All Forum Posts by: Kris Haskins

welcome to bp

I noticed at the bottom of the web page on auction.com that they have the right to counterbid your offer when you make a bid on one of their houses. Seems like they are raising the price with a computerized counter bidder. Has anyone bought a house from them and got a good deal? The reviews I saw are 70% 1 star reviews and all terrible. 

i vote no.   if u use the $ and dont hv it to pay back at the end of the 10 yrs..  the heloc lender WILL take that house.  ive seen them do it even if its a 2nd!! 

wow... welcome   bp is reaching the entire globe.   tell us a little about ur market trends and what type of houses ur seeing being built?  

oh my lordy...  , I recommend don't spend another minute doing mailers. These new guys, the internet guys, will blow you out of the water with their internet skills...  , I mean you can literally send out thousands of postcards with the click of a button as compared to printing and sticking stamps..   it's just no way to play.   Take a little time to look around click2mail.com.  I believe the online mailers have revolutionized the real estate business. And if you are not using them then u may fall into the dinosaur fate......  oh the stamp is irrelevant if the copy is on the card.....  ur going to be great.....

I have a nightmare story from a friend of mine that is using dohard money.com.   well, I guess they did fund the acquisition with a large down payment from him.  Once he started working on the house they acted very funny when it was time to reimburse him for the repairs.  The main thing that's so unbelievable is he only had out a total of $130,000.  The remaining $37,000 was held in escrow waiting for more repairs to be completed.....   .   After he hit the 6 month mark he had to start paying a  1% penalty each and every month thereafter he held the house on top of his regular high interest rate payment.  I have literally seen this man pay $2,200 for the normal monthly payment and another $1,600 penalty on top of that to these people for several months...    true, he should've had this house sold a while ago but this is just what you have to deal with when you have hard money lenders.    Oh and I forgot to mention the ridiculously high late fees and when he tried to refinance the $130,000, they told him he had to refinance the entire $167k even though they were still holding their own $37k  in their own escrow.  They r the mob I'm surprised no one has reported them to the SEC....    I hope this helps as there r more favorable hmls locally I'm sure...

great topic.  Tell us how ur paying him now?  Ex.. per job, per item complete etc etc???

nice question.  I'd be interested in that as well.  

Hey Johnathan, our city is doing sweeps looking for investors.  They are attempting to collect on the "gross sales" amount.  ex...  we sell a house for $200k, make a profit of $25k, city will collect taxes on the full sale amount of $200k.  Some house flips lose money so we pay taxes even if we don't make any money.  

   NOW, our city, Hampton, does NOT tax on rental income.   They also said as long as I own the house and collect rents I won't have to pay city business tax nor need a license to collect rent.  Not sure about every city but if you talk to the city treasure, they'll tell you..    

HHHMMMM,  is this a traditional roth or self directed??    The self directed roth and own real estate and I'm not sure how to respond...