All Forum Posts by: Account Closed

@Bjorik Mutize

After 10 days I close on my another house

@Damien Thomas I only have the money for 10 days

I'm in-between houses, and for a period of 10 days, I'm going to have over 1.3 million in my bank account. A friend of mine suggested that I open a high interest savings account (2%) for 10 days and I'll accrue ~$700 in the 10 days. I thought this was a neat way to make some money doing nothing.

Anyone else have creative thoughts to make the most out of the highly liquid situation in a very short time? By the way, these ideas have to be 100% solid, I cannot risk losing any of it!

Can't wait to hear the ideas!

Hello BP community, 

I'm researching a foreclosure in my neighborhood that zillow says is worth 1.6 Million. The county records show liens from Banks for $400K and IRS liens for $60K. It's not clear to me why this house would go up for auction. What other research can I do on this homeowner's debt? If there isn't any other liens recorded, do I need to worry about other debt?

What reasons would a homeowner rather allow their home to go to foreclosure vs just selling his/her home with so much equity?

My next move is to get a hold of the homeowner and make an offer. Doing this for the first time is daunting. 

@D'Andre Byers

You got a lot of good advice already, but I would add just to give it time. You guys are still super young, and you will earn credibility as you succeed and she will be on board. 

I've learned not to push so hard to convince people- especially my own spouse. Less saying and more doing will win them over. 

@Art G. what does it mean that when you say

"Plus I use this as leverage with the agent to let he/she know they are going to get their commission now.". Are you saying that when you use selling financing, the agent does not get commission on the sales price but rather down payment only?

@StevieAnn Nance

I’m from Cali as well! I really want to go but the price is steep. I’m still thinking about it- if I do go I’ll connect with you!

@Justin Ashworth

I never used them. But Justin sent me a good Message about what happened

Anyone use SimpleSeg cost segregation study? They advertise they can provide a study for under $300 in 10 minutes for residential under $500K.

I have a home on the market I’m planning to 1031 exchange. Does it make sense to do a Cost Segregation study before I sell if it costs under $500?

I get that if the study costs 5-15K it may not be worth it because of the new tax basis.

@Allan Szlafrok

Wow that's a lot of money!!

What i mean by walking away is that I set my budget down to zero, and so the bids could not be placed on auction day.

I do see that warning you're talking about on the bidding rules though. I wouldn't dare win a bid and not pay up!