All Forum Posts by: Robert Steele

Those are all great cities but you should also consider west McKinney and Frisco in that order. Bottom line is I think you need to raise your price point or wait out the sellers market.

That's why it's always important to carry replacement cost home insurance. I got 2 new roofs out of a hail storm in 2012 and 2 more in the years before that.

In my mind, RE is a "get rich slow" kind of thang ...

But you might like to check out this site for their 7 year plan.

http://investingarchitect.com/

I wouldn't touch a condo HOA with a ten foot pole. You have zero control. I want as much control as possible with my investments. Otherwise I'd just leave it up to a fund manager and the CEOs of various US companies to manage my investment dollars.

I have read on here about HOA's just flat out not living up to their end of the bargain (not doing outside repairs and maintenance) and of management embezzling funds

Oh boy. If I had a dollar for every time a tenant said they were interesting in buying ...

In the game Monopoly the number #1 cause of my RE empire crash is over extending myself, not leaving enough capital reserves and then landing on Park Lane with a hotel ;)

I think your Realtor is right Rick.

Out of those 3 your best bet is going to be Wylie. But expect to pay more than $130K.

I think that the market here is going to continue like this for a few more years to come. The builders are having a very hard time playing catch-up to the demand which keeps outstripping supply due to new development lending issues and lack of construction workers.

So with that in mind I am going to utter something sacrilegious; if you don't need that extra income today I wouldn't be so concerned with cash flow. If you pay market price and pick up something desirable (maybe more like $200K than $130K) I think you will be happy in the long term.

@Dave Toelkes

All the foreclosures I see here are done by the Deed of Trust trustee at a seperate trustees auction, not through a judgement and writ of execution.

@Wayne Brooks

I wonder why the IRS lien has been hanging around since 2011. Yes I agree about the play. I wasn't going to pay more than $1K and then just see what happens. I was also planning on paying off the existing mortgage. Maybe I can cut some sort of short sale deal? Who knows. But excluding that, and the fees, it may not leave enough equity. Of course then there is the IRS lien hanging over everything.

@Wayne Brooks

I did find an IRS lien against the homeowner that attachs to everything, dated 2011. The original mortgage was dated 2009. It was transferred to Chase in 2012 but just last month Chase transferred it to HUD (government insured mortgage?).

I still don't know what Chase has against this guy but from the other parties involved and the fact that he had a small business it looks like it might be a small business loan.

So basically this house is valued at $260K conservatively, there is a $208K mortgage, now owned by HUD, and a $55K IRS lien from 2011 floating around.

Break even propersition at best or can I forget about the IRS lien?

Chase (the mortgage holder) took a homeowner to court and got a judgement against them (for what specifically it doesn't say) for more than the loan amount. So they are selling the house at a Sheriffs sale. I am not sure why they just didn't foreclose but maybe it has something to do with the IRS, and everyone else under the sun, being named as a defendant.

I don't know if this is just a cover all bases move or is their an IRS lien out there somewhere.

So how to figure out how much this guy owes the IRS? There is no lien filed by the IRS against the property in the public records. Do IRS liens attach to the property specifically or all assets? How long is the governments right of redemption? What risks are involved?

I'd appreciate anyone with any experience with this chiming in. Thanks.