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All Forum Posts by: Rich O'Brien

Rich O'Brien has started 1 posts and replied 5 times.

Quote from @Mark Navarrete:
Hello Rich,

I second the advice offered by Nathan Gesner. You could also explore a jv partnership with a local investor. I would absolutely use an attorney to facilitate this type of transaction. You can find a potential partner at your local REIA group. A quick google search will point you in the right direction. Good Luck. 

 I’m absolutely going to use an attorney for anything I do. One piece of advice I never forgot is to never ever sign anything without a copy and without a lawyer looking at it first.

Quote from @Jay Hinrichs:
Quote from @Nathan Gesner:
Quote from @Rich O'Brien:

Talk to a lender immediately! You should be able to take out a small loan using the property as collateral. Use that loan to pay the back taxes and get things under control. Consider putting the property up for sale and get your life back on track, then try investing again.


bottom feeder investors are going to hammer this poor guy.. He needs  good RE broker to give him price its worth .. I think a sale is probably the best thing sell for what its worth dont let an investor suck him into some wholesaler suck his equity from him.. sell re group and move on..  is my advice.

 I’m not going to let that happen. I am certainly stupid for what I did. But I’m not an idiot. These guys are claiming they help people in my situation and in the same breath offer me a loan that I calculated out at 92% interest.

Quote from @Mark Navarrete:
Hello Rich,

I second the advice offered by Nathan Gesner. You could also explore a jv partnership with a local investor. I would absolutely use an attorney to facilitate this type of transaction. You can find a potential partner at your local REIA group. A quick google search will point you in the right direction. Good Luck. 
Thank you. I will definitely reach out.
Quote from @Nathan Gesner:
Quote from @Rich O'Brien:

Talk to a lender immediately! You should be able to take out a small loan using the property as collateral. Use that loan to pay the back taxes and get things under control. Consider putting the property up for sale and get your life back on track, then try investing again.


 I never bothered to try talking to a lender because my credit score isn’t great and I’m self-employed. So, with my write offs I technically don’t make much money. I can’t believe how stupid I was to actually think that because I owned the house outright the town would never sell it on me. I foolishly told myself they’ll lean the property and I’ll just pay it when I sell it. I can’t believe I would be so dumb.

Hey folks, 

Due to a lot of depression and personal issues, I let my property taxes go unpaid for close to three years. I bought this house to flip for $190k and I own it outright. It is in an extremely desirable area in Watertown, CT. I have no creditors or liens besides the unpaid property tax bill. Which went from $14k to now $25k after it sold at auction for $220k on September 12th. I’m in the redemption period and it will go up 1.5% or $3,300 every 30 days for the next 5 months. I’m looking for someone to help me with my situation. I’ve had multiple people contact me and I’m looking for possible solutions. If you are interested or know somebody interested, please reach out. I fully understand there are consequences for my mistakes and I own up to that. I would just like to salvage what I can of my situation. Not just for my dignity, but for my family. Thanks so much.

Rich