All Forum Posts by: Stephen Mendoza

John,

You've mentioned the following in a few posts:

[Regulated lenders (banks, etc) legally have to dispose of their REOs and a minimum price is not required. They want best price but they can not legally wait around. They are legally motivated to clear the books.]

What is the normal "holding" period for a lender? Is there truly a legal timeframe for disposing of a property?

Thanks for your insights,

Steve

Flipper,

We are just starting out...goal at the beginning of the year was to acquire two rental properties this year. We acquired our first property in June and are now looking for the second. Once we get going we may consider flipping some properties. I'm glad I found this forum...there is a wealth of information here!

Thanks for all the help!

Thank you very much for the help!

Under the assumption that there are no "dumb" questions...I am a newbie to real estate investing. Are the expenses I incur researching properties tax deductible? What about mileage expenses when driving out to various property sites? I tried researching IRS publications but could not find anything related to this type of activity. Any advice is appreciated.

My business partner and I recently purchased a property in our names. We would like to assign the property to an LLC where we are the only two members. In the bank note, it says if we assign the property without the lenders permission that the bank could call the note. Any advice on how to get the property into the LLC?