All Forum Posts by: Tyler Mullen

@Account Closed

I've heard of similar situations, it's called "ghosting".  It's part of the MO for "people" to collect PI to then facilitate identity theft.  

Hopefully that isn't what's happening to you and there is just some innocent explanation you've yet to receive.  Have you researched this person and their company beyond BP?

@Carmen Marshall

Here, I'll save you the money and the time probably wasted taking more courses:

There are always deals around and they all get bought, by someone... maybe you?

You will not get the best deal ever, because it's almost impossible to invest at the absolute bottom.  That's not how investing works.

There will be bumps along the way, so plan for them and they won't be so surprising.

There are many investors using myriad strategies, you could spend you entire life learning REI, or painting, or you could just grab a brush and start. Steven Hawking was learning until the day he died, that didn't prevent him from writing books. Do you need to graduate from Secret Service driving school to go get groceries down the block? Look at everyone else making deals happen even though we accept we won't get to 18,000 rentals or wholesales.

Just go buy a duplex, move in and rent the other side.  No fancy behind the back dribbling required, no more excuses.  Set a date and buy something before that date, then post it for us so we can toast to your bravery and success!

I’ve seen many a house for sale that was a rental turned into a grow house or garages wirh grow rooms where tenants have illegally installed their own 220v electric.

Former co-worker had a 4bd 2 ba rental house converted into a grow op and cook op, luckily her insurance covered the repairs... it’s not so uncommon as to say it’s better to run your business under the “as long as the checks clear I’m happy” technique.

Good points, I agree except to reiterate it's not "ok as long as the check clears."  If the applicants are straw applicants or non-existent then the remaining tenants might not meet the income requirement and/or you could end up with a situation where a straw applicant has enabled criminal elements to occupy the unit.

Sally, Joe and Eric apply for your unit, they pass and you rent to them.

Later you find out:

Sally and Joe moved in with Bob.

Eric isn't a real person, he is a made up person, a stole identity basically, provided to you to pass the application screening.

and

You find out that Bob is setting up a meth lab in the basement of your unit.

I don't think that's ok as long as the checks clear.

@JD Martin I’d still encourage you to make an offer of you highest acceptable price to the admin, not the auctioneer, that expires before the auction.

If that doesn’t work I suggest if you thenncant get the exact lot(s) you want st the auction then bid on the other lots to try to hem in the buyer of the one you want, the long game being you’ll buy from the new buyer later.

The administrator has all the power, except that reserved by the court in your example, as they are appointed without what is called in my state "non-intervention powers".

Typically in either case baring some other kind of limitation not referenced, the admin should have full authority to accept an offer before the auction, he would then just have to settle whatever contract he made with the auctioneer.

I dealt with auctioneers that were both real estate agents and not, so the agreement we usually had was if we sell the property before the auction we had to use him as our sellers agent and he would take his REA commission, rather than the auctioneer commission.  So depends what the auctioneers contract with admin is, but yes, is could surely be reversed.

If you really want the property, which to me I hear that and it means "money is no object", if you send an offer to the admin for 10 times its market value but offer expiring before the auction, I'd be shocked that they won't figure out a way to sell it to you before the auction.

The court approving the sale comes into play after the P&S agreement is signed. That's a whole other series of events and possible outcomes...

@JD Martin

I've been through this before many times on the sellers side.  If there is an appointed administrator for the estate, and if you really want the property, that is the person you should submit your offer to, right now.

The auctioneer said "no pre-auction offers" but they are just relaying their instructions from the administrator.  You can still submit an offer to them directly and if you really want the property just make your offer so good they accept it before the auction.

Seems similar to a parent co-signing on a lease for their college kid 3 states away, the parents aren’t going to live there but they are still responsible for the lease.

Unless you mean to say that this “co-applicant” never existed.  In that case, yes you probably have an issue because your tenants probably can’t meet your income requirement on their own, correct?

SQUIRREL!

@Mary Jay I empathize totally with your sentiments about your job, you wouldn't believe me if I told you the story of my last one, but you have to hit pause for a minute because you're all over the place.

What I'm hearing you say is that you want to quit your job so you can go do something else/better... in order to do that you need to have other resources and income.  I propose that you focus on one strategy/path of all those you listed, find the repeatable thing that you can turn into a business which will then grow and support you and enable you to quit your other job.

Check out The One Thing, see if that helps.

I'm sorry, did the person saying to "1099-c them" later in this thread then say they've never done it before?  Now I'm no botanist but I'm pretty sure that a 1099-c requires certain documentation or certification of the debt, some kind of judgement or decree or arbitration settlement acceptable to the IRS.   Which would probably be easier to get if you could show the judge or arbitrator a police report and independent confirmation from your insurance company that said losses were incurred.  Or can I just 1099-c anyone I feel like and the IRS doesn't require any documentation beyond my word?