All Forum Posts by: Edward R.

Hi!  I have a property that I've rented for the past year.  It was vacated  as planned Jan 1st.  I rent this 3 bedroom remodeled ranch furnished in a midsized city and good location. I'm just a 1 property guy who started out just a year ago. I've listed it with a few platforms, and I'm patient for the right tenant.  So a Dr. inquired about it and if I would take a cat, (very clean).  I showed him the place, after he missed/forgot about the first appt.,  and he asked "Oh the furniture comes with it"  "price seems kind of high, any wiggle room"  Politely explained the clientele I strive to work with is relocation and short-term leases.; thus why I do furnished.

Anyways; just seemed strange a $400K+ Doctor wants to rent the 3 bedroom house; just him (never married) and his cat. Then he forgot the first appt. and when I showed it he didn't realize it was furnished. Gut tells me something is odd but hey we are all different .  nice guy, quiet /reserved  and googled out fine.   I'm still going to ask him to go through Cozy. 

I will typically do a 3 month lease; he asked month to month which I'm ok with but the inital would have to be 2-month then month to month. with pets I get 1.5x month deposit and pet fee.

Bob makes a good point.  Always try to get your own; letting others decide for you can leave powerless and a weak title report.  You want what works best for Your interests not theirs. 

yes I was able to use my own title company.   I did not run a title search beforehand because I did my own due diligence and various methods to determine anything.  As with most Hudson marshal homes, it’s cash sales; thus we paid cash for it.  No problem getting my title insurance.  

Im looking to bid on an house.  Researched it alot and know they story behind it.  It has a few liens from a local guy (which would be canceled out anyways) and then there is an IRS lien for $35K.  Now in NYS, the attorney I spoke with he's never seen IRS use right redemption and feels that should be easy to remove as well.   Anyone deal with this?  should make for a good profit because it seems many are shying away due to that fear.  

We got done with it first week of January (more or less). Just little touches after that. Listed it to sell in the Spring, had 2 solid offers within 10 days.  But had an opportunity to rent it out and we did that; it was a good situation. Plus more tax advantages and profit.  All in all it worked out great. I loved working on it and came out better than we anticipated. Everyone who goes in it loves it.  I’d buy again through Hudson and currently trying to find our next project.  

We have a rental house, excellent shape (complete remodel) currently rented out and only have had it a year.  it's completely paid for and worth $160K and excellent neighborhood and schools.  Currently we live in our own mortgaged home, excellent 850 credit and solid income.

We have an opportunity to a home to flip in good shape and wouldn't take much. The new flip home would cost about $190K If we wanted to use the current rental home value whats the best way? getting a equity LOC on it?

Item (f)(5) (1) PLEASE PROVIDE PURCHASER(S)/BORROWER(S) NAME(S) SO THAT

WE MAY CONDUCT OFFICE OF FOREIGN ASSETS CONTROL SANCTION LIST SEARCHES

PRIOR TO CLOSING.

(2) PLEASE PROVIDE SOCIAL SECURITY NUMBER(S) FOR PURCHASER(S)/BORROWER(S)

SO THAT WE MAY CONDUCT FEDERAL AND BANKRUPTCY SEARCHES PRIOR TO CLOSING.

Item (f)(6) SATISFACTION AND RELEASE OF NOTICE OF FEDERAL TAX LIEN

AGAINST Minnie Mouse IN THE AMOUNT OF $51831.96, DATED 8-17-

2010, RECORDED XXX  AS DOCUMENT NO. 123456789. THE AMOUNT QUOTED,

UNLESS OTHERWISE INDICATED, IS WITHOUT PENALTIES AND INTEREST. IF

DEFENDANT IS NOT OUR BORROWER, PLEASE ADVISE OUR COMPANY SO PROPER

AFFIDAVITS MAY BE OBTAINED.

Item (f)(7) SATISFACTION AND RELEASE OF:

(1) JUDGMENT, RECORDED 01/09/2012 CASE NO. 2012-xxx, PLAINTIFF:

MIDLAND FUNDING LLC ASIIT A CHASE ACCOUNT, DEFENDANT: Minie Mouse,

IN THE AMOUNT OF $7325.

(2) JUDGMENT, RECORDED 07/24/2014, CASE NO. xxx-2013, PLAINTIFF:

CREDIT ACCEPTANCE CORPORATION, DEFENDANT: minnie mouse, IN THE AMOUNT

OF $8098.62.

THE AMOUNT QUOTED, UNLESS OTHERWISE INDICATED, IS WITHOUT PENALTIES AND

INTEREST. IF DEFENDANT IS NOT OUR BORROWER, PLEASE ADVISE OUR COMPANY SO

PROPER AFFIDAVITS MAY BE OBTAINED.

Item (f)(8) IF THE SUBJECT TRANSACTION IS TO BE SECURED BY INDIVIDUALS

OTHER THAN THOSE IDENTIFIED IN SCHEDULE A, ITEM #3 HEREOF, THIS COMPANY

MUST BE NOTIFIED.

I understand some of this, but is it saying that ALLL these need to be satisfied?  I didn't judements of retail debt followed the house.

Its amazing the complications I come across on how the industry is handled.  LIke seeing a title report and how XYZ need to be done first before they will consider title insurance.  Like a report from Chicago title and how the IRS liens need to be clear.

So it is my understanding that IRS leins could expire on a property once its sold  and after 120 days.  I'm assuming the IRS doesn't see the benefit of reattaching a lien to a property that sold for $225 and worth $300K (lien is 30K)

The original property I first went after on this thread apparently does have a few lien/judgments against the female owner.  one is a  IRS lien for $50K   WOW!   

PMI and going after AIG. The intricacies of the banking/mortgage. They always have a way out. I was telling my wife the other day how there is always a large writeoff for banks. Syre a homeowner may take out a 200k mortgage, pay the bank for 5 years then default and in the end the bank writes off $450k plus all the legal expenses. Such a racket.

Thanks for the enlightenment.  Looks like my house #2 has the IRS lien attached to it.  Those people have been in limbo for a long time with mortgage modification.  I’m going to consult with our RE attorney and see what he thinks.  Surely his first response is don’t do it but it’s all about the numbers and risk (and thus 2nd house) May be to risky with unknowns on lien and eviction.  

Hi, back again.  Tis house I mentioned is now listed on Auction.com for a 3 day sale.  They are starting the bid at $73K.  based on other auctions, I'm going to assume it'll be $10K increments.  curious how it will go.  I'm no longer interested in it as we are looking at another property and putting our efforts onto attaining that one, but as always, we still keep an eye out for others.

DIFFERENT PROPERTY: 

QUESTION: does state and fed tax arrears follow the house or owner in a foreclosure, courthouse auction?   this house I'm looking at has been going through chapter 13 procedures for the last 5 years (yeah these people dragging out the inevitable).  Looking through records of the BK court they have listed on the trustee's report State tax commission claim allowed $30K and a /IRS claim allowed $50K    but I don't see any liens on the property in the county court clerk records. 

obviously I'll meet with an attorney (because this bankruptcy is so drawn out)  before I bid on the property (courthouse steps) but looking for thoughts/opinions.    It's slated to go up for courthouse auction in 4 weeks.  The chapter 13 was dismissed due to failure to pay agreed upon terms.