All Forum Posts by: John Rooster

Depends on the price you are getting the property, and a lot of other factors. If it is 25% of FMV, then I would probably go through with the purchase and take my chances. It probably is not, so I would advise you to ask for your earnest money back.

How are you planning to "force the gentleman selling the property to file a suit"?

Such a quiet title requirement by title companies is standard on tax deeds.

I see from your second post it had a mortgage, price of the quiet title action just went way way up

If only there was some central repository of laws that one could reference for State specific questions like this. Hmmmm.... wait.... maybe, just maybe, there does exist such a thing. Yes!, Yes! it does exist and it is online in multiple locations. It is called the Oregon Revised Statutes, and in less time than it took me to write this post I, having no prior expose to said Oregon Revised Statutes, was able to determine that Chapter 100 section 450 (and some associated sections) defines HOA lien priorities

Utilities are a more complicated question.

No, it would not become due. As has been stated it would become part of the note holder's Estate. You would then become a 'person of interest' as to the police investigator.

I have done this maybe three times. Did not tape. Put on new corner bead. Just primed, filled seams with non shrink drywall mix, then put on a very heavy hand trow texture with regular joint compound. No cracking observed after a year, could not say beyond that.

Good article. Replacing fixtures, HVAC and Electrical seems like over kill to me though.

This is state specific, but in general, the mechanics lien means a lot to the Title Company. They will not insure clear title if there is a mechanics lien on the property, and thus you can not sell. It used to be easy to Bond around such a Mechanics Lien, but it has been my experience that Bonding around liens has gotten very difficult of late. Not sure of the reason, but many Title/escrow companies in my area are not willing to do it.

In my 150+ tenant years of landlording, I have never had a situation where renter's insurance would have been triggered for a claim. I have a generic requirement in my leases requiring the tenant to have renter insurance, but I never bother requesting proof of insurance, and I suspect most of my tenants do not buy renter's insurance, it is only there so I can say "the lease requires you to have renter's insurance, it is not my problem you didn't get renter's insurance for your belongings"

How new are they and whose name is it in?

I have bought properties all cash, and I have sold properties to many all cash buyers, verifying that the funds from the buyer have not been obtained by illicit means is something I have never heard of. Maybe there is some State requirement, but I doubt it.

I doubt the Title Insurance or Escrow companies will bless your desire to accept Bitcoins. So you will have to find a buyer that is ok having no Title Insurance.

This is all interesting to a point, then it just gives me a headache. What I can say for certain is that I have had two different professional Accountants prepare my taxes over the past 6, they both think that I qualify as "Real Estate Investor" as opposed to "Dealer". I was audited 5 years ago, and the IRS had no problem with the Real Estate Investor designation even though I make a lot more money from fix and flips then from rentals. I don't know the reasoning behind it. I can only speculate that it was because I have rentals that predated my fix and flip activities, or it may be that I put a substantial amount of work into the properties. ???