Calli

All About Calli

Member

Joined: 2008-07-31

Points: 146

Offline

Name:

jason callahan

Location:

Washington State

About Me:

I'm new to the game, tried once before in 2000 but was too scared to really take action. I'm trying to get out of my own way and really make this work for me and my family now! Any help and encouragement from you all would be greatly appreciated. I wish everyone the best and beyond their dreams. We all deserve it! Good luck

Interests:

Well it used to MotoGP motorcycles and watching movies. But, I don't really have any now, to busy focusing on my investing career.

Topics I've Participated In

Title	Poster	Replies	Updated
New Forum Idea - New Investors: How to get started, how we got started, a Mentor for everyone, etc.	Indiana-Joe	483	8 years 23 weeks ago
It Took Me 6 Years To Do 1000 Deals, But Its Only Going To Take Me 12 Months To Do It Twice.	cbrpower	48	10 years 4 weeks ago
How I turned $500 into $30,000	cbrpower	41	10 years 6 weeks ago
Escape Clauses And Getting Out Of Contracts	sistreat	54	10 years 18 weeks ago
Dean Graziosi Weekly Wisdom #184 - Logical Decisions	dgadmin	1804	10 years 28 weeks ago

Basic Info

Occupation:

currently active military

Children:

No Children

Education:

Completed High School

Status:

Married

Sites I Visit

Mainly Just This One

Guestbook

On 22:22pm, July 31st, 2011 tenorsaxman said:

Hi

Hi do u know of a form or contingency that will keep the bank from coming back later and trying to sue a seller for the difference of the loan they owed. Example: if the seller owes 70,000 to the bank and the bank accepts a offer of 30,000. They would still technically owe 40,000. How would I make sure that debt is forgiven with a contract the bank agrees to.

Thanks for your time

On 0:15am, October 1st, 2011 Calli said:

tenorsaxman, I'm soooooo

tenorsaxman,
I'm soooooo sorry I haven't replied to you. I didn't even know I had this here. I'm really new to RE Investing, so I'm not sure I would be the best person to ask. But, to my knowledge if the bank accepts an offer for a piece of property, there is no going back to claim that difference. They already said they would take 30k in lieu of the 70k owed. So they can't come and try to recoup the other 40k. HOWEVER, the IRS is another story. The last owner that sold and still owed 70k on the home and the bank took 30k, the IRS could and might see that as 40k earned money by the last owner. So they might have to pay taxes on the difference(40k) that they never even had! There is a way to free them of that possible obligation, I believe it's called a Reset. I've never done it and I don't know how it works. But, you the new buyer/investor could do some legwork to get paperwork to give to the old buyer to give to the IRS if they come knocking on their door. I hope I didn't confuse you. That's is sadly the extend of what I know about that. I hope that helped and if I'm too late I hope it helps in the future. Good Luck I wish you the best.

Jason

On 0:10am, October 30th, 2011 MxChica said:

Hiya Jason

How's the R.E. career, just curious and wishing you the best always. I see you are in the Military, great! Extra USAF myself. Heads up if you need anything.

On 17:48pm, November 3rd, 2011 Calli said:

MxChica Hi

It's getting there. I'm still getting things rolling. I have to focus everyday to where/what I should be doing. But we will get there. I have some things lined up. I've got some offers in on places and waiting to see what comes of them. Also have private lender in place. Got some small banks and hard money lined up. I'm looking to use private money or hard and then refi so I can own the rentals.
Thanks for the note. I hope all your endeavors are going great as well. I actually an in the ANG and on title10 status for a contract company for a couple years. I have another 3 yrs on my ANG contract. I'm shooting to be job optional by the end of 2013, so two yrs from now. I actually started Marine a while back though. I will definitely keep you in mind if I need something or we could work something out together.
Jason

On 4:55am, May 3rd, 2012 Valuni said:

Hey Jason

it was very nice meeting you at the Edge! Thanks for saving my seat!
Pretty soon you will have to change the "No Children" on your profile

Hopefully you got lots of motivation and knowledge from the event to get some deals rolling...

Wishing you success

Valerie

On 14:17pm, May 16th, 2012 Calli said:

Thanks Val

Valerie,
Thanks and you bet it was no trouble at all to save your seat. I'm sorry if you posted this on my page a while back. Apparently there isn't a notification of this. I just happened to look down here. I was really nice meeting you too. I am really digging deep to get out there and get things done. And YES I WILL have to change that no kids soon......yea.

Have a great day.