All Forum Posts by: Account Closed

With an investment property a lender may or may not be willing to forgo the deficiency.

However, the IRS will not. There are no programs or options that will allow you to avoid paying taxes on the difference between what you currently owe and what the lender eventually nets.

What if you offered it to an investor in your area? You could offer to cover some or all of the negative cash flow for some period of time in exchange for them just taking over your position.

There have to be some in your area who took classes from Robert Allen, Carlton Sheets, etc. who think they can overcome a bad investment with the right terms. :roll:

Give it a try, it just might solve your problem.

What care should you take?

To make sure your turn down letter complies with local law.

Look, I love dogs. I have a 95# Lab-Dalmation mix. Beautiful dog with a very sweet disposition. She is an indoor dog and sleeps next to my bed each night.

But, that did not prevent her from gnawing on the window sills in the kitchen. Once I replaced them with synthetic marble, THAT stopped.

But, large dogs bring large problems.

These are popping up in various places around the country.

Yes, fight them. However, I will not buy in any area with this type of harassment mentality and I have sold out in areas after this stuff came to pass. In every case the number of available rentals has dropped and the rental prices have gone up. Then, people move, and the owners end up looking like slumlords in a never ending cycle of code violations until they throw up their hands and often walk away.

Jeff,

Thanks again for contacting me about that article. You rightly pointed out there was no actionable information in there about how to actually protect yourself when wholesaling.

That oversight is being corrected and the article will be updated.

Again, Jeff, thanks for pointing out the deficiency. My apologies and it will be updated.

In the sunshine belt there was a huge build up in the early to mid 80's leading up to the Tax Reform Act of 1986 and the Savings and Loan melt down. Things pulled back and the excess and bad inventories were liquidated through the RTC.

This set things up for the bigger build up in the early 90's through the tech bubble and lurching even faster forward as the credit faucet was opened full in the late 90's and early part of this decade.

A book, huh? There is easily enough material gathered already.

But, I turned down a book deal last year. I almost signed it. The one thing that stopped me was a successful book requires a book tour. I promised my son after my wife, his mom, died in 2007 I would not do any extensive travel for "work" at least until he was off to college. We tried but there was no way to do a book tour without extensive time scheduled on the road.

So, I will have to be contented with it being available to field guide members. Parts of it will probably end up on my blog too.

Yes, it is legal.

The 16th Amendment is valid.

The 16th Amendment should be repealed.

The FairTax.org should be adopted.

I think he meant no deficiency judgment.

BTW, with a full-on foreclosure, your score will be much lower than 600.

Also...
http://www4.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00007803----000-.html

Don't take my word for it, the federal laws are all on-line to anyone wanting to look.