Official Carleton H. Sheets^® Website

I sense that depending on the "type" of seller financed situation you may find yourself in, whether it be now or in the future, would give some true direction to which one of the many foreclosure procedures you could apply.

Now that's a guess and I think by seeing a different purchase method, such as the highlighted quote "quit claim deed" in your reply, I was compelled enough to immediately wonder if that may in fact be the case.
Are all forclosure proceedings created equal?
No?
The experience:
The buyer's point of view must have been something far removed from the beneficial package I had in mind. Immediate possession and removal of me were steps 1 and 2. His naive refusal to work together or enter into a suggested Land Contract 17 months ago has come full circle and still I own this property, being dragged through a sale that has lasted months, filled with promises and phone calls about late payments. Now even if we "re-did it" and approached the sale as I had suggested, I'd have to possibly hold for 12 more months...and the late payments are still occurring..so Technical problems are a-plenty.
The new mortgage will pay all the debt yes, so that issue doesn't bother me so much, I may struggle financially at times too, it's my credit score. I am being told, I have to wait at least 12 months to be considered for any other loans. Late payments can really work against you. That puts the other project I'm working on at risk of not being funded properly or at all for that matter.

I know what I would do but I just a hard ass. THe boot, the boot, the boot and i wear size 12 lol any how have you explained to the bank what is going on. can you make the payments yourself? if you can see if the bank will work with you on a forebearence plan. and put an eviction notice on his door. even if you dont want to boot him maybe a notice will wake him up and get him thinkin that you are serious. you own the property so you can put him out even if you have to take him to court. the what the sherriff is for.

OK,
First, the monthly payments are current. The mortgage company is not going to forclose any time soon I hope. The payments are late enough every month for the company to place a mark on my credit report, which is not good when you are applying to other mortgage co.'s for another loan.
I discovered the term "Loan Counselor" written on my monthly statement, so I did try to use what I have learned by using real estate language. It worked too. I remained professional. I told them I didn't realize the payments were late, because I have a property management team that takes care of them. I told them I would get right on it. They did call everyday so I wore down a bit. I did resolve these issues as they were handed to me. However, I find I'm not much of a bill collector, I would not consider that a strength at this point. I think if I knew the foreclosure process firsthand, I could identify these issues before they get out of hand in the future.

[quote author=MLDJohnson _link_=topic=1058.msg4075#msg4075 date=1173925805]
Hey everyone! Since I was the one who suggested this forum, I thought I'd make the first post!!

Let me share a little about what I have been doing to set up the "biz"....

My husband and I brainstormed some names for the company; we have decided on "Front Porch Properties, LLC". Obviously, you can tell by the name that the business structure we have chosen is an LLC (limited liability company). There is another company in another state by the same name, but I don't feel as though we will be dealing in that area (we are in Maine).

I have begun creating a website for folks to find us; that is part of my marketing plan. Other avenues I plan on utilizing are flyers, ads in local papers, and a direct mail campaign. We want to help average-income, average-credit families get into houses by opening up some creative financing techniques for them. What I hope to be able to do is become an "expert" in my area on what's available...to keep purchasing homes and matching them with nice families....I think someone mentioned the term "bird-dogging"? But taking it one step further and helping them by purchasing the home, then selling it to them with creative terms.

Next week I am attending a seminar about small business issues, financing, taxes, etc....I'm really looking forward to it! I have been studying several marketing and business plan books; although we are starting out small, I like the way these books have made me think deeply about what I really want to do with this venture!

Ok enough about ME....let's get this forum buzzing!

Take care,
MLDJohnson[/i]


A website...now that's an excellent choice. I think we have that in common. I'm hoping to go on line and allow the tenants to pay their rent using there debit card. It may help. I'm also working on a maintenance tracking and repair system so I can keep my records straight.
A nice professional grade interactive webpage for the maintenance team. If you've ever seen "this old house" on PBS, then you may be able to imagine how easy it would to accomplish this goal.
I would like to take the entire encyclopedia of "building maintenance" and put it into a digital format. Going the extra step, I've considered hiring an animation company to do the work. So it would be like watching one of those animated movies you can catch at your local movie theater, except here it's building maintenance only. Good Luck, keep us posted on your progress. Great Topic by the way!

Great Minds Think Alike!

I just finished working on a website for us as well, to let people know that we're here - what we do and how to reach us.

As far as merchant accounts...you could use free PayPal or I know that ProPay has pretty cheap merchant accounts as well. I have heard that PayPal can be pretty expensive with fees and such once you upgrade from free account.

Your business will need a Merchants License to accept credit cards.  I'm not sure if that requirement is necessary for you to be able to accept the ACH/debit cards.  I don't think I'll accept credit cards for rental payments.  I've never heard of that being done.  If PayPal provides your company with that "merchants license" with their basic service, then that's one less thing you will have to do.