All Forum Posts by: David Tipton

Hey @Jacob De golish.  Best of luck in Detroit.  

Thank you @Moses Kagan.  I will check it out.  Looks like I sort of hijacked this thread.  Sorry @Adrian Chu.  I hope this stuff is helpful for you as well.

Hi @Gabe G..  You need to check you local jurisdiction, but you may be able to get a lien on their personal property (i.e. car) or garnish wages.  If they really have no assets and are "judgment proof" you can always see if their financial situation changes in the future and try to attach then, subject to the time frames in your local jurisdiction.  Depending on the amount at issue, it may not be worth your time and energy.  You should check with local folks or inquire with the court.

Having just now taken my own advice, this publication from the courts in Indiana may be helpful, specifically pages 17-19:

http://www.in.gov/judiciary/files/small-claims-man...

Obviously check with the court for the county your in.  If you're looking into doing some of the more advanced collection techniques, you should probably consult an attorney licensed in your state.

Maybe the thing to do is set a yearly reminder to Facebook stalk the person or whatnot and see if they have a new job, came into money, bought property, etc. and then drag them back into court or attach the judgment to their property.

 You're welcome! One more tip, because it took me a while to figure it out as well.  If you want to tag someone with the @, you type in "@?" into the reply box and the names of everyone in the thread appear at the bottom.  You click the person you want and boom, it notifies them.  

I will let a CPA correct me, but it's my understanding that you can deduct the home office.  I don't think your full time job would permit or appreciate you conducting outside business from their office, so it seems like a justification to me.  For the precise way you would need to structure this, you should talk to your tax person.  I also believe the miles you drive related to your real estate business are tax deductible.  I would keep track of everything and hand it over to your CPA and let them take what they can.  They won't be able to take the deductions if you don't track it or account for it.

You might find this podcast helpful:

https://www.biggerpockets.com/renewsblog/2013/12/1..

Also, where is this mystical 40-hour a week attorney job?  I want to go to there.

On second read of your post, it seems like maybe you are self-employed with a separate office for that business?  And you are claiming a home office deduction for the office 20 minutes from your house?  Would that not just be an office and not a home office?

 Homepath is the Fannie Mae foreclosure sale program.  You can find properties here:

https://www.homepath.com/

Another resource is the HUD foreclosure site:

https://www.hudhomestore.com/Home/Index.aspx

For HUD, you will need to find a local broker who is approved to submit offers to HUD. You can find a list of brokers on their website.

Keep in mind that your "mileage" may vary. These are foreclosures, so a lot of times the outgoing owners will trash the place. If you are looking at foreclosures, you may want to consider a 203k loan that will build in the cost of rehabilitation into the underlying mortgage. It's an FHA program. The properties listed on the HUD site will indicate up front if the property is eligible for a 203k loan. It will help you get a good price on a property that might not otherwise qualify for financing.

Welcome @Ace P..  My aunt is an agent up in Sac, I would be happy to introduce if you'd like. @Derek Jones might have you covered, but PM me if you'd like to know more. 

@Peter Nuth I think deals like that come from networking and marketing. I would be suspicious of anyone selling a turnkey property for under market value. I'm not exactly sure what you're asking, but I would start locally at first and meet folks in your area who are investing. Another thing, what type of property are you looking for? If you're not specific with what you want it will be hard for people to find it. Saying you want a turn key investment property under market that cash flows 10% just asks other people to do the analysis for you. Define a set of criteria and let people and agents know that's exactly what you're looking for. Otherwise it's like putting up a dating profile where you are looking for a woman who is "hot" without describing what that means to you. 

@Bernard K Jones Malibu is a safe place to start! Haha. Seriously though location is important but I don't think there are particular areas that are better than others for everyone, it depends on your budget, risk tolerance, time allotted to management, etc. I would suggest reading and listening to the BP podcasts as well as looking relentlessly on the MLS/Redfin/Trulia until you have an idea for the values of particular areas. Read the LA times or local blogs about what development is happening around the city. If you find an area you can afford that you see has demographic upside, focus there until you find the type of property you want at a good price.

I agree with @Michael Noto that it will only help to get preapproved so you can jump on a property when one comes up. Preapproval is another step beyond prequalification, so make sure to ask your mortgage broker or bank for preapproval.