All Forum Posts by: Helene R

I understand the $600 threshold which is why I said the amount may automatically trigger a 1099 for the trust co.
Other then the contractor having to pay taxes on the amount what is the benefit to the person with a ROTH issuing one?

I do live in AZ. And the market has improved alot from a couple years ago. It will be tough to find investments in that price range in decent areas.
There are also several well established investors in the area that normally scoop up the really good deals so you might be able to get a wholesale deal from one of them if you are just looking for rentals.
It's a very competitive market out here in regards to investors that's for sure.

I'm assuming you had your IRA do it as a 1 time bill pay so I don't see why you would issue a 1099.
To be safe you should call and talk to someone at your IRA to get a clear decision on that because there is always a chance the amount would trigger one sent from them.
I just don't know for sure but don't think paying a bill for rehab would trigger that.

Holidays got in my way but early Dec I talked to an attorney who has agreed to oversee the paperwork for a flat fee.
Now I just need to get it all done. So I'm thinking of trying to find a VA or maybe just a paralegal to type it up since I know the spacing etc has to be a certain way in legal docs.
But first I think I'm just going to write a letter to the owners and see if they would sign over for minimal amount like $500 or maybe $1000.

Personally I've invested in land for the past 10 years just not sure how the banks look at these REO parcels on there books.
I never buy infill lots that have HOA fees. Too much negative cash flow for me :-)

I'm just wondering if anyone here invests in bank owned vacant land?
There are a couple parcels that I am intersted in but wonder if the banks will look at really low offers like ten cents on the dollar. I know bare land isn't moving well right now and with year end in a few weeks I'm thinking of trying for some.
One is owned by US bank and I know they used to be pretty flexible especially when they've had it awhile.

If there are title problems I always use a title company. I leave the problems up to the title company to figure out and let me know. Most issues are cleared between title and seller and do not involve me. If I'm paying them to do a job (title and transfer) why would I spend my time doing it? I have better things to do with my time then the escrow agents job.

I have found title companies much less inclined to do that type of transaction. Most won't.
As stated you will more then likely need your own funds to close before they will close the second deal. The title companies do things a bit different then they did 4 or 5 years ago.

Hi Jerry,

Thanks. I actually saw the coconino packet also. I was in RE for many years so google is the first place I start my research :-) It's a great tool.
But I just wondered if anyone actually does it in this state themselves. As you said it is different then many others.
Since I hold these in my IRA (which is low on funds after this years tax payments) I'm trying to figure out the most cost effect way to do it as attorneys want $2200 and up for each property.
I do have an appt for a consultation with a RE attorney next week to get some more detailed info but I doubt I'll be able to have him handle it. My hope is I can get him to review everything I send/ file before I do it for a flat fee :-)
I've held tax liens here for about 6 -7 years now and these are the first that haven't been redeemed that may actually be worth forclosing. I have one other but the value of the lot isn't worth the money I have into the taxes once the market dropped. So that has just been a loss for me. It's been up for sale by the county for the last couple years but has no value vesus taxes owned so hasn't been picked up by anyone. All others liens I've have been paid within a year or so of it being sold.

I'd appreciate that.