All Forum Posts by: JJ Conway

Another vote for what @Ned Carey said: I have a property in Baltimore City that I sometimes can't find trades willing to go into that neighborhood.  And a friend of mine is an excellent property manager, and I never thought to ask her first about managing mine (she does NOT go into that neighborhood).  The property manager I hired when I moved out of town not only was comfortable with the area, but already had a good pulse on the rents and fees

So @Tricia O'Brien how did it go and what's your current status?

Generally I agree. And I get mad when people fall for it over and over, shelling out $10K+ for some guru (but won't shell out $1K for my real-world investing class). People really get upset when they try to sell me on their process and I ask to see a copy of their Schedule C&E, lol. None have ever taken me up on it!

I've been told by several mentors if I want to fill my classes, I need to start advertising with nice cars and private jets, and probably should upgrade my ride to something snazzy (rather than my Mom-mobile Rav4). It's true, but it's not who I am.

Regarding the list, each jurisdiction is different so maybe someone from Tennessee can answer that about the sale.

as to direct marketing, yes you can market to them (we actually talked about doing that during my last investment class - smile) and one of your acquisition costs would be bringing the tax current.

do you already have a contract for 203K? Or is that your goal price? And have you already lined up financing (either with bank or HML)? When you say "overwhelming" what kinds of repairs are we talking about here?

Hope your lunch goes well. Please don't sign anything w/o consulting your own professional. 

Someone mentioned filing on the broker- that may only apply to residential, not commercial, so pls check on that before making threats

Seems to me it won't bode well trying to force the seller finance deal. You didn't have an executed contract yet. And if the owner is FIL to the broker, that's a tight bond - tough to break through. 

I love the idea of a severance fee!  What does the contract say as far as severance? EM if the buyer backs out, and reimbursement of expenses if the seller backs out?

And what's your plan for building relationship with your own broker (as in, not this guy haha)

In some jurisdictions, if you accept partial payment, especially in light of him moving out, it could put the squash on evicting. Even if you don't actually want to go to court, if you live in one of those jurisdictions, threatening to sue will have no effect if he knows the game and has already paid you partial.  Just recommending you check before accepting payment.

Another strategy (though admittedly this works better when the tenant is on the hook for the whole lease rather than just a 1-month fee), is to tell you'll forgive the remainder of the lease and report the forgiveness to the IRS as income- which could make him ineligible for benefits (such as a Below Market Rent apartment).

The best part is you have a tenant lined up.  Even if he stays, with what you said about the extras you did for him, sounds like you are WAY better off having someone else rather than someone so demanding for the next 2 years

Last time I had someone who wanted a month-to-month they were building a house and moved out in Dec. Not a good time to have an empty house.  What did they say when you asked why they wanted to swtich?

Would like to hear stories (good or bad) of using CivicSource at tax sale (especially if you used a SD IRA). The anecdotal research seems less than stellar, but since my local parish (county) insists on using CivicSource for this next round of sales I'm hoping one of you can give me some tips and tricks, thanks! One thing that concerns me is that their website says the title insurance only covers the purchase price. For many of these properties, $0 + ~$5-6K in closing costs, so I wonder if I buy one and then sell it, will the buyer have a hard time getting additional insurance for the fair market value?

https://www.civicsource.com/help/adjudicated-prope...)

Hi All... been investing for awhile but one area I've not done myself is tax sales. I want to give that a shot this year and am having a little trouble getting set up. Our Parish (County) is doing them through Civicsource, and I want to invest via my SD IRA (Equity trust). Between the Parish and CivicSource, I'm getting more runaround than answers.

Has anyone successfully used their SD IRA to buy in a tax sale run by CivicSource? If so, please walk me through it, thanks!