Video Notes

  • Do you know any contacts or programs good for automation for web data extraction? I’d like to automate tasks such as going to county records and exporting data from county site to an Excel spreadsheet.
  • Please tell us how to get 2nd liens off mortgages. For example, I’ve heard that if the husband has a government lien against him on the house and they get a divorce and the wife gets the house, she can have that removed if she proves he has no legal interest in the house any more. What would be the process in getting that removed and what other liens are able to be removed similar to this one?
  • I went to a foreclosure sale today at the county clerk. I am trying to understand the process. If we have a house Sub2 and sell it on a wrap and we must foreclose on them, there will be a 1st lien (Big bank) then our LLC (2nd lien). What if we have a wrap at 90k and an UL of 70k, yet it auctions for 50k, what happens then? Can we as the wrap seller say we want at least 90k for the property? There was a guy who represented a good amount of the properties (banks), not all of them. The bank would bid ont he property too. He would start with say $2500 then people would chime in and say 50k, the bank rep would say 80k, another person say 90k, bank rep would say $95,100.37 (this would always be his final bid, when he made the exact price down to the penny). Sometimes others would bid higher, or it would stop there. As OF lenders, how do we just get the property back and not risk it auctioning for less than is owed on the property? Do we need to bid on the property to get the property back, like the bank seemed to be doing? I think I am missing something. I would rather just have the property back and not go to auction; I would imagine.
  • I have a few questions I need clarification. Could you please help me? Thanks in advance. This is my process to buy properties. (I buy a property cash, then placed an owner by running them through the RMLO, and then I sell the note @ a discount to an investor or company that buys notes.) 1 – I need to know if at any point in my process I am triggering Dodd Frank? Am I triggering DF because I run them through the RMLO? 2 – If a person buys a property from me using an LLC does that mean Dodd Frank is not applicable to them? And if they own another home and can prove it, does that mean Dodd Frank is not applicable to them either? 3 – When the buyer does or doesn’t need to go through the RMLO process and is subject to getting a qualified mortgage, does the Dodd Frank apply? If yes why, if not, why? 4 – Anything else that makes any buyer not applicable to Dodd Frank? 5 – How can I structure deals without triggering DF?
  • Have you ever Sub 2’d a 2 year old manufactured home? Is it true they only depreciate in value?
  • When you are in inspection phase of a deal. Home has had foundation issues that have been repaired. Lifetime transferable warranty from company. Do you get them to come out and assess the property and put in writing warranty is still valid before buying?
  • Grant, quick version… of exactly what needs to be done (process a-z) when you want to record your agreement (memorandum of contract) at the county clerk office.
  • In one of your Propelio Grant-Teach-Me-Somethings, you said that the Federal APR calculator changed on January 1, 2018. You said there is an old calculator on the website and a new calculator. Can you expound on these mortgage calculations changes and what difference it will make for us?
  • If we do a second lien for a borrower, can we have an interest only loan on the 2nd lien or a balloon on it? For example 1st lien is $80k & 2nd is $10k.
  • With Sub2, is the only way to get the buyer to a subordinate lien, do we need to create the 2 LLCs?
  • But why did you say earlier you should never have a wrap on a 1st lien?