IRS Lien On A Property
I am a newbie to investing and I found this pre-forclosure property that is appraised at 86k the owner owes about 55k and is willing to just sign the deed over, but there is an IRS lien for about 16k. I know some junior liens can be discounted but can that be done with an IRS lien? what should I do can a short sale also help here? 
these forums are a great place to get all of your specific questions answered. unfortunatly if your looking for a mentor i would suggest going to your local real estate investors club, or spending a little cash on a few courses to get started yourself without a mentor. as we all know nothing in this world is free. you have found a great site, good luck.
AGAPE,
I am flabber gasted at such oddasity and insulting when in search of a mentor to start wiith.
Secondly, Honey attracts the bees, swat the bees and you get the stinger honey"
I am also new. Infact I have contacted about 4 people from this forum since joining last week. AND to my suprise ALL of them were POLITE, PROFESSIONAL, and most of all HELPFUL.
I had a couple offer to do a partner deal together so I culd learn the ropes. I had a couple saying contact them when I have questions whether they got a piece of the pie or not. I also got soem helpful hints and hooked up with some very valuable information which has not only helped me in the starting in closing my first deal BUT making an additional 25 house subdivision deal in the process and no money out of my pocket for this as it was property to be developed. I would not have learnt this possible nor been able to make this deal close with the creativeness shown to me from some of the wise GODS as you so call them.
Since asking politely and being professional in all my contacts with others as I am networking myself which in this business you should be and know how to do so tactfully that I have been able to close this deal and save a tonne of money and make additional contacts as I have 811 properties that have been emailed to me which are foreclosures from real estate agents that have selected the rule of 65% LTV ratio and wanting to sell me.
This has all happened in less than 10 days.
Do you wish to hear more why I think you should reevaluate your position on ludacrious remarks towards people who are only human and should be treated with respect for offering such useful information and helpful to those of us ( MYSELF) that so needed it. These GODS have changed my families life and I could tell you I have a major deal that is even bigger which was offered to me because of this with 25 franchises of a major fast food company willing to fly the director of operations to meet with me in my office.
Shall I continue????
Remember I am new and came to this country 3 yeras ago and I have a publicly traded company, a manufacturing facility in the works of closing and a subdivision. Most of this net worth and asset base is due solely to some of the people here and deserve ( but wont get any) some of the credit of this.
My deepest thanks to all of you who helped and listened to me on the phone and my apologies for the long winded speech but this bothers me BIG TIME .
The best motto of the day to follow I heard...
" LEAD, FOLLOW, OR GET THE HECK OUTTA THE WAY!!!!!"
sorry
Had to state when I came to this country I had 127.00 in my pocket stranded in MI on my way to be with my wife in MN and a duffle bag of clothes so if you think I culd do an infomercial and need to make some seed money contact me and i will gladly be the guy to do so with the next best testimonial....LOL
I just want 85% and 15% royalty fees for the duration of the showing. All rights of refusal for sequels and copyrighted and trademarks of such intellectual materials registered must be filed and rented from my company.
ROFLMAO
The truth is I came into this country with no money to be with my wife whom lived in MN and I met her online. It is not BS!!
I only stated that as I remind myself where I started and do not try to belittle anyone for aiming high. I am a true believer in the book by Napoleon Hill. I have not taken courses on RealEstate I was LUCKY. I ran into some nice people that were older and ready to retire from their business. I also got phone numbers from the bottom of peoples posts and emailed them with my name and number. I also did the profile checking as well as looking at soem of the sites quoted in other posts and contacted people there at those sites. I started 10 days ago and I have since been addicted to looking at properties and contacting people about them. Many have been very helpful here and I was not trying to be rude to you APAPE!!!!!!!
I network myself in many forums from freebie sites to chatrooms BUT I am also CHEAP. I dont buy the extras as I participate in too many to be able to afford them all or I would not get any real work www.done.The idea of a club if you are so fortunate in your area than do so. I live in KY and they do not have one here within 100 miles from where I am. Everything happens slower in KY so we may have one in 2010. If not I will try to buy one.
WTG on the bee metaphor too!!!!!!
