All Forum Posts by: Dan G.

I consider myself abrasive, but even Ben makes me say to myself " Here he goes again kicking up dirt". I do see where your coming from though.  

Ive chucked up a loss on a couple of lockboxes and locksets to this exact scenario. Kind of annoying, but now I just post a sign, a copy of the sales transaction, and a business card. I called the bank once and got transferred several times with no resolution, I just gave up. 

I grew up in East Chicago and know the area like the back of my hand. I opened a fireworks business there a few years and had a huge headache with the city building inspectors. I've heard many horror stories about the inspectors in that city and I know taxes are kinda high compared to cities a little more south. I barely like driving through there at night anymore and can tell you that the days of greasing the wheels of city officials is long gone. Red flags I'd say are definitely the taxes on most homes, the crime, and the red tape at city hall. 

@Steven Hamilton II I will be sending you an email to the address listed under your BP account. 

I have no experience in collecting a judgment, but have plenty of experience with people owing me money. For $80 and 1/3 of the cash, I would take that deal all day long. I look at it as paying $80 to turn nothing in my hand into potentially something.

Foreclosure proceedings or eviction. Check local and state laws. If unsure hire an attorney

I unfortunately cant elaborate on the under 6 month scenario. I called after owning the property for 6 months. Also, I should add it was on a primary residence

You can get a loan on a property after 6 months for market value, before 6 months is only purchase price and or repairs. Alot of lenders give different information.

Id have to say my moment was buying my first investment property and fixing it up. Luckily for me it was my cash not a huge amount (although back then it was to me) and a very light rehab. I framed  a picture of the property and a copy of the check given to me at closing on my desk and always take a look at it as a reminder of my risk and success when starting out. Now I can look back and see that check snowballed into the business that I now do full time. 

For a cash sale your title work and title insurance shouldnt be too much. Generally when you buy its a very nominal fee of maybe a few hundred dollars. Even when you sell depending on price point, again its a nominal fee of about $750-1250.

Basically like I always tell someone who is buying a house from me or anyone else, is if you dont use a title company make sure the $ involved is money your willing to lose or have tied up in relation to problems arising from not using a title company.