All Forum Posts by: Larry Flanagan

I should have clarified - this is tax foreclosure, not mortgage.

I'm dealing with the owner of a house facing foreclosure.  He wants/needs to sell but his wife is in the psych ward at the County hospital.  They will lose the house in 2 weeks unless $20,000 is paid to bring it current.  She cannot enter into any legal agreements and she does not have a guardian appointed to handle her affairs.  They stand to lose a ton of equity.  Any ideas?

For clarification, we are talking about a 4 bedroom, 2 adult, 2 young kid home.  Everything would be picked up of course, but there is no way I'm going to empty the closets, dressers, etc.

I'm going overseas for a month this summer and wonder if I should rent out my house during that time.  Would it be weird staying at a stranger's house with all their personal effects?  I'm not that concerned about people taking stuff but I suppose that risk is there.

Do I need to send a borrower a 1098 for a note my SDIRA owns?

I have a new tenant complaining about steps at a property.  From my property manager:

"A few weeks back she sent photos and measurements of the front and back steps to the house. She’s correct in that they need to range in space of 6-8 inches and be equal to each other. I think one step is 7 inches and then there’s a jump to 11. That’s current code and most inspectors let existing steps pass unless they’re cracked or broken, which these are not.  I informed her there’s a current rental certificate on the house and we would not be replacing the steps unless they are cracked or broken.  Then she mentioned she hopes something doesn’t happen and it come back on the owner."

Do I have any liability here?  My preferred action would be to tell her if she thinks the property is unsafe she can move out.

What is the rate on the LOC?

What happens to the LOC if the stock market crashes while you have money borrowed against it?

Commercial appraisals cost a lot more than residential appraisals, but $5000 does sound high.  But I would figure at least $3000.

That note is worth $25,000 to $35,000 based on typical yields of 8% to 12%.

Rental expenses exceed income.