All Forum Posts by: Anthony Cross

Thank you both!

Thank you, this was incredibly helpful. It appears the IRS has 120 days to redeem the property.

Thank you, this was incredibly helpful. 

In a mortgage foreclosure, if the owner being foreclosed on has federal tax liens filed against him, will the property remain subject to all or a portion of the federal tax liens once a foreclosure sale is completed?

My assumption is if the property goes above opening bid, the mortgage company as first lien holder is paid off, and the Fed as 2nd/3rd recoups the rest, so I would take free and clear of the federal tax lien, but his tax debt would be reduced and he would remain liable.

In a mortgage foreclosure, if the owner being foreclosed on has federal tax liens filed against him, will the property remain subject to all or a portion of the federal tax liens once a foreclosure sale is completed?

My assumption is if the property goes above opening bid, the mortgage company as first lien holder is paid off, and the Fed as 2nd/3rd recoups the rest, so I would take free and clear of the federal tax lien, but his tax debt would be reduced and he would remain liable.

In a mortgage foreclosure, if the owner being foreclosed on has federal tax liens filed against him, will the property remain subject to all or a portion of the federal tax liens once a foreclosure sale is completed?

My assumption is if the property goes above opening bid, the mortgage company as first lien holder is paid off, and the Fed as 2nd/3rd recoups the rest, so I would take free and clear of the federal tax lien, but his tax debt would be reduced and he would remain liable.

I tried My Rental Hero after tracking all of my expenses/revenue in Excel for 5 years and don't think I'll ever go back.  I love the ability to categorize each as they come in based on property and expense/revenue type.  The exports are super helpful for inputting to external models.  Absolutely worth the free trial to try for yourself!

https://www.rentalhero.io/

I've used three different CPA's in filing for taxes each year and have not been happy with my experience (slow to respond, brief if any answers to questions, etc.).  I also now own 4 rental properties and want to make sure I'm taking advantage of all the tax benefits possible, as I've had significant travel and expenses related to improving a fixer-upper. 

Thanks!

BP,

I've been researching and analyzing properties on and off for the past year in attempt to find a good rental house in my college town. I've finally found a deal which cash-flows very well with all of my conservative estimates, and am ready to move forward. The seller wants to go FSBO, and I want to make sure I'm not missing anything as a first-time purchaser. Please see the below list I've compiled of things to consider and let me know any advice you'd like to offer:

- Title company

- Inspection/Appraisal

- C.L.U.E. report

- Contract contingencies on sale/seller covered closing fees

Lastly, will a good title company cover my bases as far as handling the transaction and contracting, or should I hire an attorney?

Thank you all so much!

Thank you @Kimberly H. and @Derek Lacy!  I was able to receive a much more reasonable quote for a landlord policy through another insurance company.  Really appreciate the help.