Help Me With Sign Hawaii Assignment of Partnership Interest

Help me with document type sign assignment of partnership interest hawaii

hi good afternoon this is george newberry founder and ceo of pre reo and i welcome to you to our webinar we're a few minutes early ah but i see quite a few people have already logged in uh welcome amber welcome anthony welcome aaron welcome barbara welcome cynthia welcome gwendolyn welcome jerry welcome jim welcome john welcome juan welcome kip welcome richard welcome robert welcome sarah good crowd today so far and i see more people logging in welcome uh i think i said sarah welcome sarah welcome shannon welcome tina and welcome jerry i may have missed somebody so if i did i apologize but welcome everybody uh it is uh two minutes to one i'm in chicago illinois it is uh a relatively nice day we've had several days in the 30s the last few days we've had um had some snow a couple of days ago so i know some of you are in probably warmer climates and uh but we get uh you know we get the four seasons i guess uh so one more minute uh you know we're going to be talking about priario it's a new strategy uh we've had a um a lot of interest and also a lot of questions so uh looking forward to sharing some information with you i see more people logging in so welcome all now 30 seconds to go almost ready to go again george newberry founder and ceo of pre-reo i welcome everybody to today's webinar hopefully you'll gain a lot of information on it or from it and um get you comfortable with this uh relatively new strategy very new strategy okay it is now one o'clock we are going to get started right on time hopefully you can all hear and see me fine uh if any if there are any problems uh you can uh please chat uh and also any questions you can ask them along the way at the end of the presentation i will answer each and every question uh that you throw my way so feel free to post questions um as they come to mind okay so here is the presentation how to partner on pre-reos directly from lenders again my name is george newberry founder and pre founder and ceo of pre-ario and uh you can uh we're hoping to share a lot of information with you today uh you're welcome to ask any questions once again type in the chat box i will answer each and every one at the end of the session uh and uh after that or anytime you can reach out to us our email is info pre reo.com our website priyario.com and our phone number is 800-555-1055 again 800-555-1055 that looks like a fake number but it's really a real number and we call it it will be answered by priario so let's begin okay here's the agenda i'm going to give you a little background you know how we got here define what is a pre-reo identify the problem that we are trying to solve and our new solution discuss the pre-reo partnership closing on a note it's a little different than closing on real estate some featured pre-arios just to give you an example of what's out there uh there's a new course we did a boot camp that's also available if you want to go more in depth uh in gaining knowledge and a q a so here's my story uh in 2008 i started a company called american homeowner preservation that was originally a non-profit organization to help families at risk of foreclosure stay in their homes and we had thousands of families come to us they were typically severely underwater unable to make their payments and you know many of these were subprimed loans and we worked one by one with the lender servicer bank to try to achieve resolutions unfortunately we were not able to help the majority of the families but we saw the opportunity to start buying the mortgages uh you know the the servicers in the middle were wholly unhelpful so we decided we need to get them out of the way and the way to do that was to actually buy the mortgages ourselves and then we could uh provide sustainable solutions to those families and we the way we could do that is we bought these loans at big discounts and uh we could share the discount with the family in the form of reduced payments in the form of uh reduced principal uh reduction in the uh delinquency uh so all those things helped us fulfill our mission we did become a for-profit and uh in the last decade we bought more than 10 000 mortgages one thing though uh you know we we'd often have requests from you know somebody will call us mr smith and say hey can you buy my mortgage and we couldn't do that basically if chase bank decided they wanted to sell 100 mortgages those are 100 mortgages that they would sell us and they would not um you know we couldn't pick and choose uh basically this is what was there and so we'd get mortgages that were backed by homes that were both occupied and bacon and uh you know when we when we had a home uh a mortgage that was secured by a a home that was vacant we'd reach out to the family and try to do a dean and lou and if we could find them or the and they were cooperative and there were no title issues second mortgages other types of issues then getting a deed in lieu and selling the property oftentimes a good return but where we stumbled and where returns were poor was when we had a vacant property and we could not make a deal with the homeowner the homeowner could be deceased the homeowner could be um husband and wife can't agree what to do maybe getting divorced uh maybe a uh some kind of title issue big second mortgage that's uncooperative so we'd have to foreclose and many of these many times these foreclosures would take years one two