April 16, 2025 • 18 mins
Chris Sevney dives into the nitty-gritty of real estate investing with a lively Q&A session that’s bursting with insights! He tackles the importance of forced-placed insurance like it’s the hot topic of the day—because let’s face it, no one wants to get burned (pun intended) when their property goes up in flames! From answering questions about non-performing notes to shedding light on tricky borrower situations, he’s got a toolbox full of wisdom that’s perfect for anyone dealing with paper. Plus, he dishes out some state-by-state advice that’s as colorful as a box of crayons—Ohio, he warns, may not be the land of milk and honey, while Alabama's got some sweet investment prospects! So, grab your favorite snack, kick back, and join Chris as he spins tales and shares strategies for navigating the wild world of real estate with a smile.
Every investor has questions—whether it’s about non-performing notes, seller financing, foreclosure risks, or choosing the right markets. In this Q&A episode, we tackle five key questions from real investors on everything from force-placed insurance to the best (and worst) states to invest in. We break down strategies for managing distressed assets, securing your investments, and navigating complex real estate deals. If you’ve ever wondered how to mitigate risk, maximize returns, or handle tricky situations in note investing, this episode delivers practical insights you can apply right now.
Love the show? Subscribe, rate, review, and share! https://7einvestments.com/podcast
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:42):
Welcome back everybody.
I am Chris Sevney, your hostand today I want to spend some time
doing a little Q and A.
So over the past few weekswe've had a bunch of questions come
in and eventually, I don'tknow, maybe I'll start doing a live
show with people come in andask questions.
(01:03):
I do that with my membershipgroup where every other week we have
a call where it's basicallyask away to help me answer the questions
where people, you know, whatthey have going on in their portfolio
at this moment or questionsthey have and we answer them.
Whether it's a question aboutattorneys, what they should do, what
they're bid on a tape thatcame out, my opinions on it.
(01:25):
So these types of things welove to provide answering questions
as we look to provide moreinformation education for those who
touch and deal anything withpaper, whether note investing, seller
financing or private lending.
So first question that came inwas of a borrower who is not in escrow
(01:53):
and they stopped paying insurance.
The servicer suggests that weput force place insurance on the
property.
What are your thoughts?
So first let me dive intosaying what first place insurance
is.
So on a property, say it's a$200,000 property, typically you
(02:16):
have your principal andinterest payment and then the servicer
who's the person who actuallycollects the payments will have an
escrow which is meant tocollect for taxes and insurance.
In this instance the loan docsprobably a seller financing deal,
not institutional paper.
Institutional meaning from banks.
They almost always requireescrow seller financing.
(02:40):
Some people don't.
It really is depends.
If a loan was non performingin a period of time and it went back
to reperforming, there may ormay not be escrow.
So many different reasons why.
But let's boil it down.
You're owed, let's say you'reowed $150,000 on a $200,000 property,
(03:01):
that property burned downborrower would still owe you the
money, but they probably don'town anything that you could recover
from.
So you always want to makesure your property is insured so
your service is correct.
You would want to get what'scalled a forced placed insurance,
which is you're forcinginsurance on the property.
(03:24):
It also goes by name lenderplaced insurance as well.
And typically you can get thatup to the amount of the loan.
You don't have to do theentire home price, you could just
do the amount of the loan andif the property will be destroyed,
you just get paid off, yourelease the lien and that borrower
Owns basically piece of property.
(03:46):
So let's use unfortunateincident will happen recently in
California with wildfires.
Let's say you had a $200,000house, no such thing in California
and you're at 150.
Wildfire comes through, burnsa house down.
The borrower had insurance,they would collect on that and pay
you.
(04:07):
If you add insurance throughlender place force placed, you would
get paid whatever you insuredit for which I always recommend be
at least the loan balance.
Now if there's no insuranceyou get nothing.
So you can see why it'simportant to have insurance.
Now how do you get insurance?
(04:27):
Most servicing companies workwith insurance companies that will
they'll place it for you.
They'll charge you a smallmonthly fee to manage it.
But typically you can get itthrough your servicer.
We use Madison ManagementServices so you can get it through
Madison Management or typicalother services.
