All Forum Posts by: Rob Pattison

Thank you for your feedback, Chris and David.

I've heard from both my attorney and several members on this board not to offer cash for keys at this point, and so I won't.  I did offer cash for keys when I foreclosed on December 28th and the occupants didn't take me up on that offer.   It has taken me a little over 8 months, August 10th is the day, to obtain an eviction date in St. Louis, MO.

I was told by the Sheriff, David, that I can haul left-over belongings immediately upon eviction.  My attorney says I need to leave on the sidewalk for 24 hours, then remove.   I'll need to obtain clarification.

I am a note investor, and only reach the point I am now, when the borrower either doesn't communicate or doesn't keep their promise on the monthly payments.   I have a similar situation going on in Waterloo, Iowa.  I'm about 60 days away from foreclosing.

The game plan now, after speaking with my attorney and the sheriff is to have my locksmith show up and put a lock box on the house after the occupants have been evicted.  Then secure/board up all doors and windows against squatters and theft.   I've notified 3 investors this house will be available for sale this Wednesday.  Tuesday evening, I will post on Facebook market place.   I will run the transaction through a title company.  I don't need a realtor as I have plenty of buyers.   

I'm looking for quick cash at a faire price.   An appraiser will be there after the lock smith to give me a value and take pictures.

Thank you for your reply, Brad.

I'm going to ask my vendor how much they will charge if the vendor has to move all the belongs out, and probably offer that price to the occupant as cash for keys.

Good Afternoon everyone, 

I bought a non-performing note 2 years ago in St. Louis, MO.  After the statutory-required time, I've foreclosed and now eviction is scheduled with the sheriff for Wednesday the 10th next week.

Here is my plan.  This eviction is my first time on this route with a note, and am open to suggestions from people who have taken this road before.

I've coordinated with a business that will provide a locksmith and will put them in contact with the sheriff in order for the locksmith to meet at the same time.

I'm debating on whether to offer $500 to $1,000 through my attorney to the occupant, the former borrower, to remove all furniture and personal belongings and not damage / vandalize the house.

I will have people there to move out the furniture to the sidewalk if the occupant leaves the house a mess.

I will have people there to secure the property against squatters.

I will have an appraiser there to appraise the inside of the house.

Finally, I will have buyers there to look inside and make me an offer.   I'm looking for the highest and quickest cash offer.

I welcome advice from anyone who has similar experiences, success, and what to avoid.

I foreclosed on a non-performing note I bought 2 years ago and now own a house in the Ferguson area of St. Louis, zip code 63135.  

The former borrowers, now unauthorized occupants have a lock out date from the sheriff for next Wednesday, the 10th.   I want to sell this house "as is", prefer cash.    Here are my questions:

1.  I've insured the house for $80k, including for liability.  Should I offer the occupants cash-for-keys not to damage the property on their way out the door?

2.  On the lock-out date, next Wednesday, I plan on having a locksmith there at the same time the sheriff arrives, as well as someone to appraise the property inside, check for vandalism and secure against squatters.

3.  After the above transactions, I'd like to then have potential investors / buyers walk the property, make me a cash offer, and I'll accept one of them.

4.  I don't believe I need a realtor for this transaction as I don't need to find buyers, I'm already getting postcards from people interested in buying.   I'd like to just pick a title company and have them run the transaction and save me 6%.

I'm interested in feedback.

Thank you for your advice Basit and Greg.   My CPA filed for an extension and I've paid my estimated tax.   

The government taxes our time as well as our money figuring this stuff out.

In order to buy a house in Costa Rica in the concession zone (beach-adjacent property within 200 yards of the beach), you need to buy within a corporation.   My purchase price included the seller's corporation.

I don't believe the entity status in Costa Rica of my property affects my US taxes.   The corporation is a Costa Rican entity.

I will be filing in extension on my taxes in order to do more research and seek alternate tax advice.

Good Afternoon everyone, thank you for all your advice.

I am 59, not 59 and 1/2 and so not eligible for additional leeway the older age would offer.

I like the advice to seek a CPA specializing more in real estate investments.   What my ears picked up on when I met with my CPA to go over his work was when he said he "was not equipped" to take all those deductions over 1 year.  

Don, I'm not sure investing the time to become an expert in the IRS codes is a good investment of my time anymore than me pouring over a medical journal before a medical procedure would be a good exercise of my time as I don't think I can learn in 1 or 2 weeks what those professionals took years to master.     

If there is a quick, time-efficient way to read the relevant IRS rule, I'm open to listening to advice.

I bought a house in Costa Rica, using partially money from my 401k through a covid distribution, which meant I escaped the 10% penalty but still am liable for income tax.

I'm 59, and took out approximately $200k.  This house is on the beach and will serve as a retirement home as well as an airbnb rental.

Per my CPA's advice, I was able to deduct all my travel to Costa Rica, and hotels, since this house is within a corporation and I intend mostly at this point in my life to rent via airbnb the house, staying there for about 1 week every 90 days to work, do additional rehab/improvements and catch waves with my surfboard.

My CPA initially calculated a tax obligation of $51k, which I thought was too high.  His explanation was that he "was not equipped" to take all my deductions that year, and instead amortized them over many years.

The next day I sent him an email offering to pay more for his time to sharpen his pencil.   He then came up with an obligation of $24k, much better, but still not where I think it should be..........more like under $10k.

Does anyone have a referral to an professional CPA who deals with Real Estate and is aggressive in coming up with the lowest, legal tax obligation for their clients?    I live in the south bay area of Los Angeles, near the ocean.

I bought a house within 60 seconds walk to a surfing beach in Esterillos Oeste, about 20 miles south of Jaco, Costa Rica.

I've rehabbed the house with the goal of renting it via Airbnb through my property manager, who is an airbnb superhost.

My challenge at the moment is putting in a surf shed on the property to house long boards, tools, a lawnmower, etc.   Because I'm inside the maritime zone (within 200 yards of the high-tide line), my property is a concession (a 20 year lease) and there are further restrictions on what I can do, including a 3 meter setback from the fence.

I've been to the city planner, plead my case, and have been told verbally and in writing, that I cannot build closer than 3 meters to the property line fence, even a shed which would only be inhabited by surfboards, no windows, electricity or water.

So my fall-back plan is to find a portable shed large enough to house 10 foot long boards and some tools.   I haven't found any such store in Jaco, and a google search has turned up nothing.

Does anyone have advice on where to find/buy a pre-built surf shed that I can have trucked to my property?

Hi Kevin, have you thought of contacting a real estate attorney?   You might get a free consultation and let them know there may be more business coming.

Maybe going to your local REIA, someone might have a solution.