All Forum Posts by: Robert Thigpen

Quote from @Marty Boardman:

Quote from @Robert Thigpen:

Quote from @Jeff Copeland:

Quote from @Chris Seveney:

@Jeff Copeland

If they reinstated why would they want to sell their home? The whole purpose of reinstating is to keep their home

 I have no idea. I was just answering the original poster's question.

But, to be fair, just because someone reinstated their mortgage after a looming foreclosure doesn't mean they'll never want to sell the property. It could be worth staying in touch.

 @John Slater

I think that is a good plan to go and knock on their door.

We did a bunch of investigating and found that they were foreclosed on in 2012 on a different property, claimed bankruptcy in 2019, and the husband got a DUI and lost his job in early 2021. So we are assuming their financial troubles are not magically fixed. In order to reinstate the loan the would have had to pay 2-3 years of payments plus the back taxes which for that property was probably north of $50,000. I think you are most likely spot on that they took out a personal loan to get current with the lender.

I'm curious Robert why you're so aggressively pursuing this property? Do you want to buy it to live in? As others have pointed out, the seller reinstated their loan. They are no longer in distress and have a lot of options now IF they do want to sell. 

Yes, we were looking to make that our own residence. 

Quote from @Jeff Copeland:

Quote from @Chris Seveney:

@Jeff Copeland

If they reinstated why would they want to sell their home? The whole purpose of reinstating is to keep their home

 I have no idea. I was just answering the original poster's question.

But, to be fair, just because someone reinstated their mortgage after a looming foreclosure doesn't mean they'll never want to sell the property. It could be worth staying in touch.

 @John Slater

I think that is a good plan to go and knock on their door.

We did a bunch of investigating and found that they were foreclosed on in 2012 on a different property, claimed bankruptcy in 2019, and the husband got a DUI and lost his job in early 2021. So we are assuming their financial troubles are not magically fixed. In order to reinstate the loan the would have had to pay 2-3 years of payments plus the back taxes which for that property was probably north of $50,000. I think you are most likely spot on that they took out a personal loan to get current with the lender.

Hi all,

My wife and I were looking to bid at an auction in two weeks on a preforeclosure home. We got a notification today that the sale was cancelled due to reinstatement of the mortgage. The owners filed bankruptcy in 2019 and went through a previous foreclosure in 2013. Does anyone have advice on reaching out to owners post reinstatement to see if we can purchase directly from them if interested? 

Just saw this post a day late, do you do monthly meet-ups? I'd love to make the next one. My wife and I live near Keene, NH.

Quote from @Brian Falkowski:

How to complete a successful BRRR. Ask me anything!

Thanks for the opportunity, Brian. My wife and I are in the process of BRRRR'ing a duplex in southern NH right now and are already planning our next move. We are very curious of primarily 2 things.

1. How to most accurately estimate ARV? I've been searching for comps in the area and trying to guestimate but this is where we are the most unsure in the whole process especially since this can completely make or break your deal. Part of me wants to become good friends with an appraiser or take appraisal classes...

2. Do you provide loans for the purchase of the property and the rehab as well as provide a sub 6 month seasoning period to be able to refinance quickly? Also are BRRRR lenders like yourself providing loans that are more like hard money or are they structured more conventionally?

Thank you!

Quote from @Sean Delisle:

Nice Job!  In addition to the tax side, I'd definitely make sure you run it like a business.  Separate bank accounts etc...I use quickbooks for my investment properties.  Makes it simple to keep track of business expenses.  My accountant has access.  Congratulations!  

Thanks, Sean!

We are actually looking for a good accountant that is familiar with real estate investors in New England. I’m about half way through “The Book on Tax Strategies” volume 1 and it has convinced me to set up a separate business account and we’ll most likely set up an LLC just to get everything structured correctly now with the help of a good accountant.

Quote from @Jeremy Nault:

@Robert Thigpen Congrats on getting your offer accepted and starting your journey into real estate investing. It looks like we are both in the southern New Hampshire area, if you ever need anything please feel free to reach out!  

Thanks for reaching out Jeremy! We will be looking to create our core team in New Hampshire here very soon and I’ll make sure to keep you in mind

Quote from @Natalie Kolodij:

The renovations on your 1/2 are not deducibtle. 

The renovations on the rental 1/2 will be capitalized and depreciated. 

Thank you very much for the response!

So my Fiancé and I just had our offer accepted on a Multifamily Unit we plan to BRRRR and house hack in New Hampshire. We are going to rehab the whole house and then move into one unit and rent out the other. I am curious what kinds of tax write-offs we can get for this and more importantly how would we separate the write-offs? For example, If I wanted to write off the rehab costs would I be claiming the rehab for the unit that is going to be rented out differently than I would claim the expenses for renovating the unit we plan on occupying? Do any of these write-offs have special terms along the lines of us having to live in the house for at least a year etc...? We appreciate any and all advice!!