All Forum Posts by: Ronan M.

I can't guide you in the direction to a lender that works with this program.

But do not feel like a jerk or feel bad by doing what is right for you.

Trust me...the banks have no problem tying up loan applications for weeks sometimes months only to drop a bombshell on the last lap and deny the funding. Happens all the time (me included) and many on BP here have written about it. So don't let that worry you. Banks have no problem kicking you to the curb to do what they feel is best for their business.  You have to look out for No 1 as well.

"Unfortunately, I can't afford to pay an accountant"

@Tim Kersting   Given the situation you have outlined I think you can't afford NOT to have an accountant. If you are going it alone against the IRS the odds are stacked against you.

Before RE I had a small business doing $500K per year and I never had a tax burden close to $17K.  You must at some stage have had a decent business for the IRS to hitting you with such penalties. You should have at lease once or twice a year touched base with a CPA. Even to do your annual returns.....$1000 maybe.

My humble advice...forget doing spreadsheets of your debt and making fancy columns and the like...I hazard a guess you are not very good at that anyway (no offence just taking this assumption from your own post)

Get yourself a good accountant asap. It might be the best money you ever spend. With the IRS et al...he/she might even save you some money.

Best of luck.

You can create an LLC in under an hour so I would be more focused on devoting the time and energy to find the deals, getting your finances sorted and analyzing potential properties. Without that you will have no need for an LLC.

Plus your lender may dictate whether they will allow a loan to an LLC or require it in your personal name.

Best of luck on your journey !!! 

Relax....

If you make $150K to $200K a year you are obviously no dummy.

You are not buying another country..you are buying a house. Its no big deal.

Enjoy the experience and have fun. Take Mom & Pop and your friends and go shopping...look at tiles, and light fixtures and your new furniture and all that fun stuff.

Leave the stress with the realtors and attorneys and just enjoy the ride.

And best of luck in your new home.

After you give him the $20K and he tells you how to buy a house you won't have any money left to buy the house. 

Depends on how old your are. If you are younger adding to your 401K will tie up much of those funds until you are older. However if you pay off the HELOC sooner you have the availability of that line of credit much sooner to continue to invest.

I know you can do self directed 401 etc but in theory you can access the HELOC much quicker and with much less hassle and paperwork.

But I would still continue to put in enough to the 401k to get the max employer contribution. anything over that might be better paying down the HELOC.

Why give a break ? It was noting to do with you that they had to vacate. Plus they still had "possession" of the property those 3 days.   Would a bank give homeowners a "break" on their mortgage because they had to vacate for 3 days ? Doubt it.

Next thing you know they will take off to Mexico for a vacation and call looking for another break cos they were not in your property for that week.

You lost me after the first paragraph......

Yes offer is subject to inspection appraisal and the provision of the paperwork and documents I request of the seller regarding income, expenses, leases, Schedule E and all that good stuff.

I don't fluff around with EM amounts like $350 and the like. I usually throw $10K at it for a property I am really interested in. That shows you are not engaged just to waste anyone's time.

Your attorney is frustrated with YOU ?   That's their job to be there for you.

Never use him/her again.