All Forum Posts by: Phuong Uyen N.

Hello BP, 

Please give me your advice on this:

I have purchased a property under my LLC. The property is located out of the state from my Residence-Address (Address on Driver License). I have primary been living in this property for the last two years while flipping other houses in the area. Will this property be eligible for capital gain tax exemption when I sell it? I have never claim for capital gain tax exemption in the past.

Thanks all!

Please add me to your buyer list:  [email protected]

Thanks!

I'm interested and would like to get more information if it's still available. 

Thanks!

Wow...What a transformation!

 That's a good idea. I wonder if the bank still own the property or the insurance company? I'm assuming the bank has home insurance and has it covered.

So to update you all with the situation, the bank responded to the lawyer's letter agreeing to refund 100% of the purchase amount. Whew...What a lesson learned!

Chris Eaker, I've been contacting the lawyer to see what can be done. I'll keep you updated.

Thank you for all your responses. 

Does anyone know if  the bank, the mortgage company who forecloses the property have insurance that covers during the time of the fire, since it's on the same day. Would they be able to do anything about it?

Yes Jason, it was the same day, that evening after the auction. I called the Insurance company and in the process of getting it covered, but the policy haven't issued yet.

Hello,

I am a new Fix and Flip investor currently investing in the Knoxville, Tennessee area. I've ran into an issue with an auction deal that I have just purchased and I need your help!

I was the winning bidder of a property that was auctioned at the courthouse steps. I Went to look at the property and found out that it was completely destroyed in a fire on the evening of the auction day. I have contacted the auction company to see if I can place a stop payment on the cashiers. They said it has been processed and that they can't do anything about it.  Does anyone have any idea what I should do?

Thanks for your Help!