All Forum Posts by: Mike Landry

bump??

I'm just trying to get some tax guidance on where i can put the costs of a rehab when fixing up a rental to sell. is there a strategy here? Does it matter if the costs are expenses or going to the basis. is there even an option? for my situation it's about a 10k rehab. individual receipts are all under $2500 except one. Lots of small mx repairs and fixes like blinds, faucets, cleaning, ect. A few big expenses, all new carpet, granite in kitchen, tiled bathrooms, paint whole house. How do you break it out for your cpa. yes, I'll be emailing mine. thanks!

Why are you guys removing your bank account information.  If money becomes available I want them to be able to send it my way.  I'm just deleting my renters so they can not pay.  I'm not going to use them anymore but I don't want to delete any records that are there???  Am I missing something?

Thanks! I knew it was there somewhere.

I've tried looking around....Is there somewhere I can go to print out a receipt for my bigger pockets membership?

Thanks

Mike Landry

@Erick Correal

If you go to foreclosehouston.com  you can pay for the foreclosure list monthly.  Also you can pay extra to get a list of who purchased the property, bank or person, and what price it sold for.  I think its another $25 per month.  

As ive found out an unrecorded deed can still be legal in texas. i know its confusing but here is the chain of ownership.

Owner 1(lady im talking to) sold subject to, to another investor. General warranty deed i  believe with a title company. 

Investor sold using an attorney with a wrap to family A

Family A somehow sold to family B without title co or attorney (claiming they owned it outright?)and have an unrecorded deed as far as we know.

Owner 1 note is getting foreclosed. It sounds like family B is a victim here too.  They're the ones that have managed to stop the foreclosure so far. 

Investor a is uncontactable and not sure the status of the wrapped loan. 

family b is contacting owner 1 upset about  foreclosure notices and saying they own the property (i suspect they dont have title insurance)

It Sounds like a foreclosure and legal battle for the bank.  Its really sad that owner 1 and family b are getting screwed. I can see why banks would be against wraps and subject to. 

@William Hochstedler  She did not wrap it herself.  The investor that took it subject to sold it on a wrap.  And that person is missing in action.  Not sure what the status is on the wrapped note.  

@Account Closed I think you nailed it.  

I have been talking to a person that is being foreclosed on.  She is seeking legal guidance but I wanted to get some opinions here as far as what her options are.  Here is the situation.  She sold her house in spring, TX back in 2008 to a "realestate company" that wrapped her note and told her the new owner would refinance it in 3 years.  Title was transfered to the new owner and recorded with the county.  A couple years later they sold it to someone else and only wrote out a deed on paper, not recorded with the county.  Of course when they bought it they didin't pay the loan because the sellers said there wasn't a loan and they owned the house free and clear. 

This was years ago and her original loan that was sold subject to has been trying to foreclose for years. But the current owner gets it stopped in court some how then a few months later the loan gets sold to another bank and she has to explain the whole situation again and start over.

She just wants to not have a foreclosure on her record.  The tite company that transacted the subject to is not talking to her or helping her at all.  She has most of her paperwork and is questioning if she was scammed and a victim of fraud.  

How does she get out of this.  If she could get the house back, she would sell it to me for a great deal.  But it might not be worth it if she has to pay thousands in attorney fees.  Thoughts?

I'm watching the market and hope to see more reasonable prices in the next year or two. Value add to get an 8 cap...no thanks.