All Forum Posts by: Kyle Richter

Jon, I know you have "all" the experience.
I have one property that is being rented by some peopls whose house was in/on fire...I'm getting paid by the insurance... they had me fill in a W-9...what does that mean as far as taxes. do I have to pay taxes on the entire amount that the insurance co. gives me?

So, anyone have some knowledge about this? if I buy the 30% portion of this. will I have a lien on the property that would force the remaining 70% to come to me if someone else bought it. or force the bank into negotiations with me? I'm struggeling here because I wnat to do it now. I don't have that much to loose....I don't think....but I'v enot heard of this before. thanks for any input.
Kyle

Thanks Jon,
But let me go into more detail before I get to far. the property "was" worth about $115k. the 30% loan has a balance of $20'ish but will sell it to me for $4k cash. right now... but I can't get a reply from the bank that owns the "rest of the house" I know it's "upsidedown" right now. it should sell for about $80k but it's on an acre close to the airport in Houston and I can get a good rent price from it....I contract to an Oil Co. international and a 2 bedroom close to the air port will have a lot of potential for me.

The original buyers went with the "no money down" deal. so there are 2 loans.. the bank with the 30% loan want's to sell it to me. the other won't return my calls. my question is: if I buy the 30% portion. can the bank that owns the rest of the house sell it? or does that force them into dissusions with me?

I've been working to purchase a forclosure. I've had good sucess with the bank that owns the 30% loan...I can buy that loan for a good deal...If I do that...do I own anything? I haven't got the bank that owns the other 70% to play ball.

Got a 10 month old daughter and I want to spend more time home with the fmaily.. now I spend about 9 months out of the year some where in Africa.

Your right, I am inexperienced as a land lord, but a very experienced electrical engineer, I own an international consulting firm major oil companies being my main clients. I need to remind myself I can't operate the 2 the same. My consulting firm is..the customer is always right and my job is not finished until it is perfect at whatever cost….but I have excellent profit margins with these customers. I don't see how I'll ever make any money in real-estate the way things are going now.

Copied the lease from the forms link on this site....the only think that might be in my favor is a staement that the property need to look like it did when they moved in....or something to that effect...nothing specific about yard maint.

I can normally laugh off my own mistakes, I've got a successful business now that started out rough in the beginning for the same reasons. I can try and obtain as much knowledge from reading, and I've got so much from this site, but until you drop your fly and hang some money out there you really don’t know what's gona happen with out personal experience….but if I hear my wife say "I told you so" one more time!!!!!

I'm sure it's only a matter of DAYS until I get the letter from the HOA about failure to maintain the yard....then what?