All Forum Posts by: Account Closed

"Foreclosure proceedings have began against a property" How did you come to know this? Newspaper? If yes, then it should have the SP number. Otherwise use the owner's name to check on the civil system terminal that should be at the court house. Ask the clerk where the terminal is.

SWD means "buyer beware" 😂

Federal tax liens stick to the real and personal property of the tax payer. I am not sure if IRS ever forecloses but if the senior mortgage forecloses, IRS has the right to redeem. Also, in order for the lien to be effective it has to be renewed I thing every 10 years (see section 5.12) of the link below

https://www.irs.gov/irm/part5/index.html 

"What I'm curious is what a $200 title search would offer me above and beyond my research"

Peace of mind.

Property I bought at FC auction in NC has a tenant who leased it through a property management company. As per NC laws, tenants in a FC situation has certain rights and they may stay in the property at least 1 year after the deed has been transferred to my name under the same lease conditions they signed with the previous owner. 

This is OK by me as long the tenant continues to pay the rent. However, I manage my own properties and I do not want the property management company involved as the middle man. Can I terminate the property management agreement the previous owner signed with this property manager without any liabilities? What should I watch for example security deposit and such.

I have a house under contract. Radon inspection came high. Either I can mitigate it or offer buyer credit. What is the range of cost I should expect in Raleigh Durham NC area for this?

Bought a property at FC auction at the court house and recorded the deed. Previous owner has vacated the property as agreed . However, he has left behind furniture, tools and kitchenware etc behind. The locks have been changed to the house. I have sent him text text message to let him know that I would be disposing the items and in case he need access inside to pick anything before I dispose, to please let me know so that I can arrange access inside the house. He has not been responding to my texts. How long I should wait before I dispose (salvation army) or take the items to the local dump?

17.8 immediate (90 days), but if you annualized, it comes to 73.

A friend of mine asked about calculating ROI/ROE for a flip he completed in April.

Details:
Source of funds from HELOC interest only.
Rate at prime rate + 1/1 a point (4%).
Purchase price $128,000
Purchase date 01/21/2016
Sold price $179,000
Sold date 04/21/2016
Cost of purchase and sale (includes attorney fees, title insurance, RE commission etc) $8,348
Repair and Holding cost (includes taxes, insurance, interest etc) $14,876
Net profit $27,776

Since my friend did not put any money out of his pocket (money required to pay minimum monthly interest dues were pulled off from HELOC as well), there is no equity out of his pocket. So how do you calculate the ROE?

I calculated the % ROI (annualized) (Sold price - Purchase price) / (Purchase Price + Total Expenses) and annualized to a year which come to about 73%

Is the way we are calculating ROI and stating you cannot calculate ROE since you did not put any equity in it, is correct way to look at this?