All Forum Posts by: Claudia Fernandez

Hi Kevin, 

I know a couple of good real estate CPAs in Jersey.  I'll PM you.

@Ethan Vegastotally! We are learning together! @Claudia FernandezI invested in TN back in 2008 because it was turnkey and I wanted to take action and get that tax break. I had already paid the 28k for the RE mogul classes so I didn't want to not have something to show for it. And we just purchased in Ohio also for the tax breaks. We are not familiar with the areas but I have been out to TN and even though my properties are underwater, there is still a positive cash flow. OH was just purchased  last year. Lesson learned and both were purchased before discovering bigger pockets. 

Hi All. I started investing in RE in 2008 because i needed a tax break because I was a single registered nurse and couldn't afford a house in my area on my own. I initially got suckered into buying the RE moguls classes and spent $28k and convinced my boyfriend (now husband) to also join and spend $7K. I took action and bought 2 properties out of state in TN in 2008, and my husband just recently purchased 2 properties in OH last year via the Marshall Reddick Network. Our ultimate goal is time freedom to spend with our babies. I sort of regret paying for those mogul classes but at the same Im glad I took action, I just wish I had found bigger pockets sooner! Looking forward to continue my learning with you all and taking more action!

@Claudia Fernandezdid you actually purchase the property (i.e. did you get a deed) or did you only sign an agreement to purchase from a realtor who said sale would be subject to 3rd party approval (i.e. would have to negotiate a short sale with the bank)?

People often try to negotiate a short sale but as the banks get closer to the foreclosure auction, they stop negotiating. Not to say the right hand knows what the left is doing in large organizations.

There are 2 numbers - the upset amount and the judgement amount.  I always mix up the two and which concept they pertain to, but 1 of them is basically what is owed on the property in terms of leins, and the other is what the bank will accept at auction.  The bidding starts at $100.  For example, maybe there is $250k owed on the property, but the bank will accept $150k.  The bidding starts at $100 and a rep. from the bank will bid $1,000 higher than anybody who bids, up to the $150k number.  After that the bank will not compete.  From my understanding, the number posted on the sheriff's website is the number that is owed on the property, but I believe there are companies that offer the upset amount ahead of time so you know what the bank will accept

I have been to them in Ocean county - the experience is very tough to describe.  My advice would be to go to a couple and just sit and listen and watch.   Try to chat up a few people there - pass yourself off as a complete newbie looking to learn the ropes, you will surely find some nice helpful people.