Or if you have a bigportfolio, I recommend reaching out
(04:49):
to an insurance company directly.
Avoid the middleman and justadd loans as you buy them or sell
them on and off the books.
So that is question number one.
Question number two is hey everyone.
So has anyone had any greatsuccess with buying non performing
(05:10):
notes directly from lenders?
And doing a short sale is notan option.
Owners are deceased.
Ideally I want control of the asset.
So my plan would be to buy thenote at a reduced rate if possible
become the bank and forecloseor take control of the asset figure
if anyone would beknowledgeable, it would definitely
be this group.
Thank you, great question.
(05:34):
Now with what we do is we liketo buy non performing loans and try
and work something out withthe seller and get them on a repayment
plan.
But unfortunately that doesoccur for everybody.
And how do you deal with that?
(05:55):
Mitigate it?
Oh there's really nomitigation is unfortunately you're
probably going to have to foreclose.
But before you do, possiblysee if there's family members or
if there's probate file withan estate that there's an executor
or an administrator who mightbe able also work to sell that property.
(06:17):
So I'll use that example.
Previously a $200,000 homethey owed 150,000.
Now in this instance thequestion is do you will you get the
property back if you're allowed?
They said it was a short sale.
So we're going to flip thenumbers of a $200,000 loan on $150,000
property.
(06:37):
So you're in control.
You'd probably buy that notefor $100,000.
Rough numbers you owe 200 butit's only worth 150.
So you could try and sell itat a short sale for 130, 120,000,
make a quick 20 grand.
Or you could go through theforeclosure process, but then you
(06:58):
would control the house if youforeclose because most likely you
would take it back and thenyou could do what you want with it.
Hold it as a rental, renovateit, sell it.
Options galore.
So plenty of options there.
But understand closing is notfor the faint of hearted lengthy
(07:22):
process.
It's a costly process.
If it's vacant, you may haveto worry about squatters.
You're going to have to securethe property.
You're going to spendsignificant amount of money foreclosing
on a property depending alsoon the state, whether it is judicial
or non judicial, which we'lltalk about a little bit.
Follow up questions.
(07:43):
Hope that answered.
Next question.
I'm trying to understand howto properly paper first or second
mortgages at a short term highyield, low dollar amounts that are
less than 50,000.
So far I'm finding thetransactional costs proper paper,
legal title, make this quotenot worth doing.
On the other hand, I'veencountered a fair number of people
(08:04):
who do this over the course ofmy education.
So I guess it's all about thelegal fee.
Any thoughts out there?
Great question.
If you typically look at banksand institutional companies, they
will not originate anythingunder $75,000 and the reason being
is the underwriting costs and fees.
(08:25):
Now if you're independent,working for yourself, that's just
your own time.
But you may spend $500 to$1,000 to have the documents created
by the attorney title appraisal.
The cost to underwrite a$50,000 loan is typically the same
cost to underwrite a $500,000 loan.
(08:46):
An appraisal costs pretty muchthe same for the most part in everything
else.
So that's where it does makeit very challenging for a lot of
people.
Don't want to get into thatrat race.
Now the other component to itis let's say you're doing a private
money loan to somebody $30,000and it's 10% interest, that's $3,000
(09:10):
a year.
Now if that's all the moneyyou have that you can invest, that's
good return.
But if you have 200,000, allthese smaller deals, it can look
like it's a lot of work.
So that's something toconsider especially on seconds which
also have potentially higherrate of default, possibly some people
(09:34):
in seconds Would say no.
Then you know the money youmake versus the risk.
Is the risk worth the reward?
Those are some of the thingsthat you have to consider.
And the other is firstposition loans that low are typically
on properties in very badareas or the person is owns a property
(09:58):
just looking for cash.
But what are they going to bedoing with it?
They're probably paying offsomething else.
So that's where it makes it alittle more challenging is the simple
fact that a lot of it's not asmuch paper and the cost to do it.
But what is it secured by?
And then is the borrower okaywith paying $5,000 in closing costs
(10:20):
no matter what.
And that's a big percentage.
Now I will say do not do thison owner occupied properties.
Do not do this on owneroccupied properties.
Seller financing.
I'd also say be very careful.
