All Forum Posts by: Arlan Potter

@Kamil D.

I dont think you own anything, until the court says you do.  Who is the executor of her estate? Her estate will probably/or must to be probated. Once the court determines the transfer of the estate, the assets to be sold to satisfy her debts, then you can do what you want. You need to see an attorney.  

@Jack B. All I did was ask you a coupe of questions and tell you twice to see a tax advisor. Why would you ask anything on this forum when you know all the answers? Sorry to bother you.

Qualifies until you get audited. You really need to talk to your tax advisor Has it stayed on your schedule E for the entire time? Is there going to be an actual gain on the sale. If you have been living in it for 2years or more it should not be taxable when sold, unless you have been deducting depreciation. See your tax man.

I have been investing for almost 20 years. I have never had such a meeting, so I cant help you. I do know that I rarely talked to an attorney because they charge a lot of money.

Wouldn't bother me to buy sight unseen, if the price is right, and I was comfortable with the pictures. Especially if I had inspections done.

Let it go. They may be there for 10 years. Its pocket change for a "High Stepper" like you. If that's the worst thing that ever happens to you, then you will have a long successful investing career.

I have never partnered with anyone. I tried a couple of times and the split was never enough. Go your own way. Buy your property, have him do the rehab and then go away. It your deal, not his. If not, He will make money on the rehab and then get a chunk of the profits and you will get whatever little is left and a sour taste in your mouth. Because you will have a huge loan on a property/ He will get a lot of money and be gone. It would be hard to make work

Why are they the best. I would be seeking out distressed old tired landlords

I would look at any lender that will say yes. That can be hard to find these days. Banks don't really fund fix and flips. They may loan money to buy a property, but then you would have to provide the rehab money. or if you own a property, they would provide rehab money. You need your own money.

Work. Work. Then work some more