All Forum Posts by: Ken M.

Foreclosures usually have a lot of "hair" that goes with them. Like deferred maintenance, (bad roof, worn out water heater/AC Unit, warped flooring, water damage) etc, unpaid utilities, unpaid taxes, a second loan, unpaid HOA fees, a bad pool, bad reputation, sometimes squatters, sometimes they were drug houses, and so on. The problem is that you don't get an opportunity to do an inspection before you buy.

If you buy pre-sale from the owner, you have arrears to bring current, getting the owner to move after you have solved their problem and taken the pressure off, along with the previously listed concerns. You can wind up with title issues if you are not careful. Make sure you buy it low enough to make it worth the trouble. If you buy it too low, in some jurisdictions they will call it "equity skimming" which is illegal.

It can be very profitable, I've done many, but you really need to know what you are doing.

0 Votes

Westchester County, New York

Quote from @Jeff S.:

This preliminary injunction has been stayed. The CTA is reinstated, and we are back to being required to register.

According to Doss Law:

As of December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit issued a stay of the nationwide preliminary injunction previously granted by the U.S. District Court for the Eastern District of Texas in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.). This decision effectively reinstates the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements nationwide, pending the Department of the Treasury’s appeal resolution.

Click here for the full article which includes the new reporting deadlines.

Good catch. Appreciate it.

1 Vote

Quote from @Cassidy Burns:

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $55,000

Fix and Flip Purchase. Lead was brought to us through Facebook sphere. $25,000 rehab budget, will have on the market in less than 45 days

What made you interested in investing in this type of deal?

100% Financing on acquit ion + construction. Will have cosmetic rehab complete in less than 45 days

How did you find this deal and how did you negotiate it?

Facebook Sphere

How did you finance this deal?

Hard Money Lender 100% LTC

How did you add value to the deal?

Bought under assessed value, slight value add through cosmetic rehab (paint, light fixtures, flooring)

What was the outcome?

Projected Profit: $25,000.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Cassidy Burns and BPG Residential

Just curious. did you include your cost of sales, realtor fees, escrow, capital gains in your profit projection?

0 Votes

All Forum Posts by: Ken M.

Ken M. has started 64 posts and replied 863 times.

Post: Would like Suggestions on Foreclosure Buying

Post: Corporate Transparency Act (CTA) under PRELIMINARY INJUNCTION

Post: FIx & Flip Purchase - Final Purchase of 2024