All Forum Posts by: Nancy Bachety

It sounds so basic, but I can't find one. I'll make one up however I'm not trying to reinvent a wheel. If someone uses one or can recommend one or can even upload a template in the templates section, it would be awesome. I heard the Goldmine tax specialist the other day talk about his system (hundreds of dollars...) and it includes his record keeping template. I'm new to record keeping that is audit-ready and therefore I don't have a complete list of records to keep. I'm still trying to identify myself as a RE pro and was a bit disappointed that time spent searching for a property and researching (online) doesn't count. But that's another story....

So again, if someone can offer any tips on what they use, that'd be great.

@Account Closed

A realtor in FL just told me about a property there that is an REO. It has a "first look" on it meaning that only offers from first time homebuyer's can make an offer in the first 20 days. After that, the seller will open it up to investors etc.

Thank you @Anthony Davis for your answer. We checked with the NC college residency requirements and the only thing we are questioning now is if she'd be kicked off of our health insurance if she was made an independent and removed from our taxes. They NC system is specific but also takes each case individually. 

(At the end of the day, the house would still be a savings because we wouldn't be paying $6000 for her housing costs to another entity.)

We're looking for some answers if anyone can offer insight, experience or help.

Youngest of 4 children is a freshman in NC. We live and work in NY. We found a house to buy in her college town. She is 18, has worked every summer, not working currently. 

Is there a way we can structure this so she gains residency? We'd 'gift' her the house or set it up in a trust. Does her name have to be on the deed to gain residency since we obviously don't live in NC. I'll be doing that research with the college but in the meantime, I thought I'd ask here.

Thanks for filling us in. 

@Sam Epstein

When are you bidding? Live or online? Let us know how it ends (before 120 days ends). 

@Jay Hinrichs At which point do you get title insurer involved? Do you have to buy it at all if you're just turning it over to sell?

@Sam Epstein

"since the owner has $200k- $300k in IRS liens, which aren't specifically on this property"

Would an IRS lien be on whatever assets the person owns, including this house?

Have you tried connecting with a bp member who buys from auctions often? 

@Sam Epstein

For estimates, I would start with this: walk the property, talk to neighbors, look for notices of improvements in the court records, and lastly, overestimate the worst case scenario based on age of house. 

@Sam Epstein

As far as notice, you can go to the county clerks records (or the courthouse) and search the records for the given property. There, you should find evidence of the newspaper notices. I believe that constitutes as notice. You can also find out the newspapers the county says they use for such purposes and look them up online or in print. 

(On a side note, try searching the county clerk records for your own property or those you know. I found it to be a valuable lesson to see what is public information.)

@Sam Epstein

Could you log what you do with this deal? Interested in seeing how this plays out. Based on Jay's reply about newbies being scared away yet him never seeing IRS lien's being redeemed, it sounds like it depends on your risk tolerance and available funds. However, if they reimburse you for costs, it really does eliminate the fear factor (assuming you do no rehabs, other than protecting your property). It only ties up your funds for 4 months or so.