All Forum Posts by: Jean Norton

My husband foreclosed on a property in Texas and entered a legal battle to remove the borrowers.  The borrowers sued my husband for wrongful foreclosure (but that's another story).

During the time my husband *thought* he owned the property, he paid the taxes (4 years).

The judge recently set-aside the foreclosure, so my husband was never really the owner.  Can he get the taxes he paid returned? Or should he file a lien? 

Interesting discussion.  In an attempt to be proactive, I look at the past, in the 80's when the passive losses deduction was eliminated.  Many investors dumped their housing investments and the house market took a hard hit.

I'm not seeing this as a risk at this point. But I can't help but feel massive changes like this won't have an economic effect in the housing market.

Profit deduction on home sales: People may not move unless they really have to...or they will rent out their house until they can sell it (if they've lived in it long enough) without facing a tax penalty.  This means less buy/sell transactions overall.  I can't predict the percentage hit, but Realtors should be give it some thought.  On the flip side, people don't really think about the tax consequences of selling their homes and sell for more important reasons. Tax savings is usually a minor part of their decision to sell.

Housing Prices:  Prices could fall as buyers have less incentive to purchase homes.  Or, if they do purchase, they want it at a lower price so it will make up for the additional costs of not deducting certain expenses.  Again, on the flip side, prices could rise as inventory could be lowered as homeowners don't want to pay a hefty tax bill on their profits.  However if the price is high enough to cover that tax bill, then they may sell.

As investors: A serious look at your corporate structure may be in order as some deductions are allowed for some types of business formations, but not other types.  For example, if you change your business to a non-passthu type business, you are eligible for more deductions and will be taxed at a lower rate.  However, if you take the money out of your entity you are at risk of "double taxation".

What are your thoughts on these issues?

I usually use their suggested title companies but I must warn you it requires a lot of patience.  On the times I've chosen a title company, just transferring the information is just as problem some.  There is only One company they use in Texas that I will NEVER engage with, ever again.  You can private message me with the title company they are using and I can let you know if I have any experience with them.

IF you purchase a property that is in the category "Newly Foreclosed or Bank Owned", then you have the option of getting title insurance. Should you not be able to get clear title, you can get your EMD back and will not be penalized.

The "Live Auctions" are very different and are merely advertised Sheriff's sales, so yes, underlying liens go with the land.

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The market has changed significantly since this first post.  I remember when I first studied the results people shared, the properties were sold still below what the buyer wanted.  I wonder who wiles beside @Jay Hawthorn has done this recently?

Given we are now in "good times", is it worth revisiting?

city-data dot com

I accepted my pension and it's sitting in my self directed IRA...Still trying to decide how to deploy it.

Myth vs Fact

You don't need a license to access the MLS. Find a Realtor and ask to sign you up as an "assistant". You pay the extra fees and you get your own login.

This sounds like the standard operating procedure for many of the real estate education seminars.  Given this is somewhat of an old thread, I wonder if you can revisit and coordinate with others.  The only 2 major lawsuits I've heard of were Trump University and Armando Montelongo and that took group coordination.  Your power will be with your group.