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Show Summary
In this conversation, Dylan Silver and Shanese “Neesy” Green discuss the accessibility of real estate, particularly in the context of foreclosure strategies. Shanese shares her personal experiences with foreclosure and how she navigated the process, emphasizing the importance of equity and the potential for investors to create win-win situations for homeowners. The discussion highlights the need for collaboration between homeowners and investors, as well as the importance of financial literacy and community support in real estate.
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Investor Fuel Show Transcript:
Dylan Silver (00:00)
on?Shanese “Neesy” Green (00:00)
If youdon’t have the equity, does not work. Point blank, that’s the catch here. So in my case, I have been in the property for 18 years. I had never refinanced it. So what we owed on it was so minimal in comparison to the value of the home. So this is really for that middle-class person that bought their house a long time ago. They’re being, you know, laid off from work or they’re experiencing a financial hardship and they know they’re more than likely
going to have to downsize because they don’t have future income that would support their current lifestyle. But what this does for them is it gives them an avenue to one, not have a foreclosure and to not have to get out of their house within 10 to 30 days.
Dylan Silver (00:43)
Yeah.welcome back to the show. Today’s guest, Shanese Green, is in the foreclosure space and is passionate about keeping the housed housed. Shanese, welcome to the show.
Shanese “Neesy” Green (02:31)
Thank you.It is an honor to be here to talk about something I’m so passionate about. Which that’s odd,
Dylan Silver (02:40)
Hey, I always like to start off at the top, Shanese by asking guests how they got into the real estate space, in your case, the foreclosure space.Shanese “Neesy” Green (02:49)
Yeah, soI am a banker by trade and I am proud to be an end user of solutions that helped me when I faced income loss, health issues, ⁓ major life event, becoming a divorcee, and I was unable to make my mortgage payment. So as a kid, I always wanted to manage money. By the age of four, I knew that this is what I wanted to do when I grew up. And as my life path,
I became a banker. So by trade, I’m a bit of a real estate guru. So going into foreclosure was an active decision because of my circumstance. And I was able to navigate it more as a property manager rather than a victim of my circumstances. This allowed me to really utilize my skillsets, my resources. And as a result, I was able to come through the process. And in our conversation, I hope I get a chance to really salute this community.
Dylan Silver (03:45)
Mm-hmm.Hey, this is an interesting one because you talk about all sides of the deal. You’ve experienced pressures of bills, of potentially facing these issues, and then you went on to work in this space. If I can, what was it like getting involved yourself? Because you were facing, it sounds like, of housing and of…
Bills, were you at that point in time involved in real estate when you were going through that yourself?
Shanese “Neesy” Green (04:20)
You know, I had twolife altering experiences real estate wise. The first was when I was in college. ⁓ I was going to be married. My fiance called the wedding off because we had nowhere to live. He had a family member that would have to go live with his mom because of foreclosure. So I decided like early in my 20s, I would never lose my house and then went into banking. And so I understood how to keep people from losing property, whether it was a church whose loan was called or a business that was getting ready to lose all their
assets. So when I started to have health declines, I literally knew exactly what the process was. And, you know, it’s kind of like those who can’t coach, I couldn’t pay the bills. So I coached my husband through what it would look like.
I had him get on the phone with me and talk to the bank every six weeks to determine where we are. We took advantage of modification programs. And the best part of all, which gave me some oomph and some confidence was early on in around 2021,
The North Carolina Housing Fund paid $38,000 towards my mortgage through COVID funds I do not have to pay back.
Dylan Silver (06:18)
That’ll do it.Shanese “Neesy” Green (06:22)
That’s when the confidence really came like, wait, no, this is doable and you need to go through this so you can help other people.Dylan Silver (06:22)
That’ll do it. So you’re.So when you went through it yourself, you were able to climb out of a difficult situation. Did you then start looking at things like foreclosure auctions, pre-foreclosure reports, or folks reaching out to you when they were facing potentially imminent loss of their home? How did you get more involved in the foreclosure world?
Shanese “Neesy” Green (06:50)
Sohaving this passion, having this knowledge, what really got me was the amount of equity that I had, which I knew made me a unique case. So I knew that there would be an investor somewhere that would be willing to make a deal with me very quickly. And so some of, you know, when people talk about money is attracted to desire, well, I desire to keep my house. So there were like two or three times the bank just canceled the loan and said that, cancel the sale because they were doing like these audits.
