All Forum Posts by: Mike Nelson

Do all extended period listings occur when they did not sell in the 30 day exclusive listing? am i right in saying the extended period is 180 days (per the website)?

This morning this all sparked my interest because of a property in the extended period whose bid open date is tomorrow the 7th. But after I posted these questions I went back to the hud homestore and it is no longer listed? any reason it would have been taken off the site? unfortunately i did not take down the brokers info earlier.

Sorry guys, had to resort to asking some rather simple questions about HUDHomestore since I spent several hours online with no luck. The first thing is the listing period for investors, the website says it goes into extended period for investors, why? how long? do all of them? , and are bids accepted right up until the opening date? can you make more than one on the same property? and can i do this all through the listing agent since I do not have a broker or hud registered agent working on my behalf? do I have them make the bid for me by talking to them and not doing anything on line my self? will they show the property right up until the bid opening? Trying to get answers on stuff like this with no clarity. Hope some one can shed some light.... JScott you the man!

I wont. I just was amazed to find no record of this "Business Tax" beings the county website says they will impose "substantial penalties" for not having this receipt. I only knew about it because the bank requires it to set up a business checking account. Which makes me wonder how these other fellas set up their accounts?!?

Well its really confusing, there are records of the companies paying property tax under their LLC name for example, but there is no record of Business Tax paid ( Occupational License). Wouldnt they know they exist if they are paying property tax under their company name?

I just started my first LLC in Florida and noticed the county requires a business tax receipt for ALL businesses that do business in the county. However, I searched the county records and foun that 1 out of 20 of the known real estate investors in the county has a record of paying the business tax. Anyone dealt with this before? Why would none of the others have a records of payment? There is nothing in the exemptions for real estate investors.

So do you have your bank draft a letter verifying you have sufficient funds for the offer? is this as good as a statement showing actual funds?? I realize statements can be phony too.....

Was wondering for the guys who have the cash. Say you have an REO you wish to make an offer of 85K. How much do you feel comfortable showing how much you have on your bank statement? In otherwords if you had 200K in an account, do you want to show the bank you have all that extra money?? Just wondering if there was a strategic approach to this. Also, what do most investors hold funds in, savings account with a bank, jumbo money market account? Thanks!

Im not really sure, i just dont want to miss anything or screw something up. Although i didnt on my first rehab but that was a motivated seller not an reo. Anyway what do you do as far as title work when you locate a property JScott? Do you use an attorney to shadow your closings, or is it not necessary unless there is a huge mess of title claims?

I've done a rehab that went well. While prospecting for new opportunities i've come across several deals that are not for me, but definitely for others, hence I have the chance to wholesale. So what Im wondering is, as im new to this, what is a reasonable attorney's fee to shadow a wholesale transaction, or a purchase for rehab? I have not dealt with any and before I talk to a few, i guess id like to know a little bit about dealing with them so I dont get taken to the cleaners.

I guess id just prefer to have all the big players contact info so that I can market immediately, rather than put a property under contract (eg. REO) and use my 3-7 days (inspection period) to build a buyers list and then market the property....