All Forum Posts by: Rehana Shrestha

Thanks so much @Paul Caputo for your input. Appreciate it. I will be checking with my accountant.

Thanks @Nick C.

@Nick C.  if the property was purchased with full cash, no lender, no tenant so empty for a year before its sold. Would you have advise on how I could calculate the hold cost for tax purposes? Thanks much!!

Hello BP members,

I had to hold a property for a year which was purchased with full cash. No tenant. 

How do I calculate the hold cost for tax purposes? Appreciate your suggestion!!

@Cedrick Grier - have you been in touch with any good licensed contractor in Prince William County? If you can, please let me know as I am looking for one soon. Thanks!

Jim and Paul, thank you both for your response. appreciate your input very much. I will find out more information about the bankruptcy. 

Would you be able to share bit more information/consequences of of whether bankruptcy was filed before or after the sale of the property. In terms of expense, time, and effort. In regards to the law suit, I was mistaken. I thought they had already filed the suit against the lender but that was not correct. They are going to file it but I am uncertain about the circumstances. From what the previous owner said, he had a hearing on July 24 and he was unaware of the sale of the property.

Also, can I purchase the title insurance at this point? Thank you so much!

Hello,

I recently purchased a property at the auction in Virginia on May 28. There are people currently living at the property. The previous owner informed me that he had filed a chapter 7 and 13 bankruptcy for which there is a hearing on July 23. He also said that he had filed a lawsuit to the lender because he had a hearing on June 24. I called the law firm who did the auction and they said that everything was clear from their bankruptcy attorney for the property that I purchased.

Today, I went through the sheriff's office to start the 30 day notice for eviction. What kind of suggestion would you have that I should from here? Any suggestion and advice would be greatly appreciated. Thank you!