All Forum Posts by: Richard Warren

If you aren’t prepared, your best bet may be to file for an extension. You have to send in what you think you owe with the extension form. If you miss the deadline you will have to pay a penalty for not filing and also for not paying if you owe money. The extension will eliminate the penalty for not filing and the penalty for not paying can be avoided by sending in at least the amount that is owed. The penalty for not filing is much worse than the penalty for not paying. The extension form will give you another four months to get your return done.

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I second the Home Depot University. You can learn a lot of useful, basic stuff.

Jon, the book was jsut released a couple of weeks ago. I hope you enjoy it.

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My business model is to buy low cost properties for cash and rehab them with the intention of renting them. If I need cash I will refinance them at a later date. The area that I rehab in allows for a very good cash flow using this method, not all areas will.

As far as learning to DIY, start with small projects and learn as you go. There are so many books on different repairs and renovations. It’s not rocket science but you do need to learn to do it right. For a good book on the subject (if I must say so myself) check out my website.

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Washington Mutual reduced my HELOC. They sent a letter stating that due to declining property values in my area they were reducing it by $100k. They didn't freeze it. I have sufficient equity to justify the amount of the credit line, but the reduction was something that they are doing across the board in my area. I did call them and I was told that I could reapply but I would have to pay for a new appraisal. I haven't decided what to do as of yet.

I can’t say that I blame the banks. The HELOCs are based on the amount of equity in the home and there would be less equity with home values falling. The contract clearly states that they have the right to do this, so a lawsuit would be a waste of time.

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In addition to reading all of the forum threads you should check out the Investing Blogs. There are dozens of articles on many different topics. Just start searching back and see what interests you.

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Welcome to BP!

Why not get a rehab property to be your first home? It’s a great way to build equity and gain rehab experience. It’s how I got started. I was able to buy a much better house in a better neighborhood than I could have afforded otherwise.

Good luck!

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The attorney is from the MLS. He is attempting to protect real estate agents, as he should. However, his opinion would definitely biased. Have you read the statute yourself? If so, does it appear to you that you violated any part of it? If not, read it and try to view it objectively. If you think that you are in the right you may wish to get an opinion from your own attorney.

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Mets in the NL. Indians in the AL.

Mets win the World Series in 5.

Josh, are you going to keep track??

Now that baseball has been decided, can the Giants repeat in the Super Bowl?

A birddog needs a license if he is going to “represent” you in a deal. If he is just passing on something that he sees and isn’t acting on you behalf with the seller you should be ok. There are people here who know a lot more than me on this subject, hopefully they’ll chime in. The problem is that a fee could be perceived as a commission which means that an real estate agents license would be needed.

The key word is “represent”, they would be acting as your agent and would need to be properly licensed. There is nothing wrong with the law, it is designed to protect people. You need to act within it, which you should be able to do if you are careful.

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