Private lending.
Good to go.
Okay, next question.
Does anyone know a companythat monitors taxes on loans and
(10:41):
real estate nationwide?
We need help.
Thank you.
Why yes we do.
There are several companiesout there.
We used one.
Right now we're using DocSolutions which is under Pro Titles.
It's affiliated with Pro TitleUSA where we get our title reports.
So they monitor the tax linktaxes and we can have them check
(11:02):
them annually, biannually,quarterly, however you want.
So that is something we dowithin our portfolio is at least
every quarter I believe it is.
We check the taxes on all theproperties, make sure none are gone.
A tax sale.
It's very affordable.
It's under $20 per loan I believe.
Don't quote me on that.
Also depends on the size ofyour portfolio.
(11:23):
There's other companies thatwe've used in the past.
Honestly I can't think oftheir name right now.
But there are other companiesout there that will do this specifically
for.
For you.
Highly recommend you do that.
When I was affiliated with aservicing company, we actually provided
this as part of the servicingas well.
(11:44):
Which I thought any servicesout there listening to this added
to your portfolio.
But yes.
So Alex Goldofsky, if youreach out to him, he can connect
you with the people in hisfirm who can go there.
Another question.
What states are a no no andwhat states are good to invest?
(12:08):
I love this question.
For anyone that's ever heardme in the past, I always joke about
Ohio.
Only headaches in Ohio.
That is my kryptonite is Ohio.
I still invest there.
I'm a license to invest in Ohio.
But I'm very careful where weinvest in Ohio and I'm not actively
seeking loans in Ohio.
(12:31):
If I were to run down the listof states which I'm gonna do just
to tell you what I've investedin and which ones I enjoyed or which
ones I haven't been in.
Let me just spend three tofive minutes and just talk about
that.
Alabama, love Alabama.
(12:52):
Just realized that in Alabamathere's redemption rights by borrowers
to foreclose.
Enjoy Alabama.
Alaska, never invested.
Arizona, very limited inArizona but I thought it was a okay
state.
Arkansas.
Ooh, it's been a while sinceI've seen anything in Arkansas.
(13:13):
What I recall it wasn't too bad.
California depends on whatside of the bed you slept on.
It's easy.
Er, it's a non judicial stateso you can foreclose but evicting
is another whole notherchallenge in California.
Colorado only had one assetand sold it so really can't talk.
Connecticut never owned an asset.
(13:36):
Delaware had one asset that weended up selling.
Florida.
We invest in Florida.
People love Florida buthonestly Florida is not my favorite
state but just it's again theyare very strict on making sure all
the papers in order so just becareful with Florida.
(13:59):
Georgia, love Georgia.
Fast foreclosure state but youneed to be licensed.
Hawaii never invested.
Idaho, I don't think I've everhad one.
Illinois I will not do.
You couldn't give me loans inCook County.
I've invested in other partsof Illinois.
Right now we're seeing a lotof product in other locations so
(14:20):
not my favorite.
Indiana, Done a lot in Indiana.
More on the contract for deed side.
Foreclosure can take a littlebit of time there not a bad state.
Iowa, very limited assetsthere been a while but was no issues.
Kansas have some assets inKansas that did take a long time
(14:41):
to foreclose there and worksometime with borrowers.
Kentucky, very limited loans,they're not that bad of a state.
Louisiana takes a very longtime to foreclose.
Maine takes forever to foreclose.
Not for the faint of heart.
Also look up the Greenleaf case.
(15:02):
Maryland love Maryland becauseeveryone hates it.
It is a little more challenging.
It's quasi judicial nowallegedly might need to be licensed
in Maryland but we love Maryland.
Most people don't.
My home state.
Massachusetts I'm not alone in Massachusetts.
Michigan I like Michigan.
(15:23):
Can't recover legal fees,short redemption period but very
fast foreclosure.
Minnesota been a hot minutesince I've had anything in Minnesota.
Can't remember anything badabout it.
Mississippi, great state to bea lender.
Missouri good state to be a lender.
Montana had One foreclosurefrom a woman passed away there many
(15:43):
moons ago Went pretty smoothly.
