5-2-2017 Real Estate Investment group’s Notes
Key concepts to note
- Financial freedom vs. Financial significance
- Maintaining an investment portfolio
- Differentiating good and bad debt
- Statutes of foreclosure
- Delinquent mortgages vs. taxes
- Sources of financing
Speakers at this week’s meeting included:
– Mary Richardson, Real Estate Investor
-Jerald Gary, president and chief investment officer of Community Capital Investment LLC.
Each speaker revealed a few do’s and don’ts of investments as well as their tactics in acquiring property. Gary and Richardson shared advice in how to build wealth through investing back into the community, themselves and their property.
Facts from the speakers:
It takes 2.5 years to attain a tax deed.
Warranty deeds include the “who and what” on a document.
Three tax sales include: Annual tax sales, Scavenger tax sales and Forfeiture tax sales.
- Annual tax sale: held every year
- Scavenger tax sale: selling a pin number (all properties have one) that has been delinquent for two or more years.
- Forfeiture tax sale: an over the table transaction coming from a foreclosed property.
- Redemption Period: gives owner 2.5 years to do their part before a prospective party can take claim on their property.
Statutes of foreclosures are public information.
In cook county 300 properties go to auction per week.
- Alternative investments: is a non-traditional method that is inclusive of anything that is not publically traded i.e. stocks, bonds, etc.
- Hedge funds: are high-risk private equity funds.
- Crowdfunds: allow people to invest in large groups. If a person cannot purchase property for themselves, this fund permits them to have a platform that facilitates trade and invest as a collective. A small-scale example of a fund of this nature would be the “Go Fund Me” route.
Useful title search website: www.cookrecorder.com
This search will be comprised of properties from 1985 up until two weeks ago.
Keep in mind
In order to have a massive and progressive impact in terms of investing you must:
- Have the passion
- Make sure to make a decision
- Make the commitment
- Move forward and execute