Self employment tax or SET is the same as the medicare and social security that's deducted from a paycheck from an employer.

They know unlike other creditors we know where they live and will be relentless in getting payment.What will happen is you will condition them to pay on time or they will leave and be a deadbeat slow to no pay tenant somewhere else.Either way you will come out the better for it in the end.No legal advice

What I meant with REO brokers is they are not going to sit and secure a crap property over and over with the low commission they are making in a high crime rate area.They get paid a set commission regardless of the price.So whether it stays secure is not a real concern to them.If they sell a 10k house but make 10% which is 1k the condition doesn't matter to most of them.If a 200k house gets trashed where you make 6k on 3% commission or 3k on where the house gets trashed and sells for 125k the broker would stand to lose a bunch of money in that case on the sale.You could argue the broker stands to lose money by losing other listings from the bank in more sales but I don't know many brokers that do more than drop a sign with these types of properties.

What they mean to say is that their guidelines are so nonsensical that even their own underwriters don't know they exist - as evidenced by the fact that my file went through 2 reviews of underwriting plus a final round to get me to final conditions (3 reviews) and none of them had said this was an issue.

I am doing a rehab and the interior doors and trim are stained brown and are in decent condition.

I know other family members who work a regular JOB.Their mindset is put money in savings in case of a medical illness or rainy day fund.Take 1 or 2 trips a year with vacation and that's all they aspire to be.They look at me and what I do and think "I am lucky" or "I have it good" that I have my own business.They think I sit at home in my office all day and do nothing.They do not realize I am putting in way more hours than they could imagine.I am sacrificing now so that down the road as I get older (36 now) I can take it more easy.Meanwhile many of these (savers) will be working as a greeter at Wal-mart at age 70 and complaining about social security not being enough.I am not going to be one of those statistics.A family member that is 68 has their house paid off,car paid off,and with social security still lives hand to mouth.I try to explain they need to grow that money to stay solvent but FEAR is what grips them from making a move.Whatever everyone believes we know we are born and in a certain amount of time we die.Where we go after that is up to each person to decide.So you do not have time to let FEAR keep you from making rational decisions and not living life.There is risk in everything.Successful people taker calculated risks and on average win more times than they lose.I guess I would be 4 and 5 since I have my own money but also buy property using owner financed deals.

Ponzi Scheme - Social Security & Stock Market are legal forms.

On a tactical note, go into the call knowing about what you would pay if the property is in fair condition and practice saying those number out loud confidently (IE "Based on the information on the property I would offer 230,000 for it and cover all out of pocket expenses related to the sale.")

From what she says, it is in good structural condition but needs cosmetic improvements (paint, maybe some carpeting) from bad tenants.

He was advertising and not disclosing his company's actual financial condition.