Posted by RJ on November 06, 2002 at 11:36:21:
JS,
Perhaps your title researcher could use some help. Have him contact me for a a win-win proposal. Bird dogging and his knowledge for a % of larger volume. BTW
I’m a great researcher, team player, relationship builder that would develop the westside Indy corridor.
lesson learned - Posted by JJ-KC
Posted by JJ-KC on November 05, 2002 at 18:00:42:
Just a word of advice for fellow posters & readers do what they say on this board about spending a couple hundred for a tiltle search before you get to involved with a property know matter who you are buying it from. I just learned that lesson the hard way. I was in the process of buying a house from a friend-when ahead and put a new roof on it (luckly I’m a contractor)was suppose to close this Friday and just found out it has a $4000 tax lien on it-making the deal to tight to go ahead with unless somehow they can get the lien taken care of (they were 4 months behind on payments)
JJ-KC
Absolutely…great advice for everyone - Posted by Peter_MD
Posted by Peter_MD on November 06, 2002 at 11:14:15:
JJ:
Thanks for posting…chalk another one up to “lessons learned”. That is the first thing I get done once I have the papers signed.
This is expecially beneficial to beginners (newbies) who look to save as much money as they can on each deal. It is hard for them to rebound when they have to pay for the roof and settle the tax issue.
…at least you have the advantage of getting up and dusting yourself off…
Suggest you try to get the owner to negotiate the tax lien especially since it is so far behind for so long…I’m sure you would be surprised to find that a lot of these claims can be settled for very little money. Especially when they are told a few other details that might make collection even more doubtful.
Give it a shot, you have nothing to lose and definitely something to gain.
Just my opinion. Good luck to you…
Re: lesson learned - Posted by js-Indianapolis
Posted by js-Indianapolis on November 06, 2002 at 24:42:13:
There are a few things that are absolute certainties to me, even though I’m still new to the investing game. One thing I have seen, over, and over, and over, is to do a title search. I totally agree with your post, and just wanted to add to it.
I’m sure for many newbies (that includes me), it comes down to $$. As far as spending a couple hundred dollars on a title search every time I start to work through a deal, forget it. I will not, however spend my hours attempting to figure this out on my own, and have sleepless nights wondering if I’m going to get hit with something I missed.
So what am I doing? While attempting to do my own searches, I got to know the people doing title searches in my courthouse. One has been doing this for over a decade. He’ll pull all the documents for me for $20, or do a full search for $75. Why so cheap? First, the title companies aren’t jacking his rate up on me. And most importantly, he’s fast. He can show me things after searching for 5 seconds, that take me hours to uncover and figure out. For $75, I’m not even going to the courthouse.
i totally agree - Posted by michaela-ATL
Posted by michaela-ATL on November 05, 2002 at 20:14:59:
even though i do a preliminary title search whenever i get serious about a property, i always get title insurance from my attorney. if the deal can’t support the extra cost of t.i. it’s not a deal worth doing.
i just had a case, where an heir sold his share of a lot between my attorney doing title search and him selling his part to me (again). thank god for title insurance. they’re dealing with it now.
michaela
Great Advice JJ - Posted by phil fernandez
Posted by phil fernandez on November 05, 2002 at 18:09:43:
Everyone should paste your message on their bathroom mirror. I’ve been doing this for 25 years and certainly know how to check title. I however always. And that’s always have my attorney do the title search and get title insurance. I want it on my lawyers head, not mine.