All Forum Posts by: Account Closed

@Cassidy Shoemaker The first piece of advice I'd give is be consistent and keep at it. 

@Tyler Clearman Yes, you are on the right track.

@James Hong That begs the question "How much is a house worth?". The answer: The amount someone is willing to pay for it. You may be the only offer they get and they may be motivated enough to take your offer. Help them out, make an offer. It will help them clarify what they are willing to take, even if they don't like your first offer.

Even Jamie Dimon says he doesn't know. 

@Javier Hamlett If you have to ask if it's worth it, well . . . I don't want to burst your bubble but you'll never buy a property without one and if you do you will make a whoooolllllle (whole ) lot of mistakes. Ask the question, "did you learn to read on your own?" I bet you didn't. Same with successful real estate.

@Paul Murch You really can't do anything until you get a notice from the Trustee/Court as to the response on filing his taxes. You are prevented from talking to the debtor. If the case gets dismissed as @Jerry W. says, things go back to the way they were before the filing. The Debtor has several options though and each has a different impact on your choices. He may actually file the Tax Returns, which is likely if he wants to keep the house. He may let it pass and the Court will dismiss the Chapter 13. The Debtor then may be able to refile his chapter 13 and be given a few weeks to comply. Or, the Court may dismiss and his attorney may Motion to reopen which has to be set for the calendar and could be two months away. Or, he may opt for chapt 7 if he is eligible. In fact, I've seen lenders put together a loan modification in the side room of the court based on the court dismissing the chapt 13. It's a crazy world and the Judges have a lot of discretion. I am assuming you filed a claim. You might have your attorney petition the court to see if a new appraisal now supports your claim. The numbers used in a chapter 13 are not hard and fast. They may have pulled a number out of the air as to the value of the property. It would need to be challenged (in a motion) which you have the right to do. All of that being said: "I am not an attorney and this information can not be relied on as factual. It is my opinion, not legal advice." Talk to a competent bankruptcy attorney for clarity.

Jun 14, 2016

House flipping is hot. Last year marked a high, since 2007, in the number of people trying to buy houses cheap, fix them up, and sell them, according to real estate information company RealtyTrac.

And who can blame the newcomers when the average gross profit in the first quarter of this year for flipping was $58,520? Keep it up and maybe you could even get your own house flipping reality TV show. There's just one problem: lots of people are losing money.

An analysis RealtyTrac ran for MONEY showed that 12% of flips sold at break-even or at a loss before all expenses. In 28% of flips, the gross profit was less than 20% of the purchase price. Twenty percent is "typically the minimum that would at least cover rehab costs, carrying costs, and other expenses incurred by the flipper," said Daren Blomquist, RealtyTrac senior vice president.

http://time.com/money/4364196/house-flippers-lose-...

@Nicholas Junker It isn't clear, but if a bank is involved at any step and they sell their loans to Fannie Mae or Freddie Mac, you are dealing with federal laws about disclosures. Even if the property is "free and clear" the Title Company will be doing a Title Search and the property has to have clear title for them to even be interested in being involved. I am unaware what a "trust indenture" is and it's ramifications, but I would most certainly get an attorney involved. I doubt anybody in their right mind on BP would give legal advice on this one. ;-)

@Dan G. Unfortunately it is possibly illegal to do in Washington what you want to do. Used to be legal, now maybe not. It may be considered to be "equity skimming" and he has up to 6 years to come back and sue you. Talk to a real estate attorney first. It may be legal if he doesn't occupy any of the units. I am not an attorney so make a quick call and find out first.

@Dorian Jones Congratulations. I would create an LLC and have the funds transferred directly by wire or by cashier's check to the account. You don't want to "Co-Mingle" funds. Look that up so you understand. And by the way, the government will know, but don't worry about that. If it is a loan all of your paperwork will reflect that.