But then it came down to okay now we’re going to auction and I just happen to be in hospital the day of the auction but in North Carolina we have what’s called a 10-day redemption and upset bid period. Takes me three days in the banking world to close the deal. I just happen to call the right investor and this is where I feel like our investment industry is not getting enough praise for what they are doing.
I said, my name is Shanese, I’m a banker by trade, so I’m going to tell you where we are with this and I’ll use terms I know you understand. I always give a backstory. I want to stay in my house for 12 months with first threat of refusal to buy it back. Can you do that? He said, yes, and how much equity do you want? And you don’t have to pay rent for 12 months. And this is for, and he gave my address. And so that’s how proficient the investors are right now.
And I asked them, I said, what makes you let me stay in my house 12 months? The most I’ve heard is 30 days. He said, a year ago, we started looking at the economy and we realized that this wasn’t sufficient time for the owner.
Dylan Silver (08:20)
Yeah.Shanese “Neesy” Green (08:31)
He said the first right of refusal to buy it back, he said, that’s new, but we can just write that up in your closing documents. And they gave me the price of the home today. They did not tell me I would need to get an appraisal in 12 months, so that was even better.Dylan Silver (08:49)
So I want to get granular on this strategy. Correct me where I’m wrong. So foreclosure happens. Investor comes and buys it. You reach out to the investor and you say exactly what you said. 12 months, you know, stay in the home.The investor benefits because they effectively have a locked in price that is higher than what they paid for in 12 months to sell the property. Is that right?
Shanese “Neesy” Green (09:21)
Yes.Dylan Silver (09:25)
And the downside would be well if the person who’s living there continues to live in there now we have to deal with an eviction battle. But also correct me if I’m wrong here. Are you ⁓ potentially looking at taking the loan back or would you have to like with the the loan be reinstated or would it be a totally new loan.Shanese “Neesy” Green (09:47)
So thisis now a contract between me and the investor. There’s no interest accumulating. In addition, all year they’re taking care of maintenance on the property. Just a little side quest. After I closed, they brought me a free five ton air conditioning unit.
Dylan Silver (09:54)
Okay.Yeah.
Shanese “Neesy” Green (10:38)
So right then and right there, I’m already in the positive in some regards. Now, not everybody has my lifestyle, right? I’m an entrepreneur by spirit, by trade. And so as a result, I’m able to takemy story to the masses, which one of the things we did not mention yet is that I am an ambassador for lung cancer because I am a lung cancer patient. So I have a really big platform. I have many different avenues in order to generate capital. And the question is, well, why didn’t I do it before? That’s always the question. Why is it that you didn’t get the foreclosure taken care of before it went to auction? Those are always the questions. But the bottom line is, if you can’t, you just can’t. And we don’t always ⁓
Dylan Silver (11:11)
Yeah.Shanese “Neesy” Green (11:22)
youknow, take into consideration the human, right? I couldn’t do it then. But when I’m well and when I’m healthy, I’m able to generate mass income because I’ve done it in the community through a banker. Now I just get to apply what I know, help other people while helping myself.
Dylan Silver (11:28)
Yep.I wanna ask you about who can use this strategy. And then also too, before we get into that actually, better question would be, it’s 12 month mark, right? What are your options at the 12 month mark? Do you have to buy the house? Are you potentially facing legal obligations to buy the house at the 12 month mark? If you can’t, what is the recourse? What does it look like at that 12 month
Shanese “Neesy” Green (12:07)
Sodifferent investors, different avenues. let’s take 12 months. You’ve had 12 months to determine how to get your things out of your home and reestablish yourself. And in this case, you also had equity to do that, right? If you know you’re never going to be able to pay this back, you don’t ask for first right of refusal. You just go ahead and prepare that in 12 months, you have a new domain. Point blank end of discussion. It’s really easy work in those cases. Other investors will
actually give you the money and then you can stay in the house and just pay rent beyond the 12 months and they’ll retain the property and still take care of your maintenance. And for some people that’s really a great option.
Dylan Silver (12:51)
Mm hmm. I want to ask you about you mentioned first right of refusal. You’re staying there for 12 months not paying rent. Ultimately the investor it sounds like could effectively have bought the house at auction paid a lump sum for it at the auction. You could stay there for 12 months and then not pay anything and then leave. Why wouldn’t the investor hire an attorney and pay a couple thousand dollars to get you out of there.when it’s gonna cost them more, and I’m imagining holding costs for you to live there 12 months.
