All Forum Posts by: Greg Carrier

Hey if that is Elkhart County you are talking about, come and say Hi to me as I will be at that auction as well.  As to your questions, we have purchased many homes on lein sales in Indiana that did have mortgages on them without an escrow and have gotten some of those houses as well.  We have only been doing this a few years but it is sometimes hard to guess what houses will redeem and what ones won't (though I have never gotten a very high end house - those have always redeemed.  I think when you say foreclosure you mean eviction?  I would not worry about that much either.  We have purchased a bunch that were occupied at the time of the sale but have only gotten four properties which were still occupied.  two were evicted one is buying on land contract and one is a paying tenant so it all worked out fine - there are just different paths that you may have to follow depending on the particular house.  Good luck!

We have a home rented to someone who runs a daycare in it.  She has two others and I got to see them before we agreed to the lease.  She has been fine and issues have been minimal.  I wouild do another with her if the opportunity comes up.  Our insurance company is aware of the deal as well.  So it is not as big a problem as you might think depending on your tenant

I have purchase multiple houses and leins in Indiana, Michigan, Colorado and Florida.  I have also been to auctions in Georgia but have never won anything.  That is how I got into real estate in the first place, though now we look for houses in a lot of different ways.  We live in Indiana near Michigan so primarily work those states.  Although we have done different things and the states (MI and IN are completely different) we attend many auctions, look at a lot of houses and wait for overlooked houses or ones with little interest in them and pay little for them  (as a rule)  In the St. Joseph County auction last week we purchased 7 liens on houses for $28K total.  Our rate of actually getting houses from leins in fall Indiana sales is in the 30 - 40% range, but even if you don't get the house, you do get interest on your  money.  In Michigan it is a tax deed sale.  The last one we attened, a month ago we purchased two houses which were occupied for $15.5K total of which one is now rented and one has been sold on a land contract.  Good Luck!

It all depends Lusito. a deduction is a deduction regardless of the entity you use, but there are arguments for a C corp or a flow through (S corp or LLC). We use all flow throughs (one S corp we converted from a C and and LLC). The reason being it was easier to manage quarterly tax payments and we are still afforded the ability to defer income via a 401K plan we have within the companies. I would suggest if you are in the 39.6% tax bracket you could consider a C Corp at the lower tax bracket but I don't want to deal with that as I can still defer 25% of wages we pay ourselves up to $50K a year into the 401K plan we have and use that as a tax deferred vehicle to invest in additional property. When you start though, the first thing you have to do is generate income. Then worry about deductions. I would not have any entity until I had some cash coming in. Good Luck!

Looking to connect and partner (if that mutually beneficial) with others. Open to any ideas. career in accounting and taxes if that is helpful to anybody out here.