Nebraska, I don't know if I'veever owned Nebraska from what I heard,
not a fun state.
Nevada had some loans inNevada, kind of average there.
Doesn't take forever butprocess doesn't happen overnight.
New Hampshire, I think I'vehad one asset in New Hampshire that
(16:05):
we got Deed and Luan.
New Jersey, same thing Verylimited in New Jersey now those states
typically don't target NewJersey because of really high taxes
New Mexico, again one or twoassets don't see much New York, we
don't touch New York down bythe boroughs very challenging get
outside of that area not aschallenging from servicers and everyone
(16:27):
Not a lot of people want to dobusiness in New York so we just.
It's one state that we see itcome up on a list now we're just
like no that Alaska and Hawaiitypically are just all hard nose
North Carolina, took us awhile to find a good attorney there
not that bad of a state.
North Dakota, I don't thinkI've ever seen a loan in North Dakota.
(16:48):
Ohio I already talked aboutonly headaches in Ohio we will not
buy in Cuyahoga county in Ohio.
Oklahoma, really hard state toforeclose on.
Gotta have all your paperworkin order really strict compliance
on paperwork so just get goodpaper, you're okay but if not Oregon,
never done a deal Working onpotential participation with one
(17:12):
in Oregon.
Pennsylvania, I like thewestern part of the state the eastern
part not so much Philadelphiaarea takes forever.
Pittsburgh in the area stilltakes a while but a lot of opportunity.
Never had anything in Rhode Island.
South Carolina we like nothingin South Dakota.
Tennessee we like Texas, welike Utah haven't seen anything.
(17:36):
Vermont had some assets thewhole Northeast can be pretty challenging
for investors.
Virginia, my current homestate, I like Virginia non judicial
fast Washington again we don't.
We typically stay out of thePacific Northwest as well Then Wisconsin
kind of plant blah onWisconsin and then Wyoming I've had
(17:59):
an asset.
Wyoming foreclosure was reallyquick in Wyoming District of Columbia
we've owned stuff but it'sgoing to take a really long time.
I've not done the Puerto Ricoor US Virgin Islands haven't done
any of those so hope thatanswered your question and actually
as part of our membershipgroup we have a Once a month we do
(18:20):
a deep dive into every statewhere we go through all the foreclosure
laws, timelines, state laws,all of that where it's probably good
90 minute plus presentationoutlining everything and everything
about the foreclosure evictionprocesses within that state.
So wanted to wrap up thisepisode and change up a little bit
(18:42):
by doing some Q.
And as that we typically get asked.
Hope you enjoyed this episodeand as always, catch you on the next
one.
Welcome back everybody.
I am Chris Sevney, your hostand today I want to spend some time
doing a little Q and A.
So over the past few weekswe've had a bunch of questions come
in and eventually, I don'tknow, maybe I'll start doing a live
show with people come in andask questions.
(01:03):
I do that with my membershipgroup where every other week we have
a call where it's basicallyask away to help me answer the questions
where people, you know, whatthey have going on in their portfolio
at this moment or questionsthey have and we answer them.
Whether it's a question aboutattorneys, what they should do, what
they're bid on a tape thatcame out, my opinions on it.
(01:25):
So these types of things welove to provide answering questions
as we look to provide moreinformation education for those who
touch and deal anything withpaper, whether note investing, seller
financing or private lending.
So first question that came inwas of a borrower who is not in escrow
(01:53):
and they stopped paying insurance.
The servicer suggests that weput force place insurance on the
property.
What are your thoughts?
So first let me dive intosaying what first place insurance
is.
So on a property, say it's a$200,000 property, typically you
(02:16):
have your principal andinterest payment and then the servicer
who's the person who actuallycollects the payments will have an
escrow which is meant tocollect for taxes and insurance.
In this instance the loan docsprobably a seller financing deal,
not institutional paper.
Institutional meaning from banks.
They almost always requireescrow seller financing.
(02:40):
Some people don't.
It really is depends.
If a loan was non performingin a period of time and it went back
to reperforming, there may ormay not be escrow.
So many different reasons why.
But let's boil it down.
You're owed, let's say you'reowed $150,000 on a $200,000 property,
(03:01):
that property burned downborrower would still owe you the
money, but they probably don'town anything that you could recover
from.