Shanese “Neesy” Green (13:22)
Well,a couple of things. They are making a great deal of money. I had a lot of equity in this property. So they’re not losing. They’re absolutely not losing because they didn’t pay the bank very much. That’s the answer to that. ⁓ The other thing is that in that 12 months, I have to make a decision, right? But I’m not rushed by it. And that’s what gave me the peace of mind. And a lot of people don’t look at time as money, but I do.
Dylan Silver (13:53)
So.Would it be, is there a certain sect of single family homes where this works better with like, let’s say homes near a major Metro or homes that are X number of years old? Is there a certain sect of homes that this strategy would not work
on?
Shanese “Neesy” Green (14:11)
If youdon’t have the equity, does not work. Point blank, that’s the catch here. So in my case, I have been in the property for 18 years. I had never refinanced it. So what we owed on it was so minimal in comparison to the value of the home. So this is really for that middle-class person that bought their house a long time ago. They’re being, you know, laid off from work or they’re experiencing a financial hardship and they know they’re more than likely
going to have to downsize because they don’t have future income that would support their current lifestyle. But what this does for them is it gives them an avenue to one, not have a foreclosure and to not have to get out of their house within 10 to 30 days.
Dylan Silver (14:55)
Yeah.Let me ask you this. The properties are being sold at the county courthouse at a foreclosure auction. The investor buys it there or are they going to the lender and saying, hey lender, I see that this person is potentially in the foreclosure process or pre-foreclosure. I’d like to buy their bad debt and effectively become the new owner.
but it hasn’t officially been sold at the foreclosure auction. Is that latter one what’s happening?
Shanese “Neesy” Green (16:10)
So it’s actuallythey’re reaching out after they see that you go to the courthouse and you have an auction pending That’s not most of the time when the letters start coming because I actually call like most of the investors that reached out to me Because I wanted to know what that challenge was going to be like I already knew somebody was going to take the deal But I needed to get as much information about the transaction so that I could support the the company that was going to do it because the bank always has like a hiccup and the hiccup in it all was they’re gonna
Dylan Silver (16:18)
⁓ huh.Shanese “Neesy” Green (16:40)
out to you and they’re gonna say hey we see you’re at auction and they like that because it’s a short window and a term time is usually like 10 days once or you know 45 days they see the auction so it’s a great strategy i love their strategy i got so many letters and i kept them and then like i said i started calling all of them after i closed my deal because i didn’t want anybody trying to get me to do their deal when i was going with the best deal and so in my case i had the best deal it wasDylan Silver (17:09)
Right.Shanese “Neesy” Green (17:10)
was equity, was rent free for 12 months because they added the rental costs into the buyback price. right? I mean, into the, yeah, into the buyback price. And then all of my, all of my maintenance covered for 12 months as well. You just really don’t always find a deal that good.Other times, they are also reaching out to you to help you not have to sell your house, believe it or not. A lot of them have programs that will help you. If you call, they will help navigate with the financial institution. But what really triggers it is when they see you go to auction, when they see that you have an auction date set.
Dylan Silver (17:38)
Yeah.I’ve been on this side of the game. I’ve reached out as a wholesaler before I got licensed as a realtor in Texas. I was reaching out to folks who had an auction date set. What never occurred to me was, hey, let me offer them, this is so brilliant, ⁓ Shanese, because you talk about investor being able to effectively not overpay to where they won’t make money for it, allow the person to stay in their home.
They don’t have to go then bid on it at auction. They can lock it up prior to the auction, pay off the bad debt. The home is theirs. They have effectively a 12 month lease option. ⁓ And that gives them the ability to avoid the foreclosure auction as an investor where they’re going to be outbid. And it gives them the ability to to partner with with people rather than just make a flat cash offer and say you’re out.
Shanese “Neesy” Green (18:44)
Yes.And then people like me get on podcasts like yours and tell everybody.
Dylan Silver (18:52)
Hey, we need more of it. We need more of it, Nisi. ⁓ I do want to ask you about where you’re seeing the most interest in this strategy. Is it from investors? Is it from folks who are losing their homes? Is it from a mix across the board? Is it rural? Is it city? Is it everywhere?Shanese “Neesy” Green (19:12)
You knowwhat? I really dug deep into this thing because who wants to get out of their house in 10 to 30 days? Well, obviously it’s not people who are in foreclosure. So you know who else is really picking up this as a banner of this is an option for me? People who are inheriting property.
