All Forum Posts by: Bob Norton

@Kevin McGinnis Great questions!

@James Sul Google IRC Sec 121 to find the current version of the code.  "Unforeseen circumstances" is still an exception to claim the exclusion if you sell your primary residence before you've lived in it for 2 years.  It is possible that this might apply in your situation.  Talk to your tax advisor to see if your facts and circumstances of your move would qualify as unforeseen circumstances.

@Jeremy Nance You could try to contact the relatives out of state to see if they have any information about who would now own the property.  That's a lead.  The secret here is to track down all the leads.  You are trying to solve a mystery.

@Jeremy Nance If you know the names of the deceased, then you could trying to search the obituaries to see if any relatives are listed.  Then, you can try tracking down those relatives.  You could also try searching for the deceased on Facebook as their account may still be open.  That may give you some info to help find any relatives.

@Jeremy Nance Depending upon where the property is located, you should be able to find out from the tax assessor where the property tax bills are being mailed.  A lot of that info is available online.  Also, you could try mailing a letter asking to buy the house to the address to see if the mail is being forwarded to the current owners.

@Catharina Wachtel Yes, you can invest and flip houses in the U.S. as a foreigner.  Getting the projects financed may be a challenge as @Account Closed mentioned.

@Jonathan Giglio I think the taxes being referred to are income taxes.  Property taxes are definitely an operating expense.

@James Sul Will you be receiving a stipend as a grad student?  This could be considered a change in employment.  

Since attending graduate school was not foreseen when you purchased the property, its a good chance that it will be considered an unforeseen circumstance and you will be allowed a partial exclusion.

@Michael Plaks The procedure I described is specific to IL where @Marcus Brown lives.  There is some version of it in each state that I've checked.  

@Spencer Gracia Yes, adding $100 each for maintenance and capex gives you a margin of safety for your estimates.  The California investor who gave you that advice must of bought a bad deal in the past and uses those amounts as a hedge for new projects.

Generally, you will not find deals in the MLS. Especially in this market with inventory low. You would need boots on the ground to find them. You could try contacting the organizers of local REIAs for names of wholesalers in the area or investor friendly realtors.