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All Forum Posts by: Marko Petrekovic

Marko Petrekovic has started 4 posts and replied 30 times.

Post: lender's appraisal

Marko PetrekovicPosted
  • Real Estate Investor
  • New York, NY
  • Posts 32
  • Votes 0

Hi everybody!

I have just put an REO under contract for 60k in north Virginia. 2005 it got sold for $289k, in 2008 it was appraised at county at $243k and this year it got appraised at $83k. On cyberhomes.com it is $140k and on zillow 209k...so may wierd numbers, right? Anyway a few months from now I am going to need to apply for loan so I am curious how much would the bank appraise my property. Anybody had similar experience?

Post: looking for the good property auction

Marko PetrekovicPosted
  • Real Estate Investor
  • New York, NY
  • Posts 32
  • Votes 0

Jason D,

Seems to me you got ultra bargain since you bought for deposit which is probably only a few K. How come you're not satisfied? It took you 5 months, but the end of story is pretty happy, isn't it?

Post: Saving 15.3% in Self-Employment taxes with an S-Corp?

Marko PetrekovicPosted
  • Real Estate Investor
  • New York, NY
  • Posts 32
  • Votes 0

Dave,

I agree with you it's just I don't know who to trust so while I am looking for CPA I am reading forums, articles, books and after all this reading I feel like I know what my next step would be. When I come to next problem I'll look for CPA and read again and I'll see what I will find first: him or the answer. I know You can not trust one forum or one persons opinion, but when I red on 27 different websites that s-corp is better for flippers, then I don't wont to pay somebody $300 to confirm me that fact. Now I am researching which is state better to open s-corp: Nevada or Wyoming (since I am not buying in my backyard)

Post: LLC or S corporation

Marko PetrekovicPosted
  • Real Estate Investor
  • New York, NY
  • Posts 32
  • Votes 0

i am about to set up a company as well and from what I have found out, LLC is better if you wont to by and hold, and S-corp if you wont to flip...that way you can minimaze taxes. I started flipping and I wont to open S-corp. I live in NYC but I am opened to buy anywhere in USA, so I don't know in what state should I open entity. Anybody?

Post: Saving 15.3% in Self-Employment taxes with an S-Corp?

Marko PetrekovicPosted
  • Real Estate Investor
  • New York, NY
  • Posts 32
  • Votes 0

Joe,

I have similar situation like Dean D, just started with flipping and am about to set up an entity. My question is: since you explained everything, why do we need additional consultation with CPA or attorneys, which of course cost money, when you told us exactly what to do, so we can go online now and set up S-corporation??? How hard can it be?

Post: REDC Auctions

Marko PetrekovicPosted
  • Real Estate Investor
  • New York, NY
  • Posts 32
  • Votes 0

I think the most important thing is if auction company or government auction provides buyer with title insurance. If yes, all the effort and rejections from sellers might be worth it.

Post: tax deeds

Marko PetrekovicPosted
  • Real Estate Investor
  • New York, NY
  • Posts 32
  • Votes 0

So my conclusion would be in general Sheriff sale is good for investors who want to buy and hold, and definitely not for flippers, right?

Post: tax deeds

Marko PetrekovicPosted
  • Real Estate Investor
  • New York, NY
  • Posts 32
  • Votes 0

Jim,

Why would it be so hard to get title insurance and resell it if you to title search and pay all the liens? Is it that hard for title companies to distinguish all the hidden liens?

Post: tax deeds

Marko PetrekovicPosted
  • Real Estate Investor
  • New York, NY
  • Posts 32
  • Votes 0

Jim,

thanks for your replay. Can you tell me what exactly do you mean by: "lien from any governmental taxing authority" Can you give me an example for that lien?

Post: tax deeds

Marko PetrekovicPosted
  • Real Estate Investor
  • New York, NY
  • Posts 32
  • Votes 0

Haizlip,

thank you for your detailed reply. I have checked your website too! I found San Francisco county tax sale at ************** . This is what I found on terms of sale from San Francisto county's website regarding that auction:

8. Do liens or encumbrances on a tax-defaulted property transfer to the new owner after purchase of the property at a tax sale?

Pursuant to Section 3712 of the Revenue and Taxation Code, the tax deed conveys title to the purchaser free of all encumbrances of any kind existing before the sale, except:

• Any lien for installments of taxes and special assessments, which installments will become payable upon the secured roll after the time of the sale.

• The lien for taxes or assessments or other rights of any taxing agency that does not consent to the sale under this chapter.

• Liens for special assessments levied upon the property conveyed which were, at the time of the sale, not included in the amount necessary to redeem the tax-defaulted property.

• Unaccepted, recorded, irrevocable offers of dedication of the property to the public or a public entity for a public purpose, and recorded options of any taxing agency to purchase the property or any interest therein for a public purpose.

Any federal Internal Revenue Service liens that, pursuant to provisions of federal law, are not discharged by the sale, even though the tax collector has provided proper notice to the Internal Revenue Service before that date.

...according to that, California tax sales doesn't seem pretty free and clear to me. Although it doesn't say nothing about mortgages or violations.

Do you know if you can buy at tax foreclosure sale and inherit mortgage liens?

One more question, at county tax sale IRS has right to redeem the property within 3 months from auction date. Do you have any idea how often do IRS redeem?