All Forum Posts by: Bryce Davis

what makes you think the bubble will burst again and the Fed will let it. 

Does property won at IRS auction cancel all other liens? The reason I ask is because land is worth only 30k but liens are very high.

Such as the encumbrances listed. Does the IRS auction supersede all other liens?
As of this date, the following are the encumbrances against or interests in the property (as described in the Notice of Public Auction or Notice of Sealed Bid Sale) that was seized for nonpayment of Internal Revenue taxes due from (Name): Some of these encumbrances or interests may be superior to the lien of the United States. TAXPAYER "A" AND TAXPAYER "B"
Real Property $487.04 2015 n/a  County Treasurer 05/24/2016 Taxes
Notice of $153253.60 05/31/2010 03/11/2015 Internal Revenue Service 05/24/2016 Federal Tax 08/15/2011 HOA Lien $12180.00 07/01/2015 07/01/2015 05/24/2016
Foreclosure $12180.00 08/04/2015 0804/2015  05/24/2016 HOA Lien

As others have stated 203k is the best option. You can not buy a courthouse steps foreclosure unless you have some form of cash. Hard money etc.. However as my first i would not do that anyway. 

Do ALOT of research. You mentioned areas that you think growth is coming. You need to know it is. If you live in an area its easy to research

 Maybe the city is considering a new mall, a new metro station. Remember land is more valuable than a house. 

Also remember that you can still find your own a motivated seller that is not listed on the mls. 

Lol that's why jay and eric will always work for someone else.

Brother just bought used hot tub. The moisture underneath caused it to rot and be invested with carpenter ants. I mention this because they can spread to house easily.

As far as value of tub. He fixed it himself for around 300.00 but he is very handy. Would have cost 2k for someone else. 

I know vacation rentals that have hot tubs. I would make sure you approved the model. I read somewhere some models kids were getting killed by getting trapped some how. Also get a good umbrella policy. That will cost you a couple hundred a month. 

Just seems like so much negative for you unless they are great tenants and they sign a long lease. I wouldn't take a risk like that unless your covered. I carry a 5 mill umbrella policy and it cost 150 a month. 

only downside i could think of is interest probably isn't deductible but no big deal. 

Also pay attention to that 401k. With market the way it has been dont want it to go down 25 percent then they call your loan because you don't have enough value to secure loan for some reason. Maybe switch to stable fund while this going on. 

that is an excellent idea. Look at the 203k. Also look in areas that growth is coming but not there yet. 

im assuming your looking at fha because of the 100 percent financing. 

You mention the two hr difference. That doesn't matter.

I have 4 homes that i mortgaged as primary within 10 miles. However you can't buy the same type house. Example you have to upgrade square footage. Moved from city to suburb. Some good reason. 

Also i would recommend you look at conventional loan. Less restrictions. Now if money down a problem save up or take out equity out of primary. Just remember that the bank looks at dept to income. If you can't afford the mortgages and home equity loan you won't get approved.

Also remember if 3 yrs you will lose option to sell your primary and avoid all capital gains. 

commercial you have no chance unless you do owner financing. Another option is paymore than asking and do some fancy paperwork with owner.

Get a personal or home equity loan and don't mention you will use money for this deal. I believe minimum you will need 20 percent. 

However if its for sale its probably listed by agent therefore your choices are limited. 

Not trying to be rude but if your asking these type questions you probably don't have alot of experience. I believe anything is possible as long as you work hard. Just be careful. Commercial is a whole nother monster. 

Well when I worked 40 hr weeks I still put 20 or more in my business. If you can't your profits will be lower. Real estate MLS deals you better be ready to jump and get in contract . I personally hardly ever buy on MLS. Less deals since realtors already got their greedy hands in and their client thinks their property worth more than it is.

Most realtors dont have a clue if they did they wouldn't  be realtors.