All Forum Posts by: Maria Bocanegra

Also I would add that I'm not sure you having legal standing to send notice to quit / vacate if you are not yet the owner and/ or haven't closed. I am a lawyer by trade and I always say - get a lawyer :) Good luck!

Natalie Kolodij Bill Exeter Steven Hamilton II thanks all - my brother doesn't meet the criteria and will be subject to a gains tax as he sold and didn't 1031 anything. He insisted all vets were generally exempt from gains tax and while I am no tax expert, I am a lawyer and told him I read the section(s) myself and saw nothing about vets being totally skipped on uncle sam's pay. I feel bad for him, he will be in for a real treat.

I agree with all responses. Rent is due when it is due - do not let them put that last on their priority list. I have a tenant who always says she is never late because she squeezes in the monthly payment right before the late fee grace period expires. I had to remind her that technically she is always late because rent is due on he 1st, it is just that she hasn't always suffered a late fee because she will usually pay around the 5th. Late is late. And that mentality you must avoid enabling. I feel bad sometimes but then again I sometimes cannot understand why folks put the roofs over their head dead last.

My guess is that you would have to honor the lease if one is in place. If no lease is in place, most states presume a month to month arrangement. You should give notice pursuant to your local laws rather than just generic notice. Maybe get a lawyer or just call them directly.

You have to purchase the full list I believe but the paper has at least partial list with both addresses and PINs

Hi all! Can we talk about the cook county tax sale? The listings are released this week - I've put the link below 

Anyone have familiarity or insight with this? I have no intention on buying anything but post this topic here in hopes of learning something.

When someone buys here, do you hold first position? If not, what's the point? I just read a 2017 federal court decision where a tax sale purchaser lost its pre-bankruptcy petition position and instead received a contractual right to (partial) repayment of the debt owed to the tax lien purchaser. The result of that case would make me stay away from this but I'd like to hear what any of you have to say.

FYI - the tax listings came out yesterday and in today's Sun Times

http://cookcountytreasurer.com/annualtaxsale.aspx

Hi Are service members/vets subject to gains tax where they purchased home with VA loan then rented it out for more than 2 out of the last 5 years? Thx! M

Wayne Brooks your refi out of FHA to non-occ conventional is my next step, i just was hoping to move quicker on a reverse idea but alas, I shall take what comes

Wayne Brooks thanks! I am aware of the moving exception but my first FHA was in 2005, moved in 2007, bought current primary with conventional and now looking to buy multi unit with FHA, my lender said he wasn't sure I fit squarely within the exception. Any additional thoughts? Also, a BP podcast noted that where the replacement pty is owner occupied, you are taxed on that portion thus occupied. This was a tax advisor being interviewed....do you have any additional info on what you mentioned? Now I'm confused!

Would a reverse 1031 exchange be a legal work around the 1 FHA loan limit rule, since it seems as though the to be relinquished property is "parked" into an LLC? I have a FHA on the to be relinquished then moved out of state. Looking to purchase replacement with an FHA. Thx! M