All Forum Posts by: Uchenna A.

Hello Biggerpockets Family,

I am trying to buy a house in an auction and I see the house has a ton of lien (including a 40K lien from a car dealership). My question here is - if I win this property and get a "Special Warranty Deed", will I be required to pay the dealership and the rest of the liens?

Thank you!

I have another engagement at that time but please keep me posted of future meetings or if the time and/or date changes for this one. Thanks!

Has a date been set?

Hi @Shawn Clark Are your rental properties in Middle River? Asking because I own two there.

The lead inspectors usually show where lead was found and tell you what to fix or change in order to get rid of it. Then you can have your regular contractor fix those. I have gone through this twice in Baltimore and the properties have now been certified lead-free.

@Peter Kim Think of it in the simplest of terms that you are selling the house to YOURSELF. You take the proceeds from the previous sale and you also get the new mortgage.

Thank you Joe Villeneuve Your arguments always refer to a second (or another) property. What if my goal is to only own one property? Why should I be paying the bank so much interest when I can keep it all to myself? Based on the two scenarios you analyzed and the goal of one property, who is ahead after 10 years? After 15 years? ....and beyond? It is not always the best to leverage in my opinion.

Hello Joe Villeneuve I always see your posts supporting leverage and see arguments against it also. You may be missing the part that you will be cash flowing a lot more if you do not leverage. I can give you an example with a house I recently purchased: Cash Purchase Price = 154k Closing costs = 6k Repairs = 10k Rent = $2k Value = ~$220k It will be 6 months in September and I have been thinking about a cash out refinance but that will cut the $20k+ I will be getting annually so deeply and most of it will be bank interest. What is the argument for leveraging here? Sharing my cash flow with the bank in interest?

Jackson Long To answer your question, if you make more than 150k (as a couple filing taxes jointly), your 30k tax (for example) cannot be reduced. I think it is 75k for single. If you expense more than you made on the rental (e.g made 5k and expensed 7k) in this scenario, the 2k will be carried over to the next tax year and taken out of your rental income from that year. If you are single, I think it is 75k (not sure because it doesn't/didn't apply to me). I hope this answers your question?

I am under contract on a foreclosure and scheduled to close in 3 days. A week ago, I went to the property with my agent and a contractor and we realized that there was an attempted forced entry. The door had been broken along with the sidelights. I already got a first quote from a contractor so I know the condition of the property. My agent reported to the selling bank's agent but they do not seem to care and are doing nothing about it. My agent has said that since I bought it in an auction, I have basically signed all my rights away. 

It has been over a week and nothing has been done. If I attempt to gain access secure the property by fixing the broken door an installing new locks since I am buying it anyway. Will I be doing anything wrong?

Also, if the property was vandalized significantly, I would also consider losing my $5K EMD. Please has anyone been in this situation and what do you suggest? I need advise please.