three years uh was not uncommon and during that time we'd have to maintain the homes and it was you know i always struggled in my mind saying hey we have this home sometimes that you know we'd have to cut the grass we'd have to mow the lawn uh we'd have to sometimes the city would go out and issue a code enforcement notice because someone broke into the property or had been um you know the roof um was leaking and was causing issues so we'd have to go in and do some repairs even renovations to the properties but they were vacant so each month we were paying more taxes and insurance so it really became those were the loans where we typically had the worst returns and sometimes even losses uh so we saw a problem and uh in 2020 we founded pre-reo to get those first mortgages secured by vacant properties into the hands of people like you in the audience uh local investors during the foreclosure process you don't have to wait till it becomes an reo you're actually getting control over the asset during foreclosure so what is in our a pre-reo a pre-reo is a delinquent first mortgage secured by either a vacant property or a tenant occupied property it would never be an owner-occupied property so these could have been unoccupied at one point but they've been since vacated and now they are vacant oregon tenant occupied so the problem once again the lenders struggle to maintain these properties during a lengthy foreclosure process for instance we're in chicago and we hold mortgages across the country even in alaska even in hawaii and uh to maintain those properties from afar is often a challenge and so we we struggle and we're kind of at the mercy of a local contractor who says oh this is this this property needs to be cleaned out for four thousand dollars and you know we're we don't really know if it really should cost four thousand or should cost 400 and so local investor will have the advantage and that is something that we um we're trying to take the best we have the mortgages or we we service mortgages for clients that own these mortgages you're the local investor so we're trying to put the two to get two together uh frequently when these mortgages are baked when these homes are vacant they're often sources of blight and they deteriorate you know over time no one takes the care of the property for two or three years while it's vacant and it just deteriorates and uh the value at the outset you know when the foreclosure first starts versus the value at the end when the lender actually takes the property back can oftentimes decline uh significantly uh local investors especially in today's market where there are few reos going on the market and there's a tight inventory supply we're hoping that pre-reo can provide you a steady flow of rewarding real estate opportunities you're just buying further earlier in the further up the food chain instead of waiting until the property becomes reo uh you are getting it while it's still a mortgage and but it's destined to become an reo so that's our solution priario provides real estate investors access to the opportunities we also provide capital we will back we will fund uh 75 of each acquisition with you uh and then you're putting up 25 plus you pay 100 of any cost thereafter which would be like rehab or or legal fees or stuff like that uh and we'll probably do the resources and to earn a profit while improving local communities so on pre-reo i presume most of you have already visited priyaryo.com you can browse our platform for discounted and distressed mortgages not secured by a vacant property or tenant occupied property uh you can bid on the directly through the platform and you know make an offer get a counter offer go back and forth until uh the buyer and seller you as the buyer and the seller the fund or whoever owns the mortgage agreed to a price uh to become on the mortgage holder interest on the property again you're bidding on the mortgage interest as opposed to the actual reo interest now here's the twist that is you i would say unique but is highly unusual is uh we suggest a strategy which includes appointing a receiver uh now a receiver is is uh appointed by a court and you can work with a law firm that we work with activists legal and they can work nation with uh through a network of attorneys nationwide to continue foreclosures as well as have receivers appointed and these receivers can be empowered by the court to do a couple things uh if the property is vacant they can take possession of the property repair the property and rent the property during the foreclosure process so that sometimes you know year or two years or three years where the property would either be otherwise be sitting vacant and often deteriorating and the mortgage holder would have to pay the taxes and the insurance and the other costs of holding that property now the property could be occupied by a tenant and the tenant could be paying rent each month which could then help offset the costs of the taxes the insurance and the other costs of holding while the foreclosure is completed plus it should keep the property in much better condition than if it were sitting there bacon uh and ultimately you earn a profit at the end of this uh you know ideally you make some money on the on the cash flow uh depending on the type of property sometimes that could be a positive cash flow or sometimes it could be a negative cash flow but it's still going to be better than getting nothing uh during the foreclosure processes which is what the vast majority