Published on November 23, 2008
Week 2: Understanding “Title” The 8 – Week Roadmap to Launching into Notes 1
Housekeeping • Phone and VoIP for audio • You’re muted now, so feel free to make noise • Raise hand a d Ques o s a se a d and Questions • Questions? Try the Question box • If you’re using phone only, type “11” and that will raise your hand 2
Agenda Following the Roadmap Step by Step: Step-by-Step: • How to Determine the Value of a Property: Homework Assignment Review • Understanding title U d t di titl work k • Reviewing title on a sample property 3
1st: Review of Determining “Value” • Spreadsheet Review – What do all the columns mean? • Values – let’s compare what we found (homework) let s (don’t forget Google!) 4
2nd: An Introduction to Title • What is “title”? (from Wikipedia) title ? • Title is a legal term for a bundle of rights in a piece of property in hi h i which a party may own either a l t ith legal i t l interest or an equitable t it bl interest • The i ht i th b dl Th rights in the bundle may b separated and h ld b be t d d held by different parties. It may also refer to a formal document that serves as evidence of ownership. Conveyance of the y document may be required in order to transfer ownership in the property to another person. • Title is distinct from possession, a right that often accompanies ownership but is not necessarily sufficient to prove it. In many cases, cases both possession and title may be transferred independently of each other. 5
2nd: An Introduction to Title • How do you review “title”? • Title Titl companies / title reports i titl t • Title searches yourself (in person and online) 6
3rd: An Introduction to Title Tools • www.realquest.com Transaction history (subscription) • www netronline com www.netronline.com Title searches (free) • www.accurint.com / www.microbilt.com BK and lien searches (subscription) • www.courthousedirect.com Title searches (subscription-TX and CA only) • Let’s get familiar with each of these – they all have their strengths 7
4th: An example of a title report If you can’t visit the county recorder s office, you need to can t recorder’s office order a title report yourself • Cost ~$50-150 per report • Many sources – most title companies (“prelim”) or title review companies (e.g. www.mysourcedocs.com) 8
5th: R i i an actual Title Report Reviewing t l Titl R t Miami Beach 4-plex we bid on: To look for: 1. Taxes – what years, and how much? y 2. Mortgages – how many and how much? 3. Mortgages – who owns them? 4. Other liens & judgments – how many and how much? 9
B k Bankruptcy t Pacer – useful review – subscription basis, but very p , y cheap ($0.08 / page) 10
Wrapping Up • 2d down – 6 t go …. to • Complete that Checklist • Complete your Assignments • Pat yourself on the back: master these basic steps and you’ve just created a “virtual” valuation process • You are 1/4th of the way to launching your Note Buying Business! B i B i ! 11
Next PAC Session – Negotiating w/Banks December 3: Negotiating with the Bank – the Bid Process Future PAC Sessions: F t S i December 17: Week 4 – Closing on a Note g January 7: Week 5 – The 5 Exits & Foreclosure 12
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