These tax implications are not referred to as a "penalty", but I wouldn't blame someone for coming to that conclusion.

hi kenneth. no, these are not specific to ny. these are guidelines that i followed to get the info i needed. granted, in other states, the " release of lien" or " release of mortgage" may be called something different, but the procedure is still the same. a few years ago, the feds put a limit on the number of foreclosures that a bank could put back on the market. that prompted the banks to put just those better, or more valuable houses up for sale and sit on the less than desireable ones. eventually, the banks come to the conclusion that these " junk houses" not only made their books look bad, but they were never going to get what they needed for them anyway. and, foreclosing costs even more money. so they release the lien. it gets it off their books, and takes away the liability for the house from the bank. yes, it puts it back into the owners lap free and clear, but the bank has to cut the fat somehow. so, they have to file something to release the lein, with the register of deeds or who ever it is done with in their jurisdiction. this is what you want to look for. 

Do others read posts and come to conclusions about the authors political persuation?

Others, under the guise of looking for solutions, are really just looking to have the conclusions they have already reached validated.

Scott who's analysis spreadsheet mine is based off of.The numbers used are entirely based off the pro forma:Asking Price (not offer price): $233,000Down Payment: $58,250 (25%)Improvments: $6,000Closing Costs: $4,500Total Cash Invested: $68,750Total Rent: $3,525Gross Income (less vacancies): $3,232Expenses: $17,804 (50.39%)(includes 11% PM, maintenance at 10% of gross income)NOI $20,985Debt Service: $10,625 ($175,750 mortgage at 4.5% for 30 years)Cash Flow (with PM): $10,360Cash Flow (without PM): $14,627Cash on Cash (with PM): 15.07%.Cash on Cash (without PM): 25.59%Cap Rate (with PM): 9.01%Cap Rate (without PM): 10.84%I'd like to do the management on my first few properties to learn, however my minimum criteria has to work with a PM as I will eventually get one.My conclusion is that on paper this property is quite a good one considering its cash flow, cash on cash, and cap rate - especially when considering this is based off the asking price.I'd love to hear your thoughts.Thank you.Will

Anyone could come to the same conclusion based on harsh feedback about the house: "The lot was half slope without usable yard, the master was small and isolated, the courtyard was wasted space..."

." - Mark Twain I ran across this collection of charts about the U.S. housing market and have drawn my own conclusions but I’m looking for comments and reactions from the BP community as well: http://www.doctorhousingbubble.com/housing-market-non-payments-foreclosures-10-financial-charts-united-states-housing-problems/ Shoot holes in the figures, dismiss this as internet fearmongering and damned lies, or confirm and discuss, folks...

However, the strong odor coming from the apt. below has forced me to come to the conclusion that it is time to move out.

He told me James, "Early in my career I have invested in shopping centers, retail, industrial, apartments, multil family, etc and I came to the conclusion that single family homes situated in good neigborhoods have been the easiest to manage and have made me the most money over the long run.

So I've come to the conclusion wholesaling is the best option for me, right now.Where I'm at now: I've compiled an absentee owners list from my county web-site, and I'm hoping the data is a little more up-to-date than the list services.