of lenders do today uh ultimately uh the property is destined to become an reo in mo in almost every circumstance and at that point you can set the amount of the bid and you can uh in order for the property to either revert and come back and become owned by the lender and transfer to you or you can take a bid set the bid a little bit lower hoping that maybe a third party will um pay cash and uh and and pay you off at a profit at the at the foreclosure sale so again on the the the pre-reo partnership uh you know what's we recognize that many local investors need or want they don't want to put all their funds into one deal they oftentimes like to get financing and so many people vast majority of real estate investors will obtain mortgages on their rental properties now it's very difficult to get financing for a note so what we've done is however we are doing just that we are providing 75 of the acquisition cost of each of these mortgages and then you as a local investor contribute 25 there's a program fee how do we make money the sellers pay nothing to list the properties the sellers uh decide on the prices those listing prices are not the final prices that's basically an asking price you can bid less and sometimes they'll take it sometimes they won't uh and how we make money though is we charge a two thousand dollar uh program fee on each acquisition and that's paid by payable by you as the buyer uh and that is how we make money uh the if the seller lists a hundred properties and only ten sell that means we get two thousand dollars on the tenant that sell we don't make anything on the 90. uh we're trying to and we've had a huge influx of buyers uh recently and that has made it so uh across the country we are getting more and more activity which is helpful and the faster the sell at the fairest price at more reas at the reas the prices that the sellers interpret to be reasonable uh the more inventory they're going to give us and that you'll see on the platform uh the you know our pitch to the sellers is that hey this is going to take a year or two or three to foreclose on you know figure out what it's going to cost you to for taxes for insurance property preservation during all that period at the end you foreclose you're gonna have to pay a real estate broker you're gonna have to pay uh some closing costs and and to to get there you're gonna have to continue to pay legal fees so why not sell it as a note today take a discount we suggest a 25 discount so if it's worth 100 sell if they think it's going to sell as an reo for 100 sell it for 75 and the local investor can execute the pre-reo strategy including the receiver and they'll have to still pay those same costs taxes insurance and um and legal fees but now they're collecting rent and in the end you're getting if the end user is buying it you know a year or two early they're going to be the best buyer for this property when they get it they're going to eventually um you know keep it as part of the rental portfolio or they can sell to a third party home buyer whatever they feel is whatever their strategy includes every mortgage states require that mortgages are serviced by licensed servicers uh so i'm sitting at ahp servicing right now we've agreed to service all pre-reos for a flat fifty dollars per month uh the and the financing that we provide you can pay it off at any time or you can keep it as long as you need to until the reo until the reo is transferred to you or the reo sold to a third party but while the money's out there uh we charge a 12 percent on that money uh but again you can pay off the next day you can pay it off at any time and that 12 is on our 75 uh contribution give you an example just so you can see the numbers that work this is the condo in uh in in new jersey the uh price is uh the estimated value 399 the asking price 299 discount almost 100 grand program fee 2 thousand dollars if you were to buy this uh pre reo would would put up 224 thousand you would put up 74 000 and basically we get our 224 back plus a 12 return you get your 74 000 plus all the upside whatever upside there is you get it so if you double your money uh you get it if you lose all the money you know that's what you get there it's basically you're the equity position you you win or lose you're driving the bus in terms of uh the the um how much money this makes how much it sold for and whatnot uh the um closing on a note you know for those of you who have only bought real estate which is starting you know 10 years ago probably just when i or a little more is when i bought my first note and uh it's a lot simpler and almost uncomfortably simple when you buy real estate typically there's a closing agent it could be a title company could be an escrow company and all the money documents all go to the closing agent and then they uh they disperse and record the deed into the new owner's name uh with a note and again when i first was told to do this i thought that seems difficult you simply sign the documents and then you wire the money to the seller and then the seller within a reasonable period of time is going to um i mean at that point you own the mortgage and then the seller uh in this case if you were to pay it off then the seller's going to assign the mortgage to you and when i say pay it off pay off our financing so if you bought a note without any finan ing you wire the funds to the seller the seller signs an assignment and a uh a launch which is basically an assignment of the note and the assignment is for