I got layed off while they were earning record profits.I have been investing in real estate part time since 1999.

You should keep copies of these records and receipts for 7 years (some will say 3 years is long enough; however, keep them 7 to cover yourself).Open a separate business bank account after you obtain an EIN number from the IRS: http://www.irs.gov/businesses/small/article/0,,id=102767,00.html This will be submitted to anyone requesting a Tax ID number for your business.You will make a copy of each receipt or scan them into your computer and keep them in records.

I am in the process of taking possession of a tax lien property that had an open mortgage on it, the bank must not have been able to get their paperwork organized or decided they didn't want to pay for whatever reason.

Will hope on county record this is not a union.If this a union, so you have a own title/deed but you cannot sell your unit without cousin agreement.

I bought the property with my aunt's money and had a private mortgage/note drawn up and recorded.

Seeing that I'm still in the teething stages of this Real Estate game, I ran across something here in my neighborhood and I would appreciate some advice.SITUATION:1) I was doing a tax record search and I ran across a property that caught my interest. 2) The house was deeded as "Estate of XYZ".3) Did more research of Mr.

Other team members could be those with a better management track record than you have.

Hi guys,Im wondering if anybody knows of solid property management software that has either a blackberry companion app to input data, or some other way to record info on the go...Theres GOTTA be an easier way to keep track of properties on the run!

Okay did a wrap with a seller.Added as a additional beneficiary on the policy.Policy comes up in March.Insurance company was fine putting me as an additional insured but then the owner of the company calls the seller a few months after closing and said his employee never should have told her that.She doesn't have any written communication or a recorded call from the employee saying it was okay just the phone call before the closing happened.Now the owner of the insurance company says he wants to see the seller back on title before he will renew the policy.I mentioned I could add her as additional insured and she said the lender would be required to have her as primary.She is freaking out about the insurance issue and thinks the lender will call the loan.She wants a quit claim back to her and an agreement form her attorney that I manage it but still own it and I can buy her out at a later date.I told her I would not agree to this.We have completed substantial improvements to the property and have gotten out the bad element.What I have come up with I believe will shed light on her true intentions.I am thinking of creating a Joint Venture partnership or something similar where she is given 5% non-controlling interest in the property.This would add her back on title and then the insurance should not be an issue to renew.I am checking with an attorney on this now.Want to get thoughts on this issue.

They're smaller, tend to be on long, skinny lots (for a while most cities charged property tax on how many feet of street access you had, so you had a lot of long, skinny lots), and are in older areas of town.You can also find out the years properties were built by checking out the county records, or other means of snooping on one's neighbors- like http://www.city-data.com/, which is a good, free resource to get demographics of an area, and you can also go up and down streets (in my city at least) and find out what the tax records say- bedrooms, bathrooms, tax appraised value, all that good stuff.There's lots of places and tools to get that information, but that's one of the sites I use a lot.