All Forum Posts by: Joe Abughazaleh

@Tajinder Kandola what do you mean by newly finished? Is that brand new as in a builder built or investor that flips properties. It's going to depend on how you feel about, it's always better to get one than not.

@Doug Saugstad  sure sounds like it's too good to be true.  Maybe you can try to check that counties recorders office. Plug in the address it should tell you the name of the owner. Then take it from there, hope that helps!

@Judy Le set a price you'd sell the house for. Tell her to get pre approved for a loan or have her look around for state grants or programs that she might qualify for, sometimes they have no money down grants and stuff like that. Then if she qualifies for the amount you'd be willing to sell for I'm sure a local title company can help you with a contract. Section 8 program is only to help low income tenants rent, this program is not to help with mortgage payments. I think if they're qualified for section 8 voucher program it would be kind of hard to qualify to buy a house, but I could be wrong. Hope this helps!

@Jay P. read over your lease you have with him in detail. A most basic general lease should state something about violating bylaws and consequences. Him not following the swimming pool guidelines alone and causing you un necessary repair costs should be grounds to evict him, but again depends on what your lease saids are possible consequences and your state laws are. It sounds like you got to get that guy out of there! 

@Brian Terry I use smart move, found them here on BP under tenant screening. Their a transunion company and can actually see potential tenants credit report.  I've been using it for a few years now no complaints. I select the option for applicants to pay for it, think they can even apply on their smartphone then let's you know report is ready to view. 

Yes I will PM you with some information.

Investors are not going to lose everything. Investors that have bought those hoa liens have known all along the chances of them losing the house. It's gamble that's worth it at the price they've bought it at. It's still been a win for many of them buying them so cheap. They rent those properties out make their money back in under a year very often. 

@Eric Edwards Check under the tools tab here on BP "free forms" I thought I saw a wholesaling contract in there before. 

@Wayne Brooks got it thanks!

I've been searching the forums without any luck. I'm interested in buying a condo in Las Vegas where the seller is subject to Firpta withholding. I've read the tax code on the IRS website and also found this:

Q: Who is responsible for FIRPTA withholding?

A: The IRS rules place the responsibility for withholding potential income tax due in the amount of 10% of the purchase price on the buyer of the real property from a foreign entity. The real property becomes the security for the IRS to ensure that they receive taxes that are due to them. If the payment is not made by the buyer, the IRS can seize the real property (or other assets of the buyer).

I'm wondering if anyone out there has had actual experience as a buyer? 

Am I as the buyer holding the 10 to 15% and paying the IRS when I do my tax returns? Or what's the actual process. Are there any surprises or pitfalls I should be concerned with?