All Forum Posts by: Account Closed

@Steve Gee

With proper notification you not only can, you have a duty to inspect the premises.  As Jason pointed out, safety is a valid reason.  I believe property abandonment carries with it additional rights to the landlord.  I would contact an attorney to exercise your rights.  You may find you don't even need to evict.

@Jay Hinrichs

Thanks for the quick response.  I would think many folks don't know anything about that.  So is it a correct to guess this would apply to wholesalers too.

@Kyle H

I don't understand.  Why or even how can a bank bid beyond the judgment amount against the defendant.   It is my understanding banks are trying to reduce their REOs.

@Andrew Royster

Getting your real estate license can carry some undesirable baggage.  Some investors I know treat their profits not as long or short term capital gains because the IRS considers real estate their business/trade.  Rather they treat their gains as ordinary income.   I may want to consider looking into that.

Furthermore there is a greater risk of being sued when buy/selling while representing yourself.  Many folks obviously do it with great success but there are things to consider.  I believe you are required to let folks know your an agent and get it in writing.  Something like that.    

The following provides some general differences.  Comp Link

@Ludmila M.

If you expect to make high returns, it is my understanding the roth ira will out perform a traditional ira.  Of course if you flip that around the traditional would be the better choice.  You just need  to do the math based on what kind of gains you expect, to calculate which will result in less taxes.

@Jay Hinrichs

You said you have to give a portion to the profit to the defaulted owner.   Does that only apply if it is not a short sale?  How is the profit shared calculated?  Thanks.

@Burt L.

In the QCD did is specify joint tenancy or tenants in common?  If they are tenants in common the uncle can sell his interest in the house back to the bank without agreement from the nephew.  I don't see what benefit with would provide any party other than possibly allowing the lender, who know be a co-owner of the property with the nephew to get a judgement forcing the sale of the property.  I guess that may be different than a foreclosure in how it impacts the uncles credit, and how the banks realizes the loss on the books.   I would double check all I just wrote.  Just a thought.

@Paul B.

I am full time investor now but I worked as a SW/Electrical engineer in the aerospace industry for a long time, All together 18 plus years. I knew many engineers that had rentals but that was the only type of REI they did.

So here are my observations:

• Many of the engineers that had rentals also managed projects at work.  
• Many of the engineers had been doing it for a while and had disposable income.
• Engineers are planners, such as for retirement.
• Engineers like to solve issues and are not afraid to figure things out.

So that being said in my opinion engineers can be dogmatic.  I was a complete anomaly over my last 7 years, as I worked both engineering and flipping.  

I feel folks questioned the validity of what I was doing, evident in the typical questions I would get in the course of conversations.  Such as:

• If you are making so much money, what are you still doing here - really hated this one
• If it is so great, why aren't more people doing it.

As an engineer I made around $65/hour, as a flipper I make on average $200/hour.  I don't think my peers liked to hear that, nor do they tend to believe it.  Throughout the countless conversations I had with folks not a single person ever asked me how I did it.  Many times I told of how I bought a home for 4k and sold it for 32k, simply by cleaning it out.  Again nobody ever ask me how I did it. One of many great stories, not that they are all winners.  Like everyone else I have lost money too.

So my point is engineers are so tech oriented they feel a career change is moving from software design to firmware design.  I had the same mindset and am glad I don't anymore.

Engineers can make great investors but many don't think outside the box when it comes to making money.   Maybe that's why they picked such a safe industry to begin with.

Just my opinion. 

@Kyle H

I see the same thing.  The only approach I know is yours as well. It is looking over a bunch of information that usually ends up yielding nothing.  You are throwing me off in one of your statements.  You say the banks are bidding the properties up, beyond the market value.  I am assuming this is below the judgment against the house.  I have not seen where a lender will bid beyond the judgment amount.  Can you clarify for me.  thanks.  

PS are you doing your own title searches?