All Forum Posts by: Mike Foley

@Toni Mensching  it depends on you long you have owned the property.  There is a requirement that the property has to have been purchased after 12/31/17 I believe.  I am sure that is an issue for a lot of people and they is probably a creative way to get around that rule.  Sell it to the fund perhaps?   You could also entitle the property for apartments and sell it to a fund and possibly get them to keep you in the deal.

@Tyler Kastelberg  Looking into doing a MIS also.  Can you elaborate on what you stumbled upon?

Mike

@Julia Shevchenko  I sold one at a loss and am trying to unload the other a year later.

The properties were absolute garbage that I purchased.  And the ones I purchased were better than some of the ones I passed on.  I made the mistake of not going to seem them in person and inspect them.  I had BPOs done but they were not not done by anyone competent.  Properties needed lots of work just to be inhabitable.  Equistream was no help in the process and I never engaged them to sell the properties.  I have no idea how their business model works on these types of properties.

I would highly recommend NOT doing business with this company speaking from experience.  

RSVPing for 2 for Saturday as well.  Look forward to meeting some new faces.

Great work.  Just curious were these deals purchased with seller financing or subject to?

@Uriah D.  I appreciate the info.  Our closing attorney said he would do it.  @Gregory Walter is B&K a mortgage company or bank? 

I am purchasing a property in Apex, North Carolina and need an attorney or lender who can prepare the loan documents for my loan from a private party.  

Thanks,

Mike

House is worth $135K an located in Nashville, NC. Owned in LLC. 6 month loan