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All Forum Posts by: Bob Paxson

Bob Paxson has started 6 posts and replied 45 times.

Post: Eviction Philadelphia - open questions

Bob Paxson
Pro Member
Posted
  • Flipper/Rehabber
  • Philadelphia
  • Posts 45
  • Votes 17

Philadelphia is brutal for landlords….. I have had my share of bad tenants… so I’ve done it a couple ways. The most successful way I have found was to let the tenant keep their stuff in the house for 30 days however, I had someone move in and stay there.  Lots of pictures with proof of date….. (Had to pay them but was worth it) Tenant was not allowed to enter without me physically being there, and they had to schedule it this way worked out best for me less out-of-pocket. The person that was staying there for me I had them do minor repairs and maintenance and flip them a few extra dollars to get the property occupied and I didn’t have to move any of the previous tenants belongings. When the tenant did decide to come and pick up their stuff they only picked up a few things and left the rest anyway, leaving me to have to clean it out with the property remained safe and secure. Hope it helps!

Post: Fraudulent sellers disclosure

Bob Paxson
Pro Member
Posted
  • Flipper/Rehabber
  • Philadelphia
  • Posts 45
  • Votes 17
Quote from @Russell Brazil:

Take a lawyers hourly rate, say $350 an hour....multiply that by the amount of hours likely to take, say 40 hours, you arrive at about $14,000. Then your probability of winning is probably 50%.   So are you willing to spend $10-15k for the 50% chance of recovering $20k?

Sad but true

Post: What are my Options?

Bob Paxson
Pro Member
Posted
  • Flipper/Rehabber
  • Philadelphia
  • Posts 45
  • Votes 17

Want to see my options on pulling cash out on a few properties….

Post: Assuming a mortgage questions

Bob Paxson
Pro Member
Posted
  • Flipper/Rehabber
  • Philadelphia
  • Posts 45
  • Votes 17
Quote from @Harjeet Bhatti:

@Bob Paxson There is divorce involve in transaction. You should involve attorney. Attorney will need divorce settlement to understand who has ownership of the property. 

The property is only in the husbands name

  he just wants out 

Post: Assuming a mortgage questions

Bob Paxson
Pro Member
Posted
  • Flipper/Rehabber
  • Philadelphia
  • Posts 45
  • Votes 17
Quote from @Harjeet Bhatti:

@Bob Paxson There is divorce involve in transaction. You should involve attorney. Attorney will need divorce settlement to understand who has ownership of the property. 

The property is only in the husbands name

Post: Assuming a mortgage questions

Bob Paxson
Pro Member
Posted
  • Flipper/Rehabber
  • Philadelphia
  • Posts 45
  • Votes 17
Quote from @Wayne Brooks:

@Bob Paxson To be clear…

- when you “assume” a loan, it is with the lender approval and you have to qualify for the loan just like if you were getting any other mtg.  The original borrower is removed from the loan and replaced with you, you get title of course, no due on sale issue.

- when you buy “Subject To (sub to)” you are making the payments on the original borrower’s loan, it stays in his name, is done without lender approval, title goes in your name and yes you have a due on sale risk, however small…..Terribly risky deal for the seller.

That is what I was looking for that helps a lot 

Post: Assuming a mortgage questions

Bob Paxson
Pro Member
Posted
  • Flipper/Rehabber
  • Philadelphia
  • Posts 45
  • Votes 17

Well have a deal with a husband he is only one on deed/title…wants out of property …they just got a divorce ….I want to assume the mortgage… take over payments put my name on deed take his off  what are the odds due on sale clause will be triggered by lender ? Should I get a lawyer to draw up the agreement… it seems simple to me am I missing something

Post: Assuming a mortgage questions

Bob Paxson
Pro Member
Posted
  • Flipper/Rehabber
  • Philadelphia
  • Posts 45
  • Votes 17

Assuming a mortgage questions anyone have experience doing it any help would be appreciated….

Post: Recent Fix and Flip experience

Bob Paxson
Pro Member
Posted
  • Flipper/Rehabber
  • Philadelphia
  • Posts 45
  • Votes 17

Well done that motivates the hell out of me

Post: bedroom upstairs and toilet only downstairs. is this an issue?

Bob Paxson
Pro Member
Posted
  • Flipper/Rehabber
  • Philadelphia
  • Posts 45
  • Votes 17

I have two properties that were designed to have the bathroom downstairs and both bedrooms upstairs never had a problem