping not necessarily landlording so I have bought and sold a lot of houses so I am good at putting a deal together once I am talking to a motivated seller,when I saw you discuss using pacer to find deals I found it interesting.I have recently bought a list of homeowners who filed BK but I think getting the info directly off pacer would be more helpful than the list I bought which was certaintly not perfect.Thank You --72.231.xxx.xxx |
RAY-N-PA (PA) (by DJ [VA]) Posted on: Jun 12, 2019 11:51 AM
Message:
That is brilliant! How many / what type of properties have you got that way? --68.10.xxx.x |
RAY-N-PA (PA) (by razorback_tim [AR]) Posted on: Jun 12, 2019 7:04 PM
Message:
Ray - does the bankruptcy trustee have to sign off on anything in order for you to have marketable title to these properties? --70.178.x.xx |
RAY-N-PA (PA) (by Ray-N-Pa [PA]) Posted on: Jun 12, 2019 8:33 PM
Message:
You are preventing the property from going to bankruptcy by taking it subject to. The deed is in escrow. until you sell. --24.101.xxx.xx |
RAY-N-PA (PA) (by Ray-N-Pa [PA]) Posted on: Jun 13, 2019 8:27 PM
Message:
I am no longer Flipping so I am not using this tool that much DJ. Back about 2010, I was flipping more so I could raise cash to help pay for my downturn purchases.
This tool will work in any market, but I use it when I need fast cash instead of a reoccurring income. --24.101.xxx.xx |
RAY-N-PA (PA) (by Ray-N-Pa [PA]) Posted on: Jun 13, 2019 8:27 PM
Message:
I am no longer Flipping so I am not using this tool that much DJ. Back about 2010, I was flipping more so I could raise cash to help pay for my downturn purchases.
This tool will work in any market, but I use it when I need fast cash instead of a reoccurring income. --24.101.xxx.xx |
RAY-N-PA (PA) (by Ray-N-Pa [PA]) Posted on: Jun 13, 2019 8:29 PM
Message:
The property is placed in a trust Tim, then you are buying beneficial interest --24.101.xxx.xx |
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