Quote:
On 2005-03-18 01:08, StuckKanuck wrote:
......I also got phone numbers from the bottom of peoples posts and emailed them with my name and number. I also did the profile checking as well as looking at soem of the sites quoted in other posts and contacted people there at those sites. I started 10 days ago and I have since been addicted to looking at properties and contacting people about them. Many have been very helpful here and I was not trying to be rude to you APAPE!!!!!!!
I network myself in many forums from freebie sites to chatrooms BUT I am also CHEAP. I dont buy the extras as I participate in too many to be able to afford them all or I would not get any real work
Those added www thingys are bonuses and they are free. LOL
You just type and some words just add them at no extra cost so I think its a glitch.
As for the numbers I got some of the people here have links in their profiles, some have emails and some have attached phone numbers in their posts. I got most of them here at this site but I also use other sites too which I dont know if you can post those.
I have learnt in the recent times that most are willing to help if you call and they give you hints to help close a deal. An example of this was that I was always stating i am new so that I would not sound totally incompetent if I was saying it wrong. I was told NEVER say this and explained that if I said to seller than price goes up say it to a Hard Money Lender and the rates go up say it to the mortgage guy they change their tactics on how to get you financed and are less creative on how to do so thinking they dont have to workk so hard or be creative as you wouldnt know if they tried all avenues or not. I have not spent one penny on real estate guru books as I believe they are bologna. I follow the successful and cut them in for a good piece of the pie for learning and this is a larger piece but this way builds up a repoire as well as a mentor for future and see by DOING and not sitting reading.
An Example of this is....I am closing a 700K manufacturing facility with 30 acres and 200K worth of machines. The broker is getting 4 points and the interest only loan for 2 years is at 10 points with a 2 year balloon. They gave me a drop in points for a 50% piece of the pie to develop the land ( 30 acres) They will set up developing the land and I get the 50% profit from the houses as well as this will increase the value of the building and its options. The seller is holding a note for 100K of this deal and I got 400K of borrowed money. The machines are liquidating and should return 75K within 30 days. The seller is taking the 400K and starting an LLC company which I get 50% of and have to provide properties to which we can develop together so he is bootstrapping a second company with money he already had to get me to come aboard and I get 50%. We have already lined up the deal of land of 40 acres beside this property at a 3500 acre price and have the developer willing to pay 6500 without doing anything to it but just tying it up.
I paid a client of my other company to negotiate a deal for a long term tenant for the building which is going to lease out the building at a higher rate than all expenses and still have a postive cashflow of about 4K a month without putting a house on the severed land for the manufacturing facility. If I place a MH on it then the tax bracket is reduced in half for the property because of the zoning change. That increases the positive cashflow as welland then possibly rent out the MH. I also am looking into the tax breaks for bringing an international company to this area for tax incentives and maybe getting more breaks for job creation.
I would not have had this deal been able to be done without cutting some people in for the pieces. The bottom line should net me a profit of a building free and clear worth 400K and a posiitive cashflow from it of 4K a month and few bucks for thedeveloping .
So through my limited experience and approach to people I did all this and in the process of some of it as we speak. I am doing this with a less than 600 credit score and NO MONEY from my pocket. You have to love America. This is my first deal and will take a while to have it all wrapped up so its all about asking and being patient. Through talking to people I asked about this deal I came across a couple agents from 3 different states that have sent me 811 deals of listings of properties in which I am going through and have 2 that I am going to get offers put in this weekend hopefully tie up before Monday. One is a 2 bedroom 1 bath for 6700. and the other is a 3 bedroom 1 bath for 14900. They have the comparables in the neighborhood of houses in that area and on that street selling at 34K-75K. She also set me up with a guy who is retiring from investing and rehabbing as his health and he wants to meet with me about taking over his 28 properties on a lease to own purchase package. This is all on NO MONEY so I will be the first to say I will be second guessing those informercials of them being able to do these as such. Some MAY be telling truth. I will also be glad to show you the papers when it is all done and I get pictuires to show this being done as this is all truth not words on a monitor. This is an exciting time and cant wait for a recession to hit as they predict. Happy shopping.
I think it comes up like this if you put a period without a space on both side of a word. i will try it right here
www.look.righthere.atthis
Did this entire post set a some sort of record for being the longest?