So you always want to makesure your property is insured so
your service is correct.
You would want to get what'scalled a forced placed insurance,
which is you're forcinginsurance on the property.
(03:24):
It also goes by name lenderplaced insurance as well.
And typically you can get thatup to the amount of the loan.
You don't have to do theentire home price, you could just
do the amount of the loan andif the property will be destroyed,
you just get paid off, yourelease the lien and that borrower
Owns basically piece of property.
(03:46):
So let's use unfortunateincident will happen recently in
California with wildfires.
Let's say you had a $200,000house, no such thing in California
and you're at 150.
Wildfire comes through, burnsa house down.
The borrower had insurance,they would collect on that and pay
you.
(04:07):
If you add insurance throughlender place force placed, you would
get paid whatever you insuredit for which I always recommend be
at least the loan balance.
Now if there's no insuranceyou get nothing.
So you can see why it'simportant to have insurance.
Now how do you get insurance?
(04:27):
Most servicing companies workwith insurance companies that will
they'll place it for you.
They'll charge you a smallmonthly fee to manage it.
But typically you can get itthrough your servicer.
We use Madison ManagementServices so you can get it through
Madison Management or typicalother services.
Or if you have a bigportfolio, I recommend reaching out
(04:49):
to an insurance company directly.
Avoid the middleman and justadd loans as you buy them or sell
them on and off the books.
So that is question number one.
Question number two is hey everyone.
So has anyone had any greatsuccess with buying non performing
(05:10):
notes directly from lenders?
And doing a short sale is notan option.
Owners are deceased.
Ideally I want control of the asset.
So my plan would be to buy thenote at a reduced rate if possible
become the bank and forecloseor take control of the asset figure
if anyone would beknowledgeable, it would definitely
be this group.
Thank you, great question.
(05:34):
Now with what we do is we liketo buy non performing loans and try
and work something out withthe seller and get them on a repayment
plan.
But unfortunately that doesoccur for everybody.
And how do you deal with that?
(05:55):
Mitigate it?
Oh there's really nomitigation is unfortunately you're
probably going to have to foreclose.
But before you do, possiblysee if there's family members or
if there's probate file withan estate that there's an executor
or an administrator who mightbe able also work to sell that property.
(06:17):
So I'll use that example.
Previously a $200,000 homethey owed 150,000.
Now in this instance thequestion is do you will you get the
property back if you're allowed?
They said it was a short sale.
So we're going to flip thenumbers of a $200,000 loan on $150,000
property.
(06:37):
So you're in control.
You'd probably buy that notefor $100,000.
Rough numbers you owe 200 butit's only worth 150.
So you could try and sell itat a short sale for 130, 120,000,
make a quick 20 grand.
Or you could go through theforeclosure process, but then you
(06:58):
would control the house if youforeclose because most likely you
would take it back and thenyou could do what you want with it.
Hold it as a rental, renovateit, sell it.
Options galore.
So plenty of options there.
But understand closing is notfor the faint of hearted lengthy
(07:22):
process.
It's a costly process.
If it's vacant, you may haveto worry about squatters.
You're going to have to securethe property.
You're going to spendsignificant amount of money foreclosing
on a property depending alsoon the state, whether it is judicial
or non judicial, which we'lltalk about a little bit.
Follow up questions.
(07:43):
Hope that answered.
Next question.
I'm trying to understand howto properly paper first or second
mortgages at a short term highyield, low dollar amounts that are
less than 50,000.
So far I'm finding thetransactional costs proper paper,
legal title, make this quotenot worth doing.
On the other hand, I'veencountered a fair number of people
(08:04):
who do this over the course ofmy education.
So I guess it's all about thelegal fee.
Any thoughts out there?
Great question.
If you typically look at banksand institutional companies, they
will not originate anythingunder $75,000 and the reason being
is the underwriting costs and fees.
(08:25):
Now if you're independent,working for yourself, that's just
your own time.
But you may spend $500 to$1,000 to have the documents created
by the attorney title appraisal.
The cost to underwrite a$50,000 loan is typically the same
cost to underwrite a $500,000 loan.
