All Forum Posts by: Leslie Crosten

@Randall Ayers any update?? I was also looking into Next- wondering what came of everything.  I also used to live in CO and love winter park so wondering how that went as well?? Thanks!

@Jennifer Greuel yep- agree. Very hard to find properties over 2 units that meet the 1% rule in Bismarck with the way rents are. And there’s plenty of open apartments right now. Not saying they can’t cash flow, but they’re hard to find. 

Hello and welcome! I’m from the area and rather new to investing myself, but have been really looking into the local market for some time.  How much do you know of the market in Bismarck?? I’ve been watching quite closely for months and you’d be hard pressed to find a decent 4 plex for under $250,000, let alone $150,000 (unless it needed a lot of work). 

Also why such a high interest rate if you're hoping for FHA? I had a few local banks turn me down to do owner occupied FHA loan on anything with more than 2 units. I was really looking into a 3 plex but this bank I am with said anything over two is considered an "investment property whether you like in one unit or not" and therefore wouldn't allow me to do FHA. But there could be others that would...

@Tom Gimer you are correct and that’s my mistake. I was meaning a senior lien (not taking into account the mortgage).

It was recorded after the mortgage so it would not be senior. But it was in position 2.

Thank you for catching this and your input!

@Andrew Syrios updated thread in my last comment! 👍🏼

@Kyle J. update! Got ahold of someone from Secretary of State office and determined there has been a release filed on that federal tax lien! Wonderful news. And also received some other very helpful information. 

@Kyle J. Thanks!! any idea how I would be able to tell if it was refiled?

@Bob Floss II thank you. I would also then wonder about the remaining junior liens... most are smaller amounts for several hundred dollars to a couple thousand. But there is this “construction lien” for $14,800... how do these usually work? 

@Kyle J.

Would make me think the time has passed since it’s been >10 years. Or how would I be able to know if an extension had been filed?

@Kyle J. thanks! I’ve read a lot of that, too, including the 120 day deal. But I was wondering if that would not even apply because the lien is more than 10 years old? 

If it is still active and true that IRS has 120 days to come for the 90k, I would then not want to start any rehab on the property during this time, as that is money I would not be reimbursed by the IRS. Correct?

(Asked before reading all of the links you sent haha) going to read more from those links now! Thank you.