the mortgage order trust they sign those to you and it's done so there's no third there's rarely is there an escrow or title company or any other third party in the middle it's just you working with a seller the pre-reo we are the ones facing the sellers there's many a time these are these are wall street hedge funds who are selling hundreds of properties at a time and we've gone to them and with the pre-reo concept and said hey we'd like you to consider this and they're saying okay well we'll do it but we're not many of them have to do kyc they have to do know your customer uh on each uh party that they do business with so they said we're not gonna do kyc on a hundred uh buyers each buying you know one or two notes uh so we said okay we'll be the buyer uh and then we are going to sell participation interests in each of the uh the notes so for your 25 you get a participation interest in the note you also get delegated authority to um to choose you know does the foreclosure proceed who the receiver is uh you know what how much work is done to the property those things are things that you as a local investor uh choose and and then we remain as the buyer facing the hedge fund so they're only selling to one person and then we sell participation interest and let's say it's 100 mortgages to each of the each of you to the local investors at the closing so in this case you simply sign a contract pay the 25 participation pay the two thousand dollar program fee and then you have control over that mortgage and again you can buy our interest at any time by paying off the 75 percent it can be as soon as one day after the closing and after that point you would completely own the mortgage outright now when the when when i say that we're buying it we actually put the loans in a trust the trustee is u.s bank and uh and then we give you a participation agreement and the reason we use u.s bank or the reason we use a trust at all is because many states require that the mortgage holders and mortgages actually have licenses uh and so even if you own a handful of mortgages you still have to get a license so an exception is made when the loan is held in a trust and the trustee is a national bank so hence we hold them in american homeowner preservation trust and the trustee is u.s bank uh we also we have a a law firm that that works on these uh activist legal they work nationwide uh and they can again complete foreclosures and they can also facilitate receiverships so here's a partnership example uh on this one to acquire the note uh local investor puts up twenty five thousand we would put up seventy five thousand uh the there may be work to be done to the property in this case we're estimating twenty five thousand dollars in rehab work you'd also pay the program fee and over the course of the period of one year you would pay a nine thousand dollars uh to priario on our twelve percent uh now have let's look at how much you would earn if this was purchased for a hundred thirty three thousand i'm sorry the estimated value at the time of the purchase was 133 and you bought that note for a hundred thousand and the eventual sale of the property was 175 then look how it works out uh the 175 you get back the 100 000 cost of the note uh you've incurred the other costs of 36 000 which is the rehab the program fee legal fees the nine thousand dollars uh paid on the twelve percent to pre reo and uh so that's another thirty six thousand but you did receive nine thousand dollars in rental income in this example figuring it was held for a year but it took three months to get the receiver uh appointed and get a tenant into the property they were in place for on nine months they paid a thousand dollars a month and so you picked up nine thousand dollars so you would make on the transaction forty eight thousand pre reo would get our two thousand dollar program fee plus nine thousand dollars the uh twelve percent on our fifteen on our on our uh seventy five percent we'd make eleven thousand dollars so that's how the deal uh this proposed deal would work and these numbers are fairly typical uh in terms of you're buying it at a 25 discount 25 discount off reo price once it's reo or actually during the receivership you can add some value by doing uh repairs to the property featured pre-reos uh you know there's a lot of inventory uh and it's across the country uh and you know all different prices again our guidance to sellers is that look at what this would sell for as an reo and take set 25 off and that's what you should offer it as a pre reo now you may look at some of the prices and say god that sounds high that sounds low whatever it is they're usually making their decisions based on a a bpo which is a local agent's uh opinion of value and they can often be high they can be low with the market like it is right now all the prices seem to be rising across the country uh so in some cases you may see it as low the lender may be thinking well we have a bpo from two months ago that's you know at a hundred thousand dollars you may be looking at the property saying this is worth 125 easy uh so if that's the case um you know you definitely want to price appropriately because in theory others will be looking at it um and making uh making similar deals so you making similar offers so bid high bid low but whatever number you think is appropriate the listing price i think is simply a guide but it does give you a guide if they're asking 217 and you're thinking it's worth 100 you can make that bid but you