All Forum Posts by: Johny Omaga

Hello everyone! I am seeking a good cpa or enrolled agent in the LA or greater LA area that I can contact in regards to rental properties and maximizing deductions, calculating expenses using different strategies (i.e brrrr, barrr, flip, etc.) and someone I can seek advice from. I don’t mind paying for the information as long as the information is good, but been having some trouble finding a good one to answer all my questions and providing sound advice. Preferably someone who themselves have real estate and are well versed with clients with multiple property. Thanks again my fellow bp community!

Hello everyone!

So my business partner and I recently did our first pre foreclosure sale and all we did was sign a purchase agreement, addendum to that agreement, and memorandum of agreement with the seller, and then upon receiving the warranty deed we paid off the loan through the trustee. We did a title search, but did not actually go through a title/escrow company as the sale of the property was only a few days away. Anyhow, my question would be how would the bank know what the initial purchase was for? In regards to cashing out at 75 ltv I know there's a seasoning period (usually 6 months), so what would happen in my case if it was a private sale and only thing on title is that we have the warranty deed effective a week ago? Please advise as this is a new topic to my associate and I. Thanks in advance for any feedback!

Is it okay I I can give you a call to go over a little how you do it? You are by far the biggest help I’ve found in regards to this topic. 

@William Robison : well I was under the assumption to ALWAYS get title insurance? But in your case either way, how do you get title insurance when you refinance or how can you provide a warranty deed if you sell if the property currently doesnt have a guarenteed title? In the situations of your auction homes, at what point during the auction purchase do you do the title search? Before you bid or after? And what do you do if title search comes back and you see backtaxes or liens,etc? And if you do win the auction, but the house has liens, do you just hold it, or what would you do? Sorry if I seem clueless, but on our last auction home it was done online, so we were able to get title insurance and a special warranty deed. Thanks a ton for your knowledge.

@William Robison

Hello my fellow investors, I wanted to see if anybody knew of a title company that provides title insurance on auction homes (mortgage foreclosures at the county courthouse). I am having some difficulty finding a company that does so. I have contacted a few (Accurate, Platinum, Alliance), but haven't had any luck. If anybody knows of anybody out there that could so do it'll be greatly appreciated. Thanks in advance!