All About Calli

Calli's picture
jason callahan
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

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

Basic Info

currently active military
No Children
Completed High School

Sites I Visit

Mainly Just This One



tenorsaxman's picture

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

tenorsaxman, I'm soooooo

Calli's picture

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.


Hiya Jason

MxChica's picture

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.

MxChica Hi

Calli's picture

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.

Hey Jason

Valuni's picture

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 Eye-wink

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

Wishing you success


Thanks Val

Calli's picture

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.