Lecture Notes: Real Estate Investing with Logan Fulmer

Introduction

• Presenter: Logan Fulmer, experienced real estate investor
• Host: Jack Boss
• Podcast: The Jack Boss Show
• Key focus: Distressed properties and title issues

Logan Fulmer's Background

• Over 10 years in real estate
• Specializes in distressed properties
• Team of 20 people
• Deals with $30-$40 million worth of real estate annually
• Family: Husband and father of four
• Transitioned from fix and flip to land deals

Distressed Properties

• Definition: Properties with title issues that prevent traditional sale
• Common issues:
  • Multiple owners
  • Missing or feuding owners
  • Judgments and liens
  • Breaks in the title chain
  • Unresolved estates
• Opportunities: Often overlooked by investors looking for easy, fast, and lucrative deals

Strategies for Distressed Properties

• Finding Deals:

  • Look for properties with delinquent taxes
  • Utilize excess proceeds strategy in tax deed states
  • Buy shares of properties, even if some shares have unresolved issues

• Handling Difficult Owners:

  • Pay them off if equity allows
  • Use equitable reimbursement to negotiate
  • Offer to sell at market and split profits
  • Partition lawsuits to force sale

Partition Lawsuits

• Purpose: Allow access to equity for all owners
• Process: Can be used if you own even a small percentage of the property
• Cost: $10,000 - $20,000, taking 6-12 months

Legal Considerations

• Monthly legal expenses: $50,000
• Litigation: Active in 30-40 lawsuits
• Team: Includes in-house and specialized attorneys

Key Skills for Distressed Property Investment

• Rational thinking and logic
• Negotiation skills
• Risk tolerance

Educational Opportunities

• Online courses on title defects
• Annual 500-seat event covering business model
• Limited coaching sessions

Conclusion

• Distressed properties require extra steps but offer lucrative opportunities
• Knowledge and experience in solving title issues can turn problems into profits
• Partnerships with knowledgeable attorneys are crucial

Closing Remarks

• Importance of understanding state-specific laws for tax and title issues
• Encouragement to explore educational resources and build expertise

Note: The podcast episode emphasizes the importance of understanding and navigating complex real estate transactions, particularly focusing on distressed properties and title issues.