(08:46):
An appraisal costs pretty muchthe same for the most part in everything
else.
So that's where it does makeit very challenging for a lot of
people.
Don't want to get into thatrat race.
Now the other component to itis let's say you're doing a private
money loan to somebody $30,000and it's 10% interest, that's $3,000
(09:10):
a year.
Now if that's all the moneyyou have that you can invest, that's
good return.
But if you have 200,000, allthese smaller deals, it can look
like it's a lot of work.
So that's something toconsider especially on seconds which
also have potentially higherrate of default, possibly some people
(09:34):
in seconds Would say no.
Then you know the money youmake versus the risk.
Is the risk worth the reward?
Those are some of the thingsthat you have to consider.
And the other is firstposition loans that low are typically
on properties in very badareas or the person is owns a property
(09:58):
just looking for cash.
But what are they going to bedoing with it?
They're probably paying offsomething else.
So that's where it makes it alittle more challenging is the simple
fact that a lot of it's not asmuch paper and the cost to do it.
But what is it secured by?
And then is the borrower okaywith paying $5,000 in closing costs
(10:20):
no matter what.
And that's a big percentage.
Now I will say do not do thison owner occupied properties.
Do not do this on owneroccupied properties.
Seller financing.
I'd also say be very careful.
Private lending.
Good to go.
Okay, next question.
Does anyone know a companythat monitors taxes on loans and
(10:41):
real estate nationwide?
We need help.
Thank you.
Why yes we do.
There are several companiesout there.
We used one.
Right now we're using DocSolutions which is under Pro Titles.
It's affiliated with Pro TitleUSA where we get our title reports.
So they monitor the tax linktaxes and we can have them check
(11:02):
them annually, biannually,quarterly, however you want.
So that is something we dowithin our portfolio is at least
every quarter I believe it is.
We check the taxes on all theproperties, make sure none are gone.
A tax sale.
It's very affordable.
It's under $20 per loan I believe.
Don't quote me on that.
Also depends on the size ofyour portfolio.
(11:23):
There's other companies thatwe've used in the past.
Honestly I can't think oftheir name right now.
But there are other companiesout there that will do this specifically
for.
For you.
Highly recommend you do that.
When I was affiliated with aservicing company, we actually provided
this as part of the servicingas well.
(11:44):
Which I thought any servicesout there listening to this added
to your portfolio.
But yes.
So Alex Goldofsky, if youreach out to him, he can connect
you with the people in hisfirm who can go there.
Another question.
What states are a no no andwhat states are good to invest?
(12:08):
I love this question.
For anyone that's ever heardme in the past, I always joke about
Ohio.
Only headaches in Ohio.
That is my kryptonite is Ohio.
I still invest there.
I'm a license to invest in Ohio.
But I'm very careful where weinvest in Ohio and I'm not actively
seeking loans in Ohio.
(12:31):
If I were to run down the listof states which I'm gonna do just
to tell you what I've investedin and which ones I enjoyed or which
ones I haven't been in.
Let me just spend three tofive minutes and just talk about
that.
Alabama, love Alabama.
(12:52):
Just realized that in Alabamathere's redemption rights by borrowers
to foreclose.
Enjoy Alabama.
Alaska, never invested.
Arizona, very limited inArizona but I thought it was a okay
state.
Arkansas.
Ooh, it's been a while sinceI've seen anything in Arkansas.
(13:13):
What I recall it wasn't too bad.
California depends on whatside of the bed you slept on.
It's easy.
Er, it's a non judicial stateso you can foreclose but evicting
is another whole notherchallenge in California.
Colorado only had one assetand sold it so really can't talk.
Connecticut never owned an asset.
(13:36):
Delaware had one asset that weended up selling.
Florida.
We invest in Florida.
People love Florida buthonestly Florida is not my favorite
state but just it's again theyare very strict on making sure all
the papers in order so just becareful with Florida.
(13:59):
Georgia, love Georgia.
Fast foreclosure state but youneed to be licensed.
Hawaii never invested.
Idaho, I don't think I've everhad one.
Illinois I will not do.
You couldn't give me loans inCook County.
I've invested in other partsof Illinois.