know likelihood it's going to take them a while to feel comfortable with that number and that's if nothing else uh comes in and they may just simply choose not to sell boot camp a couple weeks ago we did a uh a boot camp we had a a a lot of questions on the program there's there's uh a lot of different components to it and we recorded everything so now it's available to you it's 99 uh but it's we're not trying to make money on a course what we've done is uh the course is available you can go through i believe it's about seven ish hours worth of uh training uh and you get the 99 back multi-fold uh the first pre-are you you buy you get 99 credit uh the or your next one if you've already bought one uh we also give you two months of of servicing fees for free so you get 100 back that way uh activist legal will give you 50 off one hour of legal services that's 112 bucks i'll give you a book i wrote called burn zones which is right here if you also want to see it it's on amazon um let's see if you can see it there it is uh if you want to read it it's on amazon but we'll send you a copy free of you you buy the bootcamp we also have weekly meetups uh for for buyers uh which have been actually fairly informative we've been getting good feedback and i think some of the uh participants have been getting good feedback and if you spend the 99 dollars and it's not helpful you can request your money back uh anytime within 30 days and we'll give it you back no questions asked that's all all available at learnpreo.com one point uh i want to point out is the receiver some of you may be thinking that oh a receiver i've heard of receivers they're expensive and the traditional receiver is appointed on a hotel or a apartment building it's off an attorney or someone who charges like an attorney you know hundreds of dollars an hour and i hundred percent agree that traditional receiver would typically be ineffective on a or cost ineffective on a pre-reo so what we suggest is that you can use a local real estate agent a local property manager uh maybe someone you already have a relationship with and they can be the receiver and they can charge like a real estate agent which would typically be a property management fee of maybe five to ten percent of the rent collected you know the if it's higher rent then maybe they're down at five percent if it's lower rent maybe it's ten percent and then when the property goes real they'd be looking for the listing that's i think the biggest driver why agents are interested in doing this is they're going to get listings on some of these now they realize that some investors are simply going to be buying into their rental portfolios and on those they may not get a um a commission but as long as they're getting commissions on some they all seem to be okay as this is a been a good business development tool for them uh so that is how we work uh and again any questions uh i will um i can answer and i see already we have one which is will a will priario find a receiver for the investor and the answer is yes uh we have a network of real estate agents who have uh registered to be receivers as well as you know agents are hoping to get listings in in in almost all the cases uh but yes we can help match you up with a receiver uh and i'll i'll answer another uh question because this there's been some discussion there's a lot of investors let's say california and a lot of these there's only a few priarios that we've had in california and that's partially because california is a fast foreclosure state uh the um it usually takes six months to foreclose now today with covet uh there's lots of holds on those foreclosures so in many cases uh sometimes they can't move fast or at all and that's not just california that's across the country so in some even traditionally fast foreclosure states uh these um the lenders are still willing to list them as uh as priario on the uh and but think about judicial foreclosure states and the difference is in a um a judicial foreclosure goes to the court system and often just takes a long time and when i say a long time typically a year uh in some states it's in new york it can easily be three years and uh and that's sometimes even if no one's fighting the foreclosure these are vacants so the homeowners we don't anticipate they're going to be fighting the foreclosures just to go through the system uncontested it's often taking a year or more now add covet to the mix and these things are um you know most many lenders or especially government bank loans are not being foreclosed on at all and as a result the um and the lots of the courts are either um there's foreclosure moratoriums and the courts are partially uh operating or closed in some cases to different types of hearings so things are moving very very slowly uh and so some lenders are with this unpredictability of well how soon am i actually going to be able to uh come to a conclusion on this investment it does make it more attractive to sell as a pre-reo and exit now for you as the local investor uh you may not know you know with cobit and the different assorted delays if this is going to take six months a year two years three years more to to get to the point where you have a deed to the property but the advantage you have is during that term you can actually be collecting rent from the property and that is a huge advantage and something where time becomes important but not as important and uh and the extra six months if you're earning positive cash flow or an extra