All Forum Posts by: Linda Cooper

My chapter 11 Bankruptcy will be permanent removed from my credit report in Sept. (2020) :-). I have a fico score of 801 & we (husband & I) just recently re-finance our primary through VA (Navy Federal C/U. The even better news is a lender has offer us a $1,000,000 fix & flip credit line to use but we're a little scared. That's a lot of money!! Would like to hear you guys thoughts on this. Thanks

Hi Justin,

My first suggestion to you is to join a real estate investment club that has been established for a while.  Make sure they offer classes during the month that will teach you all the "tools of the trade".  In addition to that, google search Ron Legrand and check out some of his youtube sessions.  While there I am sure you will discover other gurus that may interest you.  I wished I had started at your age.  Good luck

Linda Cooper

Shaun,  IRS law allows $250K for a single person & $500K exclusion for a married couple on your primary home and you can do this every two years.  We have occupied the home for 11 years.  It is a great way to make a profit & not have to pay Uncle Sam anything.   Maybe, we might consider moving and purchasing a nice fixer upper with a lease option to purchase in 2 years.  Anyway I will keep you posted and enjoy your weekend.  Thanks again for your advice and yes I have an awesome CPA.  He was previously employed for the IRS.

Hi Shaun, thanks for the information regarding the waiting time.  I also heard that if you are a veteran (which my husband is) the waiting time is 2 years.   I guess that I will have to liquidate some of my portfolio holdings so that I will some cash available.   Right now my main focus is my primary residence after my discharge date (Jan. 2017).   I have at least $125-$150K equity in the home and I really would prefer staying there another couple of years, maybe longer but I am sure that after my discharge the mortgage company from hell (NationStar) will immediately increase my payments.  We got lucky and was able to include our primary in our Chapter 11 BK (should have been only the investment properties).  So if we have to sell at least we will have some non-taxable funds to work with.  Any ideas on this?

I would like to know where to find forms to write up a sandwich lease option deal.  I also would like to know if there are any legitimate guru sites on the web that can teach you & provide the forms for such deals.  

Bankruptcy will be discharged Jan. 2017.  Our portfolio rentals consists of 8 single family homes & 2 four-plex apartments.  After our discharge our portfolio will consist of 4 houses will have no mortgage & 1 four-plex with a very small mortgage (22K) @ low interest rate 5.25 % (25 years left with payment $145 a month).  Our primary residence (value @ $350K) has a interest only mortgage with payments of $789 a month.  Upon discharge, (Jan. 2017) this payment will definitely be amortized immediately.  My question is where can we turned for help regarding a re-finance on our primary after a 60 month chapter 11 discharge.  We really do not want to sell because we love this house.  HELP!  Any advice will be appreciated.