George and Rebecca Roddy sit down to give you local real estate investing resources to assist and enhance your biz! Read more →
George and Rebecca Roddy sit down to give you local real estate investing resources to assist and enhance your biz! Read more →
George and Rebecca Roddy (siblings) share with you want is “on tap” in the Texas real estate investing world. Tip Read more →
Week 16 of 2012 – George Roddy, Jr and Rebecca Roddy provide real estate investing tips, upcoming events and a Read more →
Welcome to this week’s Roddy Real Estate Investing show. For more information go to www.roddy.com (register for a live or Read more →
Welcome to this week’s edition of the Roddy Real Estate Investing Show (week 13). George Roddy, Jr. and Rebecca Roddy (George’s younger sister and Lead Queen) talk about what’s coming up in the D/FW real estate world. Each week our show will provide you with one or multiple items of the following:
Tip of the week, upcoming events, vendor spotlight, Roddy recommended reading and trivia question (win FREE stuff) Read more →
www.Roddy.com & http This week on the Roddy Real Estate Investing show, George and Rebecca talk about: 2/28 at 1:00pm Read more →
www.Roddy.com & http This week on the Roddy Real Estate Investing show, George and Rebecca talk about: We got out Read more →
www.Roddy.com & http This week on the Roddy Real Estate Investing show, George and Rebecca talk about: Foreclosure Auction – Read more →
www.Roddy.com. This is Week 4 of 2012. George Roddy, Jr and Rebecca Roddy share their weekly outlook on what’s going Read more →
www.Roddy.com. This is Week 3 of 2012. George Roddy, Jr and Rebecca Roddy share their weekly outlook on what’s going Read more →
www.Roddy.com. George walks and talks (yes, he can do both) about one of his latest investment coaching student projects. This Read more →
Go to www.Roddy.com – Week 2 of 52 – 2012 newsletter. Again, click on link to get the link to Read more →
George Roddy, Jr want to wish you a Happy New Year. Here are FIVE things to think about. Go to Read more →
Here is the skinny on this property we just got under contract. If you don’t want it, I’ll buy it. Read more →
Hey everyone, Well its almost Christmas (week 51). A couple of things: 1. Register for the upcoming REIexpo by Xmas Read more →
Artile by by Evan Bedard on LoanSafe.org with commentary from George Roddy, Jr with Roddy Real Estate Investing Academy.
Foreclosure prevention scams have been flourishing the country for years now as homeowners search desperately for ways to avoid foreclosure. While there are some legitimate services out there, many just prey on borrowers facing foreclosure and typically charge a fee anywhere from $1,500 to $4,000 for a service that is never performed.
A perfect example of one of these predators is Frederic Alan Gladle from Austin, Texas who ran a foreclosure prevention company out of Los Angeles. Gladle falsely promised more than a thousand homeowners he could prolong a foreclosure sale for up to six months in exchange for a fee. Up until his arrest this October, Gladle along with several associates ran this four year scam that netted over one and a half million dollars from distressed homeowners around the nation.
According to the indictment, Gladle would charge homeowners a fee of about $750 per month to extend foreclosure proceedings. He would later have his clients sign a deed granting 1/100th interest in the home to an unknowing individual undergoing bankruptcy. These borrowers had no idea that Mr. Gladle and his associates used their bankruptcy petition to help his clients avoid foreclosure.
Due to the fact that filing bankruptcy leads to an automatic stay, Gladle’s clients were temporarily protected because the servicer of the mortgage is required to go to court in order to collect on the debt. Once his clients wanted out of the 1/100th deeds, he would simply forge the debtors signature which whom is undergoing bankruptcy to void the deed.
“Mr. Gladle defrauded victims trying to save their homes, further exploited those in debt by stealing their identities, and wreaked havoc on both banks and the Bankruptcy Courts by manipulating the system. This is the latest example of heartless criminal activity by an individual who sought to capitalize on the misfortune of those affected by hard economic times,” said Steven Martinez, Assistant Director in Charge of the FBI’s Los Angeles Field Office.
As part of his plea bargain, Gladle said that he will plead guilty to 1 count of aggravated identity theft and 1 count of bankruptcy fraud. He now faces a maximum sentence of up to 5 years for bankruptcy fraud, and a minimum sentence of two years for aggravated identity theft.
George Roddy’s take: Like the article states, there are sheep and then there are wolves in sheep clothing. We deal with the owners and their emotional state every day in this business. Once the person is posted for an upcoming Texas Foreclosure auctions, there are really only 5 options to choose from.
1. Try to work with their current lender (hard to do, because the lender is pretty upset with the borrower).
2. Work to refinance with another lender (impossible unless your dealing with a private lender)
3. Declare bankruptcy (unfortunately, 60% of people who do this, STILL LOSE THEIR homes)
4. Sell their property (a lot of times, the owner doesn’t have enough equity).
5. Do nothing. (Here in Texas, 35% choose this option).
Here at Roddy Real Estate Investing Academy, we teach ethical and professional methods of real estate marketing and investing. Our sole purpose is to help people and create WIN-WIN transactions. To learn from us and avoid the courtroom or “state housing”, call us.
Go forth and prosper,
George Roddy, Jr. – founder
A: 4851 Keller Springs Rd Ste. 219
Addison, Texas 75001
Visit: Roddy Real Estate Investing Academy – Since 1963, we’ve helped people make money in Texas real estate. (Real Estate training and 1-on-1 Coaching)
Visit: Roddy Rentals – we offer Turn-Key residential rental properties for people who want an investment that delivers double-digit returns without the day-to-day headaches. (Investments)
Provided in part by Marilyn Lewis at MSN Money with commentary by George Roddy, Jr., Roddy Real Estate Investing Academy (www.Roddy.com).
