InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: For inspiration... Posted by hard money lender on June 10, 2009 at 8:28 PM In Reply to: For inspiration... posted by CC in OC on June 10, 2009 at 8:09 PM thanks cc, to be honest, i was mostly just venting. unless they pissed me off at the right moment, i probably would not do anything. i have things that are more important to me. i simply try to avoid most of this stuff, and am successful most of the time, just like this time. had the irs actually paid us all of our unpaid interest, late charges, property tax and insurance payments that were all part of the trustee sale amount, we would still have been happy to be rid of it, without our $8,000 investment. there are some hmls that actually hope to take over properties, but not many of them. i certainly am not one. i am the first to realize that over the long run, real estate will probably make you wealthier than any other avenue. i simply am not that money-hungry, and want the least involvement possible - so that i can enjoy the things that i like to to with the limited time that i am given. when i am on my deathbed, it will bring no comfort to me, knowing that i made all sorts of deals and became a gazillionaire. it will be great comfort for every time i can count that i did something that i enjoyed doing. but i would never tell someone that it is a waste of time. rather, i would encourage anyone who wanted to help others out, by getting an unfair govt tactic removed. in my situation, i would have explained to them that for a modest investment on our part, they would be inheriting a property with a value many times more than what the investment made them. in other words, lets say we put 8,000 into it. the value now, versus the value of a 4-month old vacant building would probably be worth 30,000 or more. so in any sort of fair world, they would be netting a huge bargain for our work. in fact, the rules say that they will deduct any rent that we got, but apparently not take note of any improvements we made. lets take a look at this, from a non-govt mode. if i came to you, interested in your property, and i said i will make an offer to you now, that you must honor this price 120 days from now. it is your responsibility to make sure that the property stays in good working order, since i dont have to buy it from you. i wont pay you anything for keeping it in good order, but i will deduct from my price 120 days from now, any rent that you happen to collect. you would think i was out of my blasted mind. but that is exactly what the irs is doing. and i think, someone with a lot larger axe to grind than myself, may just be successful at getting the irs to negate this policy. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : thanks cc, : to be honest, i was mostly just venting. unless they pissed me off at the right moment, i probably would not do anything. : i have things that are more important to me. i simply try to avoid most of this stuff, and am successful most of the time, just like this time. : had the irs actually paid us all of our unpaid interest, late charges, property tax and insurance payments that were all part of the trustee sale amount, we would still have been happy to be rid of it, without our $8,000 investment. : there are some hmls that actually hope to take over properties, but not many of them. i certainly am not one. : i am the first to realize that over the long run, real estate will probably make you wealthier than any other avenue. : i simply am not that money-hungry, and want the least involvement possible - so that i can enjoy the things that i like to to with the limited time that i am given. : when i am on my deathbed, it will bring no comfort to me, knowing that i made all sorts of deals and became a gazillionaire. : it will be great comfort for every time i can count that i did something that i enjoyed doing. : but i would never tell someone that it is a waste of time. : rather, i would encourage anyone who wanted to help others out, by getting an unfair govt tactic removed. : in my situation, i would have explained to them that for a modest investment on our part, they would be inheriting a property with a value many times more than what the investment made them. : in other words, lets say we put 8,000 into it. the value now, versus the value of a 4-month old vacant building would probably be worth 30,000 or more. : so in any sort of fair world, they would be netting a huge bargain for our work. : in fact, the rules say that they will deduct any rent that we got, but apparently not take note of any improvements we made. : lets take a look at this, from a non-govt mode. : if i came to you, interested in your property, and i said i will make an offer to you now, that you must honor this price 120 days from now. : it is your responsibility to make sure that the property stays in good working order, since i dont have to buy it from you. : i wont pay you anything for keeping it in good order, but i will deduct from my price 120 days from now, any rent that you happen to collect. : you would think i was out of my blasted mind. : but that is exactly what the irs is doing. : and i think, someone with a lot larger axe to grind than myself, may just be successful at getting the irs to negate this policy. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455