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About Kimberly

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    Doing Better Than OK in OK

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    NW Arkansas
  1. Credit repair firms are NOT legally allowed to charge upfront fees. Credit Repair Organization Act Sec. 404 -- Prohibited Practices ( 4 )( b ) Payment in Advance.--No credit repair organization may charge or receive any money or other valuable consideration for the performance of any service which the credit repair organization has agreed to perform for any consumer before such service is fully performed. Source: http://www.ftc.gov/ro/chro/croa1.shtm
  2. What is the definition of a first-time home buyer? The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, IRS Notice 2009-12 allows unmarried joint purchasers to allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. Source: http://www.federalhousingtaxcredit.com/faq1.php#1
  3. I might have to stop by more often! I've moved to small town in NW Arkansas. At least I don't have to worry about having my car killed by a bridge. As soon as they got one fixed another one happened, so they closed both directions and did more than just patch it. Right now, chug holes seem to be the least of Tulsa's problems. Close to 90 cops have been laid off. I haven't done much traveling in the last year, so I'm trying to decide where to go. I'll be an empty-nester starting in the fall. My son has gone as far as he can at the local community college, the only way he'll stay close to home is if Univ of Ark is the only school that accepts him. Since he's got a 4.0 GPA, I'm not expecting him to remain close to home. Bev, Tony appears to have ventured into internet marketing. His "signature" is showing a scrubs website and a ferret website. His email address is on the scrubs site.
  4. Do you plan to stay in the middle of the deal (SLO), or do you plan to assign your position to your t/b (CA)? For a SLO you use the Lease with Option to Purchase between you and the seller. For your t/b you want to use a Lease Agreement and a separate Option to Purchase. When dealing with the t/b, separate agreements may make for an easier eviction should it ever become necessary. For a CA you would use the Lease Agreement and a separate Option to Purchase with the seller, and then assign your position to a t/b.
  5. Hi Steve! Life's great! If a turtle and rabbit were racing, our RE market would be the turtle. Appreciation was just over 6% last year, slightly more than usual. Oklahoma ranked 19th in foreclosures last year. Hope everything is going well with you. Looking over a few posts it looks like you're doing more than alright. Do I see full-time investing in your future?
  6. You can get a free local vmail number at www.privatephone.com. Kim
  7. Tulsa comes in at #265 and a whopping -6%. (NOT a typo, that was negative 6%). So, Steve, compared to here your market is moving right along!
  8. Deal first, then TB. Later you may have more TBs than houses.
  9. Home prices 'extremely overvalued' in 53 cities, article from USA Today. Rankings of 299 Metro Areas
  10. Read this thread. It's mainly Bev posting on deals she's completed. She's in California and is doing amazingly well dealing with directly builders.
  11. Fortunately it's a rare day that he calls and says, "Sorry, you can't use my contracts today!"
  12. Kimberly

    Deleted Posts

    I haven't been around much lately, but I can tell you that MC rarely deletes any posts. The ONLY posts I've seen him delete were blatant advertisements posted in the wrong place. And, there was a member with an exceptionally crude avatar that didn't last long. As for it being a public board, while it may be available for public use, it is Michael's board. He's the one that pays for the upkeep. Why don't you pm Michael ask about the post in question?
  13. Jeff, Why? Why are you wanting to do investing? What's your goal? Don't say lots of money. What would that money purchase for you and your family? When you find your why and it's big enough, you'll be cured of the dreaded P of A. Better yet instead of coming up with one or two reasons why, make a list of 25 things you'll do when you earn $x through investing or you've completed x number of deals. Do you know another new investor who also needs to make calls? Maybe you could set aside a couple of hours when you are both making calls at the same time, then call each other and report your progress. That might force you to sit down and call for a longer period of time -- Saturday morning or Sunday afternoon. Remember in many if not most cases the seller will NET more through a CA than they will selling traditionally through a Realtor.
  14. The same reason a RE Agent can't get an open ended contract to sell a house. You could decide you wanted to exercise your Option now, in a year, ten years, or 30 years down the road. I just don't believe, there is anyway a reasonable Judge would enforce it. Doesn't mean that it couldn't happen, I just don't see it.
  15. Not Amy, but hopefully this will answer some of your questions. Yes. Correct. Technically, no, provided that the buyer is within terms of the agreement -- the agreement has not expired, proper notice of intent to exercise the option has been sent to the seller, rent was paid on time IF lease option AND that was a condition, etc. However, sure a seller could balk. Then it would be up to the buyer to enforce the Option. Yes, provided the buyer was completely within the terms of the agreement. If the Option has expired, the ball would be back in the homeowners court. Option Consideration is the price someone pays to have the choice of whether or not they want to purchase the property. Should they decide NOT to purchase, they do not receive any sort of a refund. Basically, rent credits have no value UNLESS the t/b decides to exercise his right to purchase. So, if they don't buy, they don't get any cash from you just because they paid their rent on time during their lease. Kim
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