All Forum Posts by: Ron Drake

@Eric Bowlin divide 334,784 by 12 then see what you come up with.

The only way to learn is by going through the process and the only real way to go through the entire step by step process is by hiring a GC and documenting everything.

Hire a GC on this one and maybe you could pull off #2. Maybe. 

You will save time and money hiring the GC.

I don't see why not. Good Luck

@Mack Stuckey Congrats on your decision to dive in to real estate investing!

I was at Camp Lejeune last summer and may go back this year again to visit my Daughter, Son in Law  and Grandkids. 

I really like Swansboro and would probably look in to investing there.

if their rent check is made out to your company, then they are correct. It is up to you to send your client a 1099 which will make the one you receive from the tenant a wash.

@Account Closed  That is tricky and not sure how the IRS will look at it. If audited you will have to pass the sniff test. Did you have the utilities in your name? Hopefully you had electric, gas & water in your name at least 2 out of 5 years or you likely won't qualify. They will ask for copies of bills and or cancelled checks for proof at an audit.

You collected rent, did you claim it on your taxes, did your tenants take the renter deduction?

Just go ahead and claim the full exclusion the IRS will let you know if you owe them any money ( :

if they decide to file bankruptcy prior to the sale, it will be postponed.

The lender will then seek a relief from stay which will allow the auction to continue. It is a double edged sword though, because once the BK is filed the lender won't usually discuss the short sale without attorney intervention in Bankruptcy Court.  Attorneys cost money.

Someone, anyone can go file a simple petition for around $250

@Jay Hinrichs That's Great!

Oh Boy, Between your build @Karen Margrave build that she has been showing off and another friend who is building in San Diego, I feel an itch to scratch.

Very Cool Skinnie.

Did you have any initial problems getting permits for something like that. 

Doesn't exactly blend ( :

@Russell Brazil Are you talking about a bank owned REO? or a true foreclosure purchased at the courthouse steps?

Foreclosure purchased at a Trustee Sale you can sell the next day.

REO, next day.

HUD, Homepath or Homesteps property may be subject to some sort of a deed restriction besides owner occupant purchaser. May not. Check your Lender documents / counter offer from bank. If it doesn't spell out any restrictions, then there aren't any.