All Forum Posts by: Account Closed

@Account Closed

Terms aside, what is illegal about my suggestion? 

@Ryan Cameron

It is my understanding that the title insurance  companies will not provide title insurance on tax sale properties for 2 years post sale.  Too many problems in the past with those types of foreclosures.  

@Greg Rose

I operated a NY LLC and did a lot of business in PA. I believe I had to pay a franchise tax to Pa for that LLC to operate, not sure, you may want to look into that when understanding costs.

IMO, When it comes down to money, todays buyers are either, unaware, ill prepared or indifferent to the requirements needed to close on a house.  While on topic, I throw many agents and loan officers into that bucket as well.  It seems many professionals just throw folks into the mix and hope all will work out.

I believe I am going to have to buy/fix/finance most of my homes because the holding time seems to be rising all the time, maybe from dumb anti flip laws, second appraisals or folks not doing their jobs. 

What have you folks done to keep enough cash on hand to buy, while waiting to cash in on currently listed inventory.  I guess I am thinking that today's need strategy is to make less on more deals than the opposite .      

Thouigts?

@Adam Soyak

Are you getting close to a 1 year hold time?  If so, you may find an additional benefit in waiting till spring.

Look at the website citydata for your area.  It shows how many houses sell each quarter.  From this you can quickly tell how much action there is in the winter months.  I find things most places still have action all year long.

If you cant take care of identified problems like the driveway, I  would not address them.  Negotiate those items when they come up

Correct Jay, not my business.  Yes he is living there.  I expect him to get a mortgage in about a year and pay me off.   

Great advise.  Thanks all

I recently sold a house the other day for 60k.  The house is currently in too bad of shape to be mortgaged.  He is actively fixing it up.  The buyer gave me 20k cash and mortgaged the balance through me.  I am charging him 7.5% annually, amortized over 30 years and have a 2 year balloon payment.  I don't really want to sit around waiting for my money.

Provided he has good credit, can I sell the note.  Is there a market for such a thing, and what kind of money can I get for it.

thanks 

Gutter can help a great deal and it looks like the house has a driveway close by.  I would get that water over to the driveway and out to the road if possible. 

I would not jump right into adding anything to the basement until I knew the severity of the problem.  When you bought the home, did the previous owner fill out a disclosure and was this topic mentioned?  I deal with wet basements all  the time.  Some just need a good dehumidifier running all the time, while others pool water with just the lightest rain fall.  Start working the upstairs and pray for rain to get an understanding.

If you do have a problem and fix it, I would wait to make sure the fix is good before finishing. 

Good luck.