Neighborhoods in the D/FW area are battling a plague of squatters who’ve taken over homes while owners are absent, even temporarily. They’ve occupied properties worth a total of $8 million, says the Star-Telegram.
In Tarrant County, Texas squatters are picking up tips from books and the Internet, says the Star-Telegram:
A few words come to mind by some: Shysters. Burglars. Thiefs.
Now, I know this may come as a surprise but some of these characters seizing homes under “adverse possession” have criminal records. Can you believe that???
Suspicions are that other squatters have conducted the same racket in other states, said (Clint C.) Burgess, the Mansfield constable. “When you come in and start enforcement, they just leave,” he said. Then they move to another state to run their scheme, he said.
Others are copycat squatters, who may learn the ropes through Internet videos or how-to books. Owners of affected homes and their neighbors are angry with the county for failing to “police the problem,” the paper says:
The schemes are hard to unravel because of a loophole in a state law that allows people to suddenly claim supposedly abandoned sections of property if no owner is on the spot to challenge such a claim. The law’s intent was to help ranchers and others who had tended vacant land for years, so they could eventually gain legal ownership of the property. That’s done by filing a document called an adverse possession affidavit with the county clerk.
Here is where the but occurs, the law doesn’t distinguish between a claim on a $27 section of sod and one on a $2.7 million mansion with an elevator, three master bedrooms, a five-car garage and a pond with fish in the back yard. File the proper paperwork, pay a $16 filing fee, keep up with the property taxes and live in the house three years or more, and even the courts may not be able to evict you. Only in Texas, my friends.
So what the heck is Adverse Possession, anyway?
Well, according to FindLaw, “Adverse possession laws allow people who move onto property and possess it in an open and obvious public manner to potentially acquire title, after a certain amount of time.”
1. How to buy Texas Foreclosure (morning session)
2. Texas Tax Liens – the Unknown Auction (afternoon session).
Bottom line, there will people that want to work the system. I see if on the courthouse steps, dealing with short-sided wholesalers and even with big financial institutions. Bottom line, 95% of the time, it doesn’t work out favorably for the get-rich-quick individuals. I don’t mind the creativity, but come on, this is Texas and you know what our slogan is “Don’t Mess with Texans, especially our houses“ !!!
Until next time, go forth and prosper!
George Roddy, Jr.
Roddy Real Estate Investing Academy (www.Roddy.com)
** article provided in part by Marilyn Lewis at MSN Money with commentary by George Roddy, Jr., Roddy Real Estate Investing Academy.
Provided by Roddy Real Estate Investing Academy
For years, I have been in the real estate investing business here in Texas. Every week, I talk to individuals that are eager to “make millions” in this business. Usually, one of the first thing they say on how they are going to accomplish this is they want to buy a FORECLOSURE.
From the onset, I look them in the eyes and ask one simple question, “What is your definition of a FORECLOSURE?”
Usually when they give me their definition, it is NOT what I consider to be the correct definition. See there are TWO types of foreclosures and if you don’t mind, I want to clearly define what these.
Let’s take a step back and I want all of you guys to understand ONE certainty. There are THREE ways/stages to buy real estate:
The first type of a foreclosure has to do with the BEFORE stage. This is what I view as buying from a homeowner during the period of time that the property has been scheduled for an upcoming courthouse (forced sale). I have bought hundreds of these type of FORECLOSURES. This is where I approach the owner and negotiate with them a win-win offer that puts cash in their pocket after they (owners/seller) deeds the property over to me or my buying entity.
Next is the AT an auction stage. For the last 18 years I have been attending these TUESDAY auctions and buying FORECLOSURES on the courthouse steps. Here is the last time a deal/property can be in the FORECLOSURE stage. As you might know, most of the properties (or rather the liens that are auctioned off) DO NOT get purchased by investors like myself but rather the owed-party (lender) opens up the bid and there no takers! This results in the bank (lender) taking the property back (aka: they now own the property, first the time by the way) and this is what I call an REO (bank owned property).
REO’s are not foreclosures, but rather a result of a foreclosure auction.
Every month in Texas, thousands of properties are taken back (purchased) by the bank and these properties will eventually be sold to individuals, hedge funds and/or investors. What I have found through my years is that BANKS are usually NOT as motivated as individual sellers. I always use this analogy, “if you have a vault full of cheap money, how motivated can you really be?” Yes, banks don’t WANT these properties but they aren’t willing to give them away either.
That being said, there are OPPORTUNITIES with REO properties and here is where I need your help….. I am going to have one of the larger D/FW REO brokers come speak at the Roddy Roundup event on Thursday, December 1st. I want all of you to attend this FREE event if you can, but even if you can’t, I want you to post any and every BURNING questions that you want me to ask this speaker. He represents ALL the big banks that want of off load these properties they have acquired from the FORECLOSURE (forced) auction. Now is your chance to pick the brain of “the guy” that handles these types of properties, locally.
In the section just below, please post any question you want me to ask the REO Rockstar broker and I will be sure to ask him what I feel are the best questions.
If you do this, I will do my best to RECORD this session and provide this to all of you that ASKED a question in this blog post (your question needs to be a good one though).
Thanks for reading and I hope this brought some clarity to the differences between Foreclosures and REO’s…..
Until next time, go forth and prosper,
Roddy Real Estate Investing Academy – Since 1963, we’ve helped people make money in Texas real estate.
Roddy Rentals – we offer Turn-Key residential rental properties for people who want an investment that delivers double-digit returns without the day-to-day headaches.
George Roddy, Jr, talk about the two topics that we will be presenting at the next FREE Roddy Roundup. Also, Read more →
George Roddy with Roddy Real Estate Investing Academy wants to Thank You! Also, tells you about this month’s featured presentation.