All Forum Posts by: Calixto Urdiales

Well not too sure who said it but here goes (nor am I on the quote either)
"the only certain things in life are Deat & Taxes"

I am all for paying taxes in your tax bracket but it is your legal right as a United States Citizen to do what you can to pay as much as you should pay not! Meaning you should feel happy about paying taxes not the aching feeling of "who the hell is the Medicare fella and why does he take so much from me?"

This is true they also have the "Officer Next Door" program as well but you need to check with guidelines and such. Many people do not take advantage of government programs due to the fact that they are not widely known (other than Wlefare & Section 8) and timely to get.

Hello everyone-

Well lets see yes HUD has $1 dollar program (and TC you are exactly right) but they are limited to government agentcies and non-profit orginizations. And I am not sure (I would have to say no) but I think that being beyond repair is not the case but the fact that said property has not sold after six months of HUD foreclosure.

Oh and James nice idea but are good friends at HUD & FHA are very strick and yes they do check there stuff. Many of the Down Payment assistance programs for repeat and first time homes buyers were all most pulled recently (there are Non-profit orginizations that offer this type of assistance for a nomial fee to pay their workers) due to the fact that HUD and FHA questions their Non-profit status! You can find a link below to one of the corporations that I speak of and read the bulletin (Bush agrees that it is a good program and did not want to get rid of it, looks like he was good for something after all).

http://www.ameridream.org/

You will find it on opeaning page!
"AmeriDream WINS Lawsuit Against HUD:"

Hello there my good friend-

You do not need to go to the county court house to find out this information. Just find you county tax assesors web site page and direct yourself to the page that contains Parcle Search. here is a hassle free way to find what you need and you do not have to pay top dollar to find what you want let alone countless hours of searching. At the bottom is an example of my county tax assesors parcel search page, enjoy!

LA County Parcel Search:
http://maps.assessor.lacounty.gov/mapping/viewer.asp

Well I would say to get yourslef a better Title company and typically the first lien position get rule over all but that case may be a bit different.

Hello there TC-

Well if they are not located in one of those areas no you can not obtain a section 203 (K) program loan through HUD. But there are many alternatives that one can do to still make this very profitable for an investor. For instance you do not have to buy a HUD home to qualify for an FHA loan or grant program.

Also you can obtain down payment assistance through the
Neheimah Coporation http://www.nehemiahcorp.org/

They offer up to 6% of the the final contract sales price that can be place towards your closing cost and down payment! Once you have your flip property you can obtain help through certain government programs and grants such as the CDBG or Community Development Block Grant!
Funds can be distributed for major and minor home repairs, and grants are given at the state, county, and local level (check with you local HUD office to see if you state, county, and/or city has these funds avaliable). And remember if you do not get the answer you like don't give up keep trying cause life is built on play of words (you may have a good intent but are asking the wrong questions).

Also if your home was built before 1978 it may qualify for lead base paint hazard program (which includes repairs as get all brand new windows among other things, check with you local HUD office to see what else you may qualify for)! Hope this helps.... >:P

P.S. Go to www.hud.gov

there you will be able to find listings of HUD foreclosed homes and if you look in your area you can find good deals. Also if you look at the property details (not just the address and price) you will find some that are 203 (k) compatable so just ask you local HUD appoved broker about more details that I did not cover (or ask again and if I do not know the answer I bet you I know someone that does >:P) Thanks for you time TC!

I know that the urban empowerment program is different than the section 203 (k) program, but if you look close enough you can find Targeted areas.

This means if you obtain a home in a targeted area they will wave the owner-occupied rule that goes along with the section 203 (k) program (due to the fact that these areas need revitalization among other things you may have not know this due to the fact that there are no revitalization areas in Colorado).

Lets face it Richard there are billions of tax-payers money that is being offer thorough these programs and are not being used. I know of many of these programs that would be very helpful to many people.

Cause the best way to make money is using the OPM technique and what better way than for that OPM to be the government. Oh and richard another reason I am going out towards your area is the fact that there are thousands of HUD listings for cheap.

P.S. Ask me what you want to do and I can guide you in the right direction, ex: I need money to rehab my house but I can't afford to get a second lien on my home.

Well there are programs that offer soft seconds that have 0% deferred interest with no monthly payments and they are forgiven after a certain time period. If sold before the time period then the loan is due plus accured interest which is equal to the original loan amount because 0% deferred interest. Loan amounts are up $50,000 I believe

There is also a Rehab program where you borrow $75,000 where only $15,000 has to be used for rehab and there rest can be used to pay down an existing first lien. There are two options one can take to repay this loan one is a 15yr term loan at 3%, well the offers 0% interest rate with no monthly payments for 10yrs (choose to make payments or pay in full when you ballon comes due). This can easily be solved if you are worried about a ballon payment, just put the max allowed into a rooth IRA account and let the interest build (you will have more than enough when you ballon payment comes due)!

Thank everyone!

Thanks for the input fellas!

Is there a fee one would come across if one would transfer from the
401 (k) into the rollover IRA?

What is the difference between Traditional to Rollover OR Rooth to Rollover?

I know that anything put into the Rooth is not tax deductable (unless under some circumstances) and it is with a traditional.

And I know that you are taxed on the money you gained for that year with a Rooth IRA (according to your tax bracket) but you do not get taxed when you pull out money. And with a traditional you get the deductable and tax deferred but you pay tax on the money you pull out (again according to your tax bracket). Also I know that if you pull out money before you are 59 1/2 you are subject to a 10% tax penalty...

Sorry about that Richard but your wrong about what I said!

I said that these types of loan are allowed in targeted areas which are also known as:

HUD's Initiative for Renewal Communities and Urban Empowerment Zones (RC/EZ) Please do look at that link below to see if there is and area near you!

www.hud.gov/cr

P.S. you will need to use the Address Locator which is on that page link I listed above..... :)

Hello there not too sure if your state is an attorney state or not (meaning all purchase contracts are handled by a local attorney not title company)!

If you not too sure on how to do it just google title companies and call one up to see if you can get access to a title account (usually you have to tell them that any and all business you do pertaining to their industry will go through them). Once you have access just look up the property and you should be able to find what you need, if not ask your title agent to order a preliminary title report and this should do the trick.

Good Luck!