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Anybody here been through asset forfeiture?

B

BigDawg

Member
see if there are any foreclosed properties in your target area.. might could work some good deal with you. owner financing would be a good option for you as stated above.

also, look into rural home loans. it has to be in a county outside of a major city though. you can put very little down and they base the interest rate off of your legal income, which would be low if yours is 30. so that's good. You can't buy anything too nice, but I'm thinking you could qualify for something around 200k if your credit is fairly good.
 
OMountainMix

OMountainMix

Member
Some thoughts I've had are:

Travel to a country where gold/diamonds are cheaper than here, buy a bunch of jewelry, fly first class, dress well, and wear it back.

Go on a vacation to somewhere where banking offshore is still cool 1-2 times a year. Take perhaps 5-7k each and leave it in the bank there. But I wouldn't EVER transfer that money back here. It would be for emergencies or getting started up again if something happened.

I honestly can't imagine I'd get to the point where I'd need to do that. Before I would do anything drastic like that, I'd get a lawyer on retainer, get family members and friends to keep cash in safe deposit boxes (like a few k per person, not more).

In the meantime, I'm just busy fixing up my house. I have a legitimate job which pays for the house, health insurance, and most of the utilities. And I have a legitimate cash business that brings in loads of money. The first thing I'll be doing even before those things, is just amping up the business to a reasonable rate and paying taxes on the money. And no, I won't say what my business is, I've had it for four years already, and when I get to that point, it will just seem like the inevitable growth in the business rather than anything else. But it IS a really good thing.

To anyone who wants to do a cash business, I REALLY think you should actually have that business and then just don't get greedy. Live your life simply, old cars, etc. Pay cash for everything when it's small amounts. Keep the bank deposits low unless you have real receipts for it or can create ones that will easily tie in to what you're already doing. Hide in plain site. That's my plan anyhow.
 
Strainhunter

Strainhunter

Tropical Outcast
Veteran
BigDawg said:
see if there are any foreclosed properties in your target area.. might could work some good deal with you. owner financing would be a good option for you as stated above.

also, look into rural home loans. it has to be in a county outside of a major city though. you can put very little down and they base the interest rate off of your legal income, which would be low if yours is 30. so that's good. You can't buy anything too nice, but I'm thinking you could qualify for something around 200k if your credit is fairly good.
Click to expand...


Owner financing on foreclosed properties?

Foreclosed Real Estate commonly is owned by the Lender the mortgage was owed to.
No "owner financing" there, just conventional one.


And the other "thing" you are talking about...interest rate based on your legal income normally are FHA loans...and those have little to nothing to do with the rest of what you wrote (rural, 200k etc.)

I don't even (want to ;)) know where you got your info from...it is about as wrong as it can be.
 
B

BigDawg

Member
Strainhunter said:
Owner financing on foreclosed properties?

Foreclosed Real Estate commonly is owned by the Lender the mortgage was owed to.
No "owner financing" there, just conventional one.


And the other "thing" you are talking about...interest rate based on your legal income normally are FHA loans...and those have little to nothing to do with the rest of what you wrote (rural, 200k etc.)

I don't even (want to ;)) know where you got your info from...it is about as wrong as it can be.
Click to expand...

I didn't say foreclosed and owner financing in the same sentence, Mr. BOLD Know-It-All. In some cases you can take over payments on foreclosed homes investor style. This has nothing to do with owner financing. Owner financing is a second option.

About the rural home loan, you should want to know where i get my info from instead of assuming it's wrong and pretending you know everything on these forums.


USDA Rural Home loan'

http://www.rurdev.usda.gov/rhs/

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
 
Strainhunter

Strainhunter

Tropical Outcast
Veteran
BigDawg said:
.......

About the rural home loan, you should want to know where i get my info from instead of assuming it's wrong and pretending you know everything on these forums.


USDA Rural Home loan'

........
Click to expand...



:Bolt:

Mr Insecure ;) I am glad to see you are a member of my little fan club and keep track of my posts, however did you actually READ & COMPREHEND what it says in the link you provided!?

And I don't just mean the cover page stuff but the "fine print" as well!
 
B

BigDawg

Member
fha loan and usda rural loan are both different. What do you not understand? This isn't 1965. USDA rural loan is a newer program.
 
habeeb

habeeb

follow your heart
ICMag Donor
Veteran
I was being rude, so I deleted my words


hope everything goes good
 
Last edited:
S

SunshineDreams

Member
I got my 2010 Honda Civic seized over a qp :/ I'm really hoping to get it back but its looking like a maybe because the pigs want my car so bad.
 
megayields

megayields

Grower of Connoisseur herb's.
ICMag Donor
Veteran
Strainhunter said:
.



If it's really that much you got to "worry" about this is how you (should) do it:



Register a legit, hard/impossible to trace CASH related business such as handyman service, roadside fruit stand, lawn service...you get the point, just be creative. ;)

Remember it gotta be a CASH related business, unless YOUR (real) customers pay you by check...which I very much doubt they do. ;)

Take SOME of your proceeds and make regular CASH deposits in to a BUSINESS account.

File your taxes on the part of your income you have been depositing.
Enjoy tax benefits & write offs. ;)

Have a SMART CPA handling your stuff.
That CPA will cost cost you but hey it is one of your many write offs.

Use your BUSINESS account where you have made those deposits for paying your expenses such as car, electricity etc. or make legit transfers to your private account.
Hey you even will have BUSINESS CHECKS to pay for that crazy @$$ ELECTRICITY BILL you are running up every month!

It is best to ask that SMART CPA you will get what you can use that money for since it is a BUSINESS account (or as I already said make legit transfers to your private account).

I could write the above list almost indefinitely.

Be SMART and USE YOUR HEAD and you will be BETTER OFF than having to bang your head every month how you're gonna hide your profit from your "hobby".

:wave:
Click to expand...


:yeahthats:scripture:
 
S

SunshineDreams

Member
Its Tennessee but just as bad, in all honesty. I'm only 18 and its my first offense so I think I'm getting a year of probation.

I got a good lawyer and hopefully he'll be able to get it back. He filed the petition saying even though its in my name, my grandmother should be considered the co-owner as she originally purchased it.
 
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