Right now we're seeing a lotof product in other locations so
(14:20):
not my favorite.
Indiana, Done a lot in Indiana.
More on the contract for deed side.
Foreclosure can take a littlebit of time there not a bad state.
Iowa, very limited assetsthere been a while but was no issues.
Kansas have some assets inKansas that did take a long time
(14:41):
to foreclose there and worksometime with borrowers.
Kentucky, very limited loans,they're not that bad of a state.
Louisiana takes a very longtime to foreclose.
Maine takes forever to foreclose.
Not for the faint of heart.
Also look up the Greenleaf case.
(15:02):
Maryland love Maryland becauseeveryone hates it.
It is a little more challenging.
It's quasi judicial nowallegedly might need to be licensed
in Maryland but we love Maryland.
Most people don't.
My home state.
Massachusetts I'm not alone in Massachusetts.
Michigan I like Michigan.
(15:23):
Can't recover legal fees,short redemption period but very
fast foreclosure.
Minnesota been a hot minutesince I've had anything in Minnesota.
Can't remember anything badabout it.
Mississippi, great state to bea lender.
Missouri good state to be a lender.
Montana had One foreclosurefrom a woman passed away there many
(15:43):
moons ago Went pretty smoothly.
Nebraska, I don't know if I'veever owned Nebraska from what I heard,
not a fun state.
Nevada had some loans inNevada, kind of average there.
Doesn't take forever butprocess doesn't happen overnight.
New Hampshire, I think I'vehad one asset in New Hampshire that
(16:05):
we got Deed and Luan.
New Jersey, same thing Verylimited in New Jersey now those states
typically don't target NewJersey because of really high taxes
New Mexico, again one or twoassets don't see much New York, we
don't touch New York down bythe boroughs very challenging get
outside of that area not aschallenging from servicers and everyone
(16:27):
Not a lot of people want to dobusiness in New York so we just.
It's one state that we see itcome up on a list now we're just
like no that Alaska and Hawaiitypically are just all hard nose
North Carolina, took us awhile to find a good attorney there
not that bad of a state.
North Dakota, I don't thinkI've ever seen a loan in North Dakota.
(16:48):
Ohio I already talked aboutonly headaches in Ohio we will not
buy in Cuyahoga county in Ohio.
Oklahoma, really hard state toforeclose on.
Gotta have all your paperworkin order really strict compliance
on paperwork so just get goodpaper, you're okay but if not Oregon,
never done a deal Working onpotential participation with one
(17:12):
in Oregon.
Pennsylvania, I like thewestern part of the state the eastern
part not so much Philadelphiaarea takes forever.
Pittsburgh in the area stilltakes a while but a lot of opportunity.
Never had anything in Rhode Island.
South Carolina we like nothingin South Dakota.
Tennessee we like Texas, welike Utah haven't seen anything.
(17:36):
Vermont had some assets thewhole Northeast can be pretty challenging
for investors.
Virginia, my current homestate, I like Virginia non judicial
fast Washington again we don't.
We typically stay out of thePacific Northwest as well Then Wisconsin
kind of plant blah onWisconsin and then Wyoming I've had
(17:59):
an asset.
Wyoming foreclosure was reallyquick in Wyoming District of Columbia
we've owned stuff but it'sgoing to take a really long time.
I've not done the Puerto Ricoor US Virgin Islands haven't done
any of those so hope thatanswered your question and actually
as part of our membershipgroup we have a Once a month we do
(18:20):
a deep dive into every statewhere we go through all the foreclosure
laws, timelines, state laws,all of that where it's probably good
90 minute plus presentationoutlining everything and everything
about the foreclosure evictionprocesses within that state.
So wanted to wrap up thisepisode and change up a little bit
(18:42):
by doing some Q.
And as that we typically get asked.
Hope you enjoyed this episodeand as always, catch you on the next
one.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Therapy Gecko
An unlicensed lizard psychologist travels the universe talking to strangers about absolutely nothing. TO CALL THE GECKO: follow me on https://www.twitch.tv/lyleforever to get a notification for when I am taking calls. I am usually live Mondays, Wednesdays, and Fridays but lately a lot of other times too. I am a gecko.