All Forum Posts by: Uchenna A.

I read somewhere that Uber drivers average $25 per hour. You wife could start from there maybe? Or you could do that to free yourself up for job hunting.

I would sell primarily because the property is not cash flowing. My personal rule of thumb is that I have to get at least 1% of the value of a house in rent in order to hold it e.g. your property has to generate at least $2890.00 in rent.

My thinking is that if the bill passes as it is, the $750k will not be binary (either you get it or you don’t). I would think that in your case, you can deduct what you pay for up to 750k but not 50k (as a percentage of your tax bill in this case 93.75%). I will be following to see what others think.

Should not matter to you how it looks while the current tenant who would pay for it wants it that way and lives in it. Should it? All you should be concerned about is how it looks at the end of the tenancy. 

I would allow the improvement with the understanding that the unit must be returned to its original condition at the end of the tenancy. Think of this like a request to paint a bedroom purple 😀

I will not return the Security Deposit if there was more damage than the deposit paid for. As a matter of principle, I never reward bad behavior and will spend five times his deposit (if need be) to make sure he does not get the deposit back. Giving it to him means encouraging him (and maybe future tenants) to go around threatening landlords and other people in general.

It is critical you understand all the terms. When a bank tells you there is no seasoning period, what that means is that they can immediately refinance BUT can only give you 70% or 75% of WHAT YOU PAID FOR IT.

Originally posted by @Wayne Brooks:

@Tom Gimer, @Uchenna A. So this is Not an REO auction? I'd order my own title report, just to be sure. Tom knows his stuff, if this is a third, let alone hoa liens which I know nothing about in your state, it's a huge pass.

Thank you to both of you. One more question I have is whether bankruptcy wipes away any of those liens because it appears the previous owner filed for bankruptcy according to public records.

Originally posted by @Wayne Brooks:

Read the auction terms.....if they are offering title insurance you'll be good to go.....but if you are successful, I Highly recommend paying for the title insurance by using your own title co. I assume this an REO auction, not a "courthouse steps" actual foreclosure auction.

Thanks Wayne. Here is what the listing says relating to titling:

• Buyer will receive a Special Warranty Deed (SWD) or equivalent.
• Property may be subject to leasehold interests or other rights or claims of various tenants or other occupants, and Buyer may be subject to the United States Service Members Civil Relief Act, or other federal, state or local law, as applicable.
• Buyer assumes all responsibility and liability for any occupancy, and assumes all responsibility, liability and cost of taking possession. 
• The title detail document has been prepared for informational purposes only. Xome makes no warranties, either express or implied, concerning the content of the title detail document, including the accuracy, completeness, reliability or suitability thereof for any particular purpose.

Does this give any more information? The liens in the listing actually total well over 100K but I may be reading it incorrectly.

I have just sent you the title report via email. Please reply when you can. Thank you!!!