All Forum Posts by: Eric James

If someone really thinks they can't lose their $125k house, I'm doubtful they'd sell it for anywhere $19k. But, I guess you could always give it a shot.

Can you explain further on reducing capital gains by using a 401k?

Any why would you choose to pay the high interest rate and points of a private money lender if you can bankroll yourself? I've seen private lenders offering 4 points and 12% interest on a 6 month loan. That is the kind of rate I have on my credit cards and isn't a way I'd want to go.

I second that it's pretty common. You might check out a state program called Mass Saves for increasing home energy efficiency. Not sure if multis qualify, but I'd look into it.

The question that comes to my mind is, if the owner only owes $38k on a typical home (say value over $100k) why haven't they sold it already rather than go through foreclosure? There probably is some reason.

How about renting the property out if you don't have any other near term options? I've seen some people sell low end tax sale properties for cash without title insurance. The sale price would certainly be less than with insurance, but it might be a way to move it.

Let us know what happens. I'm interested to know if the wholesaler will be willing to do the addendum/have you close directly on the property.

I attended a tax sale in Bexar county about 5 years ago, and all but 1 of the properties with a home on it were cancelled prior to the sale. The one that was left was in really bad shape. About how many homes actually made it to the auction without being cancelled?

I too am curious about how much the private financing cost, and what cash you have at the end. Thanks.

Eventually you will hit your DTI ratio limit. What difference does it make if you hit that limit with this property or a different one?