All Forum Posts by: Jeff B.

As noted, everything on your list is depreciated. However, the water heater isn't going to be depreciated over the same period of time as the front door or insulation. Water heater is probably a 5 or 7 yr depreciation where as the door and insulation are much longer. Talk to your accountant and they can give you the scoop.

I charge $25 for the credit and background check. It costs me $24.95 for a report from CitiCredit so I'm pocketing .25 for each one. So far, I have been just running the person who they feel will most likely meet my credit/background requirements. I'm not sure when or if I'd ever do all adults at the address. But then maybe I just haven't been burned by a deadbeat.

They're likely to need to have verifiable income in order to qualify for a loan. If they need the cash, can they sell some assets?

What about a crawlspace area? One of my properties is a tri-level with a large (15x30) main living area with a 4' high crawlspace under it. It is accessed via a door in the lower level. Should that also be off-limits to the renters? The area has a gravel floor covered by plastic, so it is definitely not meant to be used regularly.

Someone is going to make money off the deal, why not you?? If you don't feel the 100k was truely enough (though I'd inspect the property before going further), you can always simply tell her that you do indeed feel uncomfortable at that price and that you'd like to increase your offer.

Tatyana, time to stop making excuses for everything. It's time to pick up the pieces and move forward. It sounds like you have your heart set on making this work, so good for you!! Just keep an eye on the numbers and work out an exit strategy so you can get out if it does turn out to not cash flow the way that YOU want it to.

Wow Tatyana, you got the worst end of every deal on this! I hope you can get all of this ironed out and are able to turn this into a positive.

Jon, have you tried clicking on through the message that comes up? I got the Home Page temporarily unavailable message, but there is a link to go to Online Banking. From there, I was able to click through to the log-on screen...

Chris,
Reading that thread really opened my eyes to what might be going on here. I remember reading that thread when it started, but didn't follow it closely enough to finish it out. It just puzzles me how a large bank (US Bank in this instance) can get caught up in such a shadey deal. There ought'a be a law against it, LOL!!!!

As I said originally, I'm not interested in the property. It's out of my area and I'm very focused on a specific type of property. I was just interested in how a property can fall into such a mess where no one wants to own up to owning it. After reading your thread, it's a little clearer, but it still leaves me scratching my head. I really feel for the neighborhood around this property. They are left with an eyesore with little that can be done with it until the city finally steps in.

County is Hamilton (http://www.hamiltoncountyauditor.org). County shows U S BANK NATIONAL ASSOCIATION as the current owner of record (as of 6/1/11).

Stu, the article states that the property has transferred twice since the foreclosure. That's one of the things confusing me. It's not recorded on the county site.