year is not going to be uh as painful whereas for a lender you know an extra year can be very very painful uh so okay that was so that was from jackie kinder uh will priario find a local receiver for the investor the answer is yes uh from ranjit uh will there be recording lists of this webinar the answer is yes uh at the conclusion of this uh within about an hour there'll be an email uh sent to everyone who registered for the webinar and that will include a recording of uh today's session uh from sabor i'm a realtor how do i become a receiver contact us i believe there's a page on priario.com i think there's a page for agents and you can register to become a receiver and basically when in pre-ario someone buys a pre-reo in their in your area you know your zip code's going to match and then we'll reach out to you and say hey we have a a potential um client who has a pre-ario they need your services as a receiver and that's from sabor uh the there you go it's pre-reo dot com backslash agent backslash uh thanks cynthia uh the other point i want to i want to share is um when i start talking about california we have a lot of interest from california investors and saying hey there's not much inventory out here and that's true and what we're doing and what some lenders are doing and we're doing through this process right now is trying to create what we're calling turnkey pre-reos so basically we're getting the a receiver appointed we're getting the property uh repairs done and we're getting the property rented and then they're offering it for sale that hasn't happened but that's in motion i'd expect that in the early part of the year so if you're looking on there right now there's nothing in your area then next year i think by buying what we're calling a turnkey pre-reo you will it will be much easier for investors to invest maybe out of state or in different areas that aren't necessarily local to them now lenders are looking to do these when there's limited work let's say paint carpet a few minor repairs spending a few thousand dollars and that's all it needs so maybe the homeowner left there's no there's no significant damage to the property now they're simply going in there getting it rent ready and uh through the through uh a receiver and then you're turn you're going into a an existing income stream and it becomes a lot more predictable uh so that that's to come now the discounts are definitely gonna be greater on the the ones that are offered right now and will continue to be offered because the ones that need um need you as a local investor to do the um to work with the receiver to get get them appointed and do the repairs and rent the property but just let you know for some of those some of you out there who may be saying hey this is uh looks like a lot of work it is worked and uh to do it out of state is if you don't have uh contacts in a certain area i think it would be difficult um it's kind of removing that local advantage but with the pre with the turkey priorities i think it becomes something where people can buy out of state and and be very successful with it uh okay from uh tina can you please repeat the website again to becoming a receiver uh pre reo.com backslash agent backslash uh if you go to prearu.com and simply look at uh look at the agent i think there's an agent uh button either in the header or the footer uh from jackie what is the difference in procedures between the pre-reo and reo properties in the portal good question uh the pre-reos are simply um you could you bid the same on on each uh the two thousand dollar fee is only on the pre-reos the reos are simply offered there both are both ones that uh are owned by hp and and hp servicing clients and other third parties uh and when you bid on those there is no two thousand dollar fee uh the um so that's probably the only real difference uh other than that the bidding um and the process is very very similar obviously on an reo you buy it you're doing a traditional closing and you're getting a d to the property at the closing just like any other reo okay let me see on a okay that is so far the questions uh if there's any more this is your last chance if you think about the question as soon as we end the the webinar feel free to reach out 800-555-1055 or email info preario.com there is another question do you work with local insurance brokers for property insurance coverage that's a good question uh so we when it's a note uh and you don't own the property uh you can typically only get first order insurance which protects the mortgage you know the uh the mortgage holder's interest which is you know will be your interest uh so there's four shorter insurance that is available uh and then the receipt but the receiver once the receiver gets in uh they do have the ability to put on traditional insurance just like as if they were the owner of the property so think about this uh the forced order insurance has uh less coverage than a normal landlord or homeowners policy and it's more expensive the once the receiver gets in though they can get traditional overage that'll be cheaper with more coverage so to protect your interest uh definitely consider first order insurance which we can offer which hp servicing can offer services all have it and they can put it in place and then once it once the receiver's appointed though you can cut that bill and um by having the receiver get the insurance and getting a traditional policy the good news about the forced order is you can or first place insurance