They don’t wanna argue with any of the family about it. So this is actually like not just for people in distress. This is also available to people who are wealthy and really want their time back. And so an investor can come in and really settle the whole family’s conversation about what do we do with Uncle Jojo’s house. So it’s.
Dylan Silver (19:33)
Wow. Yeah.and it gives them 12 months to decide.
Hey, I like this strategy. I have to use this strategy for myself. I have to go ⁓ see how I can do this. You know, how did you come up with this? Because I’ve had so many guests on the show talk about, you know, for instance, one of the big things that people say is don’t let…
folks stay in the home because then they’re not gonna leave. Well, ultimately, if they have the option to buy and if you’re acquiring it for such a low cost, it is a win-win. Let’s say worst case scenario, they don’t leave. You paid so minimal for the home that you can afford the eviction if it gets to that point. How did you come up with this strategy?
Shanese “Neesy” Green (20:40)
Well.You know, it was it was laid out. And like I said, it’s a part of my divine alignment. So I didn’t really do it. I uncovered it. And then I told them, I am here to amplify it. I want people to realize that we really need to have like a daily conversation across the nation where people just call in and we pair them with the right investor. Like that would make more sense to Shanese because when I started looking at multiple ways to utilize the strategy, all we needed was
Dylan Silver (21:04)
Yep.Shanese “Neesy” Green (21:10)
someone who had the capital and the understanding of the benefit to do it. And then you need an ambassador to go out and share it, but not from a place of depression, you know, because we do need these stories of hope, right? You need to see someone say, I went through the foreclosure process and it was pleasant. I’ll share this with you. ⁓Dylan Silver (21:27)
Right.Shanese “Neesy” Green (21:33)
One of the things that the gentleman told me because I asked I said what’s the hardest part? He said another investor was like the bank is not gonna give you your payoff Okay, so you don’t want it You don’t want to run this thing up until you have to go to the auction because I asked for my payoff May 22nd I didn’t get it till Juneteenth and so we only had ten days I could have lost the property just because the bank didn’t understand the rules of North Carolina So ultimately I was I told them I said you don’t handle thatI said, I don’t want your closing people handling this. Let me handle it. After I got the payoff, they said…
our closing department said thank you and you are the kindest most appreciative client we’ve ever had. So when you can work with people who don’t have stress, right? They have no stress. had no stress. They told me they were going to take care of this. Then all I had to do was focus on the part that I had to do. And a lot of times we don’t have this in America. You’re expected to do it all. So what we, what I found out with this program is they did it all. I just had one
job to do. And so we were working together and we need to see more of that. We need to see more of this. Yes.
Dylan Silver (22:47)
more collaboration.There needs to be more. There needs to be more ⁓ on both sides. There needs to be more people who may be facing a difficult situation, are open to hearing options before they get to the auction. Sometimes, you know, ⁓ Shanese, people will just throw their hands up in the air and say, I give up, right? Like I’ll just whatever happens happens. On the other side, you’ll have investors ⁓ who think, well, there’s no way to
help the situation, we’re just go buy it at auction. Creative thinking, and that’s real estate operators come into play, and this space can change the whole game. We are coming up on time here though, Shanese. Where can folks go to reach out to you? How can they get a hold of you? Where can they learn more about the strategy and what you have going on?
Shanese “Neesy” Green (23:35)
So,I have been so ill that I’ve really been kind of like a private concierge.
And this is my first breakout of my shell since my health has started to turn around. And so on Instagram, we can be found at yearbook underscore Raleigh. And we just want to define what it is that is best for the masses through the experiences that I have had. And this is a big leap for me because ultimately, as we shared, I know we’re coming up on time.
People need experts. They need bookkeepers. They need somebody to help guide them. The same way in which I guided the investor on, I know that working with the bank is tough, but I was a banker. Let me handle this. We need to do this more often. And so I’m building, I have a project where I’m looking at doing just that. And let me be the first example to say working with investors can ultimately be a game changer and life saving because it happened for me.
Dylan Silver (24:48)
Hey, on that note, I’ll let you go, Shanese Thank you so much for coming on the show here today and for giving our audience another way where they can navigate the foreclosure process. Thanks for coming on.Shanese “Neesy” Green (25:00)
You’re welcome, DylanI’ve enjoyed my time with you. Thank you.
