All Forum Posts by: Dolly Caswell

 I purchased a FC in Alaska a year ago for $1 over the debt balance. It is not always an "attorney" here who handles the FC, we also have "Receivorship Services" in different areas of the state who have the following obligation: "...To act on behalf of the court as an officer of the court and a neutral third party, with a fiduciary duty to all persons or entities which are shown to have an interest in the receivership estate, or the proceeds of the receivership estate." 

It was a 2nd and a 3rd that I paid off and now there is just the 1st TD and a very uncooperative loan holder. My current problem is not the fact that I paid off the 2nd and 3rd, but the 1st is at 3.75% and I don't want to give that up for current rates in a refi. The person who's name is on the 1st refuses to provide me with any information about the loan, balance, interest paid, etc. They are angry because a relative was "supposed to buy the property". It was public record and apparently the relative didn't move fast enough and I own it. I have a Trust Deed, Insurance and leases in my business name, but the loan holder still won't accept the fact that I own it and does everything possible to make things difficult for me. 

Other than paying off the 1st which is about $190K (and I really don't want to do that with the interest rate so low) also, I sure don't want to do a refi now with rates so high. Do any of you out in BiggerPockets-land have a suggestion how I can manage this person and get the information I need? I'm sure I'm overpaying on some part of the loan and I imagine the surplus is being sent to her rather than credited back to the loan or sent to me, even though the payments are on my business checks.

The property cash-flows now but I have had to put a lot into it to get it out of the slum-lord class. 

I use QuickBooks, but I really wish there were an alternative. It is NOT written for rentals and I have to do work-arounds to make it even come close to functioning for me. The only reason I continue to use it is because that’s what I started with and now I am stuck. My preference would be to buy software, install it and not have to “buy it” over and over again. Next January I may actually make a change to a program that is reasonably priced, and specifically written for rentals…now I just have to find it

Mark Hern  would you share your knowledge about the “great reward in using subject to legally, ethically and correctly. You state there is great risk in not knowing what you don’t know, and I would agree with that. I sure would like to know how to do this legally ethically and correctly. Thanks Dolly Caswell, Alaska 

@William Stratton, I'm not sure what you are comparing the HP12-C to on BP. There are certainly calculators inside the BRRRR and other apps, but you can't exactly "take it with you" when you are considering something else outside of BP's realm. As I said before, I've used an HP12-C for a long, long time and find the flexibility of having it on my iPad so I can just open it and use it without having to go into BP and assess a property there, with it's invaluable to me. Just my opinion.

I've used an HP-12C for many years and hooray!! you can download the app to your computer as well. It's not free, but well worth it. Learn how to "drive" it and you'll be a whiz at calculating your mortgages, TVM etc. Tracy Z Rewey is a contributor here on BP and she does an excellent job of teaching/thinking about what the HP-12C can do. Also there is another great program you can buy and download TValue 5.  

Cam Jimmy, good for you!! I live in Eagle River, AK and have bought property here as well as in Wasilla. My biggest problem is finding contractors who will actually show up and do what they said they would do. Their excuse is "the snow, the traffic,  truck won't start, girlfriend had a doctor's appointment" - which is crazy-making, of course. You've been able to do some of the rehab yourself, but I can't. If you know of any reliable workers who actually show up, let me know!!

Good morning Gerilyn, I have an appointment for a computer call this morning (12-6-18) with Royal Legal and am wondering if they are legit also. You said your problem was solved, however, are you completely happy with the transaction(s) and do you understand everything they did? I live in Alaska and have inquired about Series LLCs and they tell me "yes they work in Alaska". I'd really appreciate your advice and input about your transaction. Thanks, Dolly

Jonathan,  One of my friends is an ex IRS agent with 22 years of experience. She has lived in Alaska for more than 22 years and has extensive experience in real estate investing. She is very busy with all the clients she has but might be willing to talk to you. She has saved me a boatload of taxes! Also, she has clients in the lower 48, and is familiar with tax laws that apply everywhere. In my opinion she’s a miracle  worker!

WOW, this thread is quite a dose of reality! In Alaska our bond status has just been lowered by Moody's, the governor is laying off people, we've lost jobs on the North Slope and yet still our RE prices are unbelievably high and have only recently leveled off. Rents are high as well. Statistics say we have more people leaving than are staying here and even the nightly news is saying the dreaded "R" word, recession. How in the world do prices continue to go up or sustain in these conditions?

I've been trying to buy for over a year, but can't get anything to pencil unless I discount it and make a ridiculously low offer and then it's rejected, of course. I took out a HELOC against my free and clear home to be able to offer cash and close quickly and even that isn't making a difference. Foreclosed SFH's have balances that are way more than I think they're worth and if a MF is foreclosed (which is rare) it's such a mess that the repairs would run it up way past ARV.

I've looked at everything and can't justify buying with the memory of the 80's crash still swirling around in my head when I couldn't cover even a fourth of the mortgage payment with what a renter was willing to pay and we lost everything. I've actually had better luck loaning out some of that HELOC money short term, but it's not what I want to do. Does anyone have any suggestions? I'm terrified of the prices, but other folks are still buying. We are headed into winter, however, and prices usually become a little more negotiable then...I can only hope! Am I just being overly paranoid, paralysis of analysis, stupid or what?

Do you have any idea if he's negotiable or what his motivation is for selling? How long has it been for sale?