All Forum Posts by: Richard Warren

Could it be that the Dems are in serious trouble and the election is 3 months away? Nah, that couldn't possibly be it.

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Originally posted by Rich Weese:

It was my home! I left it in 2002 to go rv'ing.

Rich,

This is just another story for your collection. The squatters were druggies so you can say you used to live in a crack house!

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Articles are often slanted in a way that shows the author's bias.

It does illustrate what's happening though - turning from speculative flipping to a safer, long-term buy and hold strategy.

As for Glenn Plantone, I know him well. He's been complaining about the lack of REO inventory for some time now.

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Again, they need a tax pro or they have no hope of stopping this. It sounds like they would qualify for hardship. If they didn't pay taxes that they withheld from employees they will have a harder time. Hopefully one of our tax pros on the site will chime in.

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They need a tax professional that has experience dealing with the IRS. What they need is to go for an Offer in Compromise. If they can demonstrate a true hardship they can get the IRS to accept less. It needs to be a real hardship, having no cash but plenty of assets won't do it, the IRS will just take the assets. With an obligation that large professional help is definitely worth the price.

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Originally posted by Financexaminer:

Richard, it's my understanding that she received the full accounting on her side of the transaction and understands it, RESPA does not require an accounting for both parties be given to both parties, just their side as applicable.

You're right - I missed that.

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Originally posted by Mary Ann Rocco:

THANK YOU for the 'gentle' slap therapy to just 'let it go'.

I don't know that you should just let it go. By law you are entitled to an accurate accounting. Take the HUD1 to the title company that handled the closing and ask them to explain it to you. You are probably just missing something but that doesn't mean you don't deserve an explanation.

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Originally posted by Kevin Amolsch:

Most hard money lenders will finance 100% of purchase and repairs.

That’s interesting. That’s absolutely not what I’ve seen.

In the market’s heyday 100% rehab loans for purchase and repair were common. Today you’re lucky if you can get 65% of ARV and nothing for repairs. So many HMLs were burned and those that have managed to survive now insist that a borrower have significant skin in the game.

If you have found 100%, all-inclusive financing more power to you. That certainly isn’t happening in my neck of the woods.

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If she's on the Lis Pendens she is probably on the deed. I would think you would need it but I'm not a SS expert by any means.

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Depends on what you call $0 down. If you’re talking about the newbie’s fantasy of finding a deal you can buy with absolutely nothing out of pocket and turn around and sell it for a huge profit – ZERO.

If you mean a purchase that didn’t require a down payment or significant cash outlay – two.

One was a purchase from an estate for rehab and flip. The purchase required nothing out of pocket other than title charges and closing fees that amounted to about $1500. HOWEVER – I did provide collateral as security for the purchase. I funded the rehab out of my own pocket so the purchase was $0 down but it certainly wasn’t zero cost as the rehab ran about $15k.

Another deal was a joint venture that took nothing out of my own pocket to purchase nor did I pay holding costs. But I did pay for the rehab. When it was done the house was sold and each partner deducted his expenses and we split the profit. My partner was a friend who wanted to learn the business and did a lot of the grunt work. So I had no cost to purchase but it still took $12k to do it.

The best newbie deal I’ve seen was a friend who found a woman who inherited a house she didn’t want. The deal was made for a purchase that was significantly under market value. He didn’t have to make payments for six months while he rehabbed the house using a private party (relative) loan which also had no payments. The rehab was completed and the house sold in seven months so he did have to make one payment but he made a huge profit on the deal.

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