All Forum Posts by: Randy King

Hey Stuart, I live in Madison. Huntsville has a REIA or . Meetings are on the 2nd Thursday of each month. I am also on the email list for Nashville and Atlanta http://atlantareia.com/ just to stay abreast of what they are doing.

Good luck and welcome to BP.

@Jon Holdman

I was not aware of UBIT on flips inside an IRA. What about flips inside a Solo 401K?

I download all of the foreclosure data from the MLS for my market into an excel spreadsheet. The average discount for FNMA for my market in 2013 was 11.5%. The discount takes into account any seller contributions to closing. The discounts range from a little above asking to 30% below. The amount of discount will vary from property to property.

Welcome to BP Kevin. I have done several HUDs over the past year and have never done a professional inspection on one of them. I am buying SFHs less than 10 years so I don't have to worry too much about structure, roofs and heating/cooling systems. I use the HUD inspection as a guide but do not rely on it to be 100% accurate. The problems I have run into have been minor so far (I do understand that I will get hit one day for a major expense). We had a cold winter this year and lately have run into several problems due to the houses not being winterized correctly. I have closed 2 in the past couple of months and both water heaters were drained without turning the power off. New heating elements on both. One dishwasher pump was not drained and froze and had to be replaced.

The problem with HUD is that you can have them inspected, however you have to turn on the utilities yourself at your expense and HUD will not fix anything and to my knowledge will not renegotiate. You will loose your EM if you fail to close for any reason. And you have to pay to have it re-winterized.

If I was doing older properties, I would have my contractor walk the property with me to help check things out.

Hey Wendy , I live in Madison. Huntsville has a REIA or . Meetings are on the 2nd Thursday of each month. I am also on the email list for Nashville and Atlanta http://atlantareia.com/ just to stay abreast of what they are doing.

Good luck and welcome to BP.

@Mike McDermott or @Dmitriy Fomichenko

For clarification, let's say my wife has an LLC taxed as a S-Corp and a solo 401K of which she and myself are participants. The LLC's taxable income is 100K. She pays herself W2 income of 30K and I get paid 0. What are the max contributions for both of us? Is it correct that there will be an individual contribution based on her income and a company contribution that can be split between both of us? Thanks guys, this has been very informative!!!

@James Wise

What is FNMA process when offers have been submitted? I submitted one last week and got the multiple offers "highest and best" email from Home Path. I selected the resubmit with no revisions. Then I got a "rejected" email after the "highest and best" time limit. I understand that FNMA is probably negotiating one of the other offers, but would they send a "rejected" if this is the case? Do they counter all offers if not in a multiple situation or do you have to be close (like HUD) for them to counter. I have done several HUDS but just now venturing into FNMAs.

@Sam Leon

My wife is a Realtor. Where and how can you see the existing offers in Homepath.com?

Thanks...

We use electronic key pads when renting SFHs. We have the prospect drive by and call back to get the code if they would like to see the inside. We get their name and already have their phone #. There has been discussion on BP regarding this, but it works for us. We change the code often and only buy in good areas. I obviously would not do this in a war zone.

We use electronic key pads when renting SFHs. We have the prospect drive by and call back to get the code if they would like to see the inside. We get their name and already have their phone #. There has been discussion on BP regarding this, but it works for us. We change the code often and only buy in good areas. I obviously would not do this in a war zone.

I downloaded all of the 2013 foreclosures for my county from MLS and there were over 100 FNMA foreclosures sold with an average discount to current list price of 11.5%. I accounted for any seller contributions to buyers closing cost but did not account for commissions. Only 2 sold above list price and the greatest discount to LP was over 50%. There was correlation to days on market, the longer on market the larger the discount as would be expected.