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090: Super Lien Status For Nevada & Being Effective Not Just Efficient
This week, we talk about Nevada no longer being a super lien state, new housing legislation, scaling your business, and more.
Robby gets things started by going over a quote he got to clean the trash out of an asset in Louisville. It was an exorbitant $1,400. Not excited about that bill, Robby called the local College Hunks Hauling Junk and they offered to do it for $600. A nice easy win there just by taking a few extra minutes to get another quote.
They also discuss Robby's recent spur of the moment trip to Atlanta to capitalize on the opportunity of 3 assets there. They then transition quickly into their thoughts on Nevada no longer being a super lien state and the future implications of that.
It seems as though Ohio is passing more legislation in the wake of housing blight. They now have the D.O.L.L.A.R. Deed program which is something to the effect of people being able to petition their mortgage company for a modification. Essentially, it will give more power to borrowers who are looking to stay in their home, but their lender hasn't been very easy to work with. It is worth noting that the lender does not have to participate, but must respond within 30 days. It's kind of like a hybrid of a deed in lieu combined with a Land Contract. Details are still sparse so there will be more information on this to come. If you know more then feel free to drop the guys a line and you'll be mentioned in an upcoming show.
Up next, they discuss that there has been no extension on the FHA 10-23 program so far. It is set to expire at the end of this year and Robby & Chase reflect on how it ended up being a great way for Note Investors to exit deals and create win-win situations. It could potentially be extended again, however, so we'll make sure to keep you updated on this.
The guys review a question on the difference between Chapter 7 and Chapter 13 bankruptcies. This leads into the topic of due diligence where it is noted that Liz Brumer Smith will be making a reappearance on the show soon as she does an excellent job in this area of the business.
The guys reflect back on a rough week from the previous show, but note that the week finished strong. Robby reveals that the spec house they were building went under contract for full asking price on day four. It didn't see an open house. It went on the market on Monday and received multiple offers by Friday. We told the buyers to provide best and highest by Sunday, but one of the buyer's agents came back and offered full price with no contingencies if we would sign that day so they clearly did.
Chase wants to know what Robby would attribute to the success of this deal, to which Robby responds he thinks it was a bit of everything and it all came together at the right time. Robby bought the land over a year ago then TRID came up and it delayed financing. The builder had some personnel issues. Even with all of that, it was priced well, it looked beautiful and ended up being a home run of a deal. Funny part of the closing is that Robby will have to give Tonio power of attorney as Robby will be in Spain during closing.
Finally, they end the show discussing the Mastermind group in Napa, which was comprised of a great group of educated technology people. This led Robby and Chase to explore efficiencies & effectiveness in their business which led to a second conference call today with their buildout engineer of SalesForce. They're putting systems and technologies in place to scale and 10x their business up to 50 people and will keep you posted on their progress.
Don't forget to wish Chase a happy belated birthday this week. Unfortunately, his daughter stole the show as it was also her first day of school!
If you have any questions, comments, or potential deals to send our way, email us at [email protected].
Listen to this Week’s Show and Learn:- How Robby is capitalizing on the opportunity with 3 assets in Atlanta
- A new piece of Ohio legislation called the D.O.L.L.A.R. Deed Program
- Nevada is no longer a Super Lien State and what that means
- The difference between Chapter 7 & Chapter 13 Bankruptcies
- Robby & Chase have their first repeat guest coming up soon
- And much more!
- Ohio Fast Track Foreclosure Program
- College Hunks Hauling Junk
- Chase Thompson's Birthday
- Subscribe via iTunes.
- Listen on Stitcher Radio.
- Right-click and “save file as” for direct download.
- Or click here to get sent to the top of the page where the on-site player is.
Thanks for listening to our show! We’ll be back next Wednesday morning.
Cheers,
Chase & Robby
View all episodes
By Chase Thompson & Robert Woods | Note Investing | Real Estate Investing | LiThis week, we talk about Nevada no longer being a super lien state, new housing legislation, scaling your business, and more.
Robby gets things started by going over a quote he got to clean the trash out of an asset in Louisville. It was an exorbitant $1,400. Not excited about that bill, Robby called the local College Hunks Hauling Junk and they offered to do it for $600. A nice easy win there just by taking a few extra minutes to get another quote.
They also discuss Robby's recent spur of the moment trip to Atlanta to capitalize on the opportunity of 3 assets there. They then transition quickly into their thoughts on Nevada no longer being a super lien state and the future implications of that.
It seems as though Ohio is passing more legislation in the wake of housing blight. They now have the D.O.L.L.A.R. Deed program which is something to the effect of people being able to petition their mortgage company for a modification. Essentially, it will give more power to borrowers who are looking to stay in their home, but their lender hasn't been very easy to work with. It is worth noting that the lender does not have to participate, but must respond within 30 days. It's kind of like a hybrid of a deed in lieu combined with a Land Contract. Details are still sparse so there will be more information on this to come. If you know more then feel free to drop the guys a line and you'll be mentioned in an upcoming show.
Up next, they discuss that there has been no extension on the FHA 10-23 program so far. It is set to expire at the end of this year and Robby & Chase reflect on how it ended up being a great way for Note Investors to exit deals and create win-win situations. It could potentially be extended again, however, so we'll make sure to keep you updated on this.
The guys review a question on the difference between Chapter 7 and Chapter 13 bankruptcies. This leads into the topic of due diligence where it is noted that Liz Brumer Smith will be making a reappearance on the show soon as she does an excellent job in this area of the business.
The guys reflect back on a rough week from the previous show, but note that the week finished strong. Robby reveals that the spec house they were building went under contract for full asking price on day four. It didn't see an open house. It went on the market on Monday and received multiple offers by Friday. We told the buyers to provide best and highest by Sunday, but one of the buyer's agents came back and offered full price with no contingencies if we would sign that day so they clearly did.
Chase wants to know what Robby would attribute to the success of this deal, to which Robby responds he thinks it was a bit of everything and it all came together at the right time. Robby bought the land over a year ago then TRID came up and it delayed financing. The builder had some personnel issues. Even with all of that, it was priced well, it looked beautiful and ended up being a home run of a deal. Funny part of the closing is that Robby will have to give Tonio power of attorney as Robby will be in Spain during closing.
Finally, they end the show discussing the Mastermind group in Napa, which was comprised of a great group of educated technology people. This led Robby and Chase to explore efficiencies & effectiveness in their business which led to a second conference call today with their buildout engineer of SalesForce. They're putting systems and technologies in place to scale and 10x their business up to 50 people and will keep you posted on their progress.
Don't forget to wish Chase a happy belated birthday this week. Unfortunately, his daughter stole the show as it was also her first day of school!
If you have any questions, comments, or potential deals to send our way, email us at [email protected].
Listen to this Week’s Show and Learn:- How Robby is capitalizing on the opportunity with 3 assets in Atlanta
- A new piece of Ohio legislation called the D.O.L.L.A.R. Deed Program
- Nevada is no longer a Super Lien State and what that means
- The difference between Chapter 7 & Chapter 13 Bankruptcies
- Robby & Chase have their first repeat guest coming up soon
- And much more!
- Ohio Fast Track Foreclosure Program
- College Hunks Hauling Junk
- Chase Thompson's Birthday
- Subscribe via iTunes.
- Listen on Stitcher Radio.
- Right-click and “save file as” for direct download.
- Or click here to get sent to the top of the page where the on-site player is.
Thanks for listening to our show! We’ll be back next Wednesday morning.
Cheers,
Chase & Robby