is it they'll just charge you for the days that the insurance that the um loan is covered by their insurance so if it's we have a master policy a property can be added today and then taken off in 45 days when a receiver is appointed so thanks for asking the question uh that was from gwendolyn okay now there's a lot more questions okay from sabor uh do you have commercial properties we have had some commercial properties listed not very many the vast majority are residential but occasionally uh you'll see a commercial property uh from tony i have a question i noticed a property for sale that is okay uh this is okay from tony i have a question i noticed a property for sale that has bullet holes in the door fire damage water damage 11k tax lien and i know the property is not worth what the bank is asking okay that's unfortunately not untypical uh should i offer low and see what happens yes uh should i make an offer and keep talking to them to see if they buy yes uh and i'd almost put a comment so when you make the offer you can also it says i think message the seller i definitely relay any information that you have even if you have photos they may have a photo but you know a lot of times it's an agent taking a photo from the street it may not be as detailed as the bullet holes that you're seeing and bullet holes inherently don't necessarily uh reduce the value of the property but if there's water damage fire damage they may not be aware that and so you definitely want to share that and that should hopefully get them to reduce their price and um and get something that that makes sense to you your comment on the tax lien so these when you buy a mortgage there may be delinquent taxes when you buy an reo typically at closing delinquent taxes are caught up on a mortgage not necessarily so with there's typically low uh title reports put on the um on the site typically not always and you definitely want to take a look in identify delinquent taxes because sellers will frequently uh discount the note 100 by 100 of the delinquent taxes so for instance if there's eleven thousand dollars in delinquent taxes in tony's example and they were asking thirty thousand dollars then in most cases they'd be willing to uh reduce their thirty thousand dollars to nineteen thousand dollars ideally they may say we'll split it um but that's you know all subject to negotiation in most cases they'll do 100 of the taxes uh okay tony's question continues uh some banks are asking high prices from what i've seen compared to other deals yeah that that's i mean lots of times the banks are um relying on you know they're in some different state you know new york chicago l.a san francisco there are you know sitting behind a desk and looking at a bpo you know the prop the local market better uh than they do so if you have if you want to make an offer that that uh that you think is is fair then do so and justify it and you know go back and forth and and see what happens i will say most banks right now are aware that the market's very hot so even kind of things that we're selling for 100 grand a year ago or maybe selling for 110 or 120 uh they may not be paying attention to it but it is something um that if you make a fair offer i think uh that is truly fair it's not like okay it was worth 100 last year now it's worth you know 30 um because of these issues maybe that's the case but that shouldn't be very common issue it should be like hey it was worth 100 a year ago there's probably some appreciation but there's you know now some there's a fire you know that could be a severe damage if it's simply you know modest uh deterioration you know it they'll recognize that and be willing to credit discount it for that but um be fair and i think you'll get some good um uh there's some good opportunities to get some good deals uh from sabor are they free of lands good question not always uh they should be this should be a first mortgage uh that you're buying an interest in and that first mortgage uh typically there's title insurance which shows that it was in uh that is in first position uh the and that title insurance you know people ask well the seller already has title insurance but what about me do i have to buy title insurance the answer is no uh title insurance uh just so you know uh once it's purchased the loan could change hands a hundred times every subsequent holder that loan is covered by that original title policy uh until the loan is paid off or goes reo or something like that but all up and through that the life of that loan on that policy is going to cover everyone who owns it uh but to support question it doesn't mean there aren't liens that come up later uh you know property taxes is most common because that's typically superior to the mortgage uh there could be judgments second mortgages but that's typically behind the first mortgage and so if you were to foreclose all that stuff gets generally gets wiped out so they're not no one's gonna give credit for that but there could be things like a municipal lien let's say the city did a couple of grass cuts or or something else in the property that could be a put out lien and many times those liens are superior to the mortgage so even if you complete the mortgage you still have to pay off those types of lands uh tony thanks uh uh i'm glad it was helpful from gwendolyn uh can we present potential properties for your company for no purchase uh you can list properties on this the pre-aria site so we do uh welcome sellers so if you're currently a