All Forum Posts by: Jason Smith

I am running up against the same thing. I did talk to PenFed today and they confirmed that THEY do HELOC's in Texas on investment property. She even ran the numbers a bit for me. Whats not clear is if there underwriting will stop it from going through or if they are just using a different line of credit product that they are just calling a HELOC as to not confuse customers

@Jimmy Samai most frequently you can find the owner information or at least who pays the taxes at the county tax office. Typically it’s just an address and a name but that give you a place to start. If the address is the same as the property I would guess that it’s likely going to foreclosure or possibly in probate from someone passing away. At that point I have turned to Facebook to look for people and theIr family members who can point me in the right direction

@John Park explain that the ghost is the last tenant that didn’t want to pay rent on time and you’re still trying to evict them. Seriously though, I would do nothing at this point. If she calls again you can just aske her what she would like you to do and go from there.

@Steve B. Where are you getting that I’m repeating my question? I’ve only asked it once. This site was built to allow investors to help each other not for people to perform overwatch like some sort of thread police. If that did take asking the same question multiple time for someone to gain clarity on a subject so be it. Way to help out!

@Mike M. Thanks for replying. The property is currently under contract with Auction.com and set to close. While they will provide a special warranty deed I just want to make sure that the 50k IRS lien doesn't survive the closing.

@Bhaskar Pandey While they can always call it due if you move it to an LLC most often they won't even bother to check as long as the loan is in good standing. I'm here in Texas and have had done multIple "quit claim" deeds on multiple properties to move them back under my LLC. You can find examples of these deeds online they normally require a notary and a small fee from the courthouse. While the LLC does provide some asset protection I would highly recommend a solid business insurance policy as another line of defense.

After going under contract with auction.com on a property we found out that the IRS has placed a lien on the home we are purchasing in Texas. Does anyone have any experience with IRS liens? What we're trying to determine is will this lien survive closing where we will be responsible for the debt or will it drop off or be settled from proceeds from closing?

As a married person I have bought and sold real estate solely in my name in the past. But this weekend I had an agent write an contract and told me that I am “required” to have my wife’s and my name both on the contract since we are a community property state. I can’t seem to find anything that supports or debunks this claim. Have I done it incorrectly in the past or is this agent misinformed? Where can I find any supporting documentation? This doesn’t seem like this would be correct because to me that would essentially be saying that the state prohibits buying assets singularly. Where does that stop? Could a married individual not buy a car with out both parties signing? This just seems off. Thanks for the help

if there are gaps that are large enough to see that it would tell me all i need to know about the builder that built the home.  These are the issues that were found and likely are not all the issues that exist.  Buyer Beware!!!

Over the last few years I have been using flipping as a primary way of raising capital for my buy and holds. Using this strategy I have built my holdings to over 200 k in equity. I would like to start leveraging that and putting it to work. The issue I keep running into is that lenders want to be in 1st position. Meaning they will not allow me to use my equity to obtain a line of credit.

I would rather not do a HELOC on each property due to the associated closing costs with each loan.

What can I do in order to tap into this equity and put it to work for me? Are there any lenders that will take a 2nd position? Who are they?