All Forum Posts by: Dennis Weber

@John Thedford  I think JW was wanting to defer capital gains taxes. Couldn't he use an RLMO to write, what is it, 5 owner occupied loans per year (careful, I'm talking out of my expertise here)?  Until DJT scraps CFPB and then it's the Wild West, again. Get me to the rodeo on time!

@JW Franz  I like it!  I've been following Mitch Stephens lately and I think one of his strategies could work for you. Although his strategy starts with a distressed property and he markets to a nearby apt complex. I would ask your best and longest term tenants if they would like to buy their house. Take their rent payment and subtract insurance and taxes to equal their payment to you. Then determine the other variables like # of payments and down payment. I would charge 10% and drop the points. Maybe larger down payment if they can afford it. 

Not sure if that was worth 2 cents but a thought. 

The way I understand it, it isn't a big deal. You have to notify the IRS making sure you notify the right office. They have 90 days to pay you back your bid and take property or let it expire. The IRS usually doesn't want the property. 

Second that

Oklahoma is a deed state so you won't find any liens there. 

Disclaimer:  I'm unqualified to answer your questions but interested in getting rid of some properties this way and very interested in the responses you'll get. 

To each his own, everybody's situation is different, but I wouldn't accept those terms (unless I was the buyer). Would you invest your money for 4%? I would ask for nothing less than 8%. Is $250k FMV? Ask FMV. Is this an owner occupant? Then Frank-Dodd applies.

Whoa!  Slow down there!  Your post only tells how they motivated you. How many liens did you buy and what were their ROIs?  

I recently obtained two lots thru tax sales where the houses burned down in very nice neighborhoods. Lots aren't my focus. I'm going to try to sell outright first but I got a realtor that wants to list it in the MLS for me with a virtual home on it. She won't charge me commission but will get 3% on the built house. She will make it clear the lot is FSBO. I don't know if this is a working strategy or not. Just putting it out there.

Need clean out SF in Columbus, INdiana. Anybody have references?

@Bill Gulley  I got that email, too. Amen, brother.