note um owner and you want to offer it through priario by all means reach out to us and uh and we'd love to add you to our um our form of sellers uh from support explain teaming up with your company so teaming up so partnering uh basically we're putting up 75 of the money it's being we're holding in our trust that we've established giving your participation interest but you then are basically running the um the show in terms of uh helping identify a receiver if you want one or working with one that we can introduce you to uh working with a lot will quarterbacking um the uh appointment of the receiver uh the the uh the um completion of the foreclosure now we as a servicer and the law firm they'll all be there to kind of guide you along the way but you're making decisions in terms of how much should this bid be at the foreclosure sale you know questions like that uh working with the receiver in terms of hey you know do we do um you know how much work do we do to this property there's x you know ready work there's also maybe you know rent ready um enhanced you know what whatever uh is uh is appropriate those questions would be uh answered by you now on that you know these receiver ships they allow um they can receivers can be appointed to preserve and maintain the property which would be making a property rent ready and putting entertainment so that that falls into that unfortunately for some of you because we have this question is you can't do significant improvements on during the receivership the receiver isn't there to change the countertops into you know some high-end countertops it's simply you could put a new countertop on there but it needs to be comparable so keep that in mind you can't do big upgrades you can't add a bathroom count out of bedroom uh you need to do just work that's necessary to get the property um habitable and and rent ready while it's a pre reo and and still in foreclosure once the foreclosure is completed and it goes reo if it ends up back in your control you can do whatever you want with it at that point but during the foreclosure uh we can do do what's needed to preserve and maintain the property which is uh basic rent ready uh from sarah i got the pre-reo that has two years past due taxes uh the yeah so if there's two years past new taxes uh that's something you can credit off the purchase price uh when you buy it uh so um reach let the seller know when you're making the offer and they can um you know consider giving credit for all of it or half of it or whatever is appropriate what is a receiver uh so receiver is this is from richard receiver is a um who is a receiver i'll say is it could be a real estate agent property manager any other real estate professional is typical even a contractor sometimes and the receiver is um appointed by the court and they're typically appointed on apartment buildings on hotels on properties such as that and on those they're they're put in the into the um into the receivership role to preserve the property and collect any rent so you know on a hotel they may actually take control of the operations of the hotel and collect the and run the hotel and collect the rents in a uh on a multi-family property they're gonna probably put in a management company and the management companies collect the rents and instead of those rents going to the owner of the property now they're going to the receiver who uh then can make sure all the property taxes utilities everything that needs to be paid is paid and to the extent there's access it can go back to the uh to the lender uh and and and go towards there any delinquency that they have so a receiver is a is a neutral third party has to be a person can't be a company can't be a pre-aria investor's spouse or brother it could be a real estate agent or property manager that you have a relationship with uh but can't be you know directly related okay on that i think that's the uh i hi i didn't miss any questions hopefully i didn't if i did then reach out and we will try and answer them i'm glad they were a bunch of questions i'm glad we will get all the answers and uh we hope you join us in in buying pre-arios and uh and and learning more as you find one you know it's it's i always find that it's easiest to learn by doing so as you find one that's um that's appealing to you make an offer go back and forth uh you know once you get it now you're you know you're you're uh executing uh the theories that we're sharing here which is you to simply um have a receiver appointed and uh getting the property rent ready renting it collecting those rents the rents go to the receiver then they go to the service or into the extent there's access comes back to you and uh and then eventually foreclosure sale you can uh help set the bid and then at the end of that uh property goes reo then you can direct it and sold to a third party so to you so you have control over these major decisions throughout the process uh in order to kind of control the destiny and the outcome as best as you can uh so that's it uh we are here to help you we're uh this is a program that we're trying to expand dramatically in this era we think there's gonna be massive foreclosures in the next uh in the coming couple years and uh we think priyara is a great alternative for sellers and a great opportunity for buyers so we hope you join us and we thank you for attending the session today again reach out with any questions and uh we look forward to seeing you again soon everyone have a great day thanks a lot