All Forum Posts by: Brian Sachs

@Bill Brandt Thanks for the reply. the renter wanted to move on their own And knew the owner personally. The liens were actually sewer and hoa. Still in the process of negotiating this deal. Thanks

My partner and I are from Las Vegas, Nv and we just got our first rehab property. While doing that rehab, I ran Into the neighbor (who Is a renter) and they saId they were leaving because the owner of the house is behind on the mortgage and has 3 liens, whIch Is true. (mortgage, water, hoa. I called the owner and “yes” he’s selling it and hasn’t paid the liens. With that information and knowing what the house is worth, Arv: 165k, homeowner owes approx: 116k with all three liens. How do you go about closing this deal other than the traditional way and what paperwork is needed. Any help would be appreciated. Thanks

thanks again for the replys. Plan on doing the follow-up to dig in further. 

The property was bought at a hoa foreclosure and their was a previous loan on it. I actually asked why they didn't go through the process themselves and they stated they wanted to liquidate several of their properties they were holding to build there cash reserve up. The property is way below market value and they are asking cash only. Thanks for the advise Wayne. I'll take those steps to look into it further.

I found a investor selling a property that has to be cleared with an action to quite title. They stated that you can pay an attorney from $2000-4000 to get it cleared. I'm not familiar with this process. Is their anyone familiar with this and is it a complicated process. The property is currently being rented and it appears to be a good deal.

So, getting a fixed rate long term would be the way to go (refinance or second). I'll research more and have a concrete future plan before moving forward.

To your question Joe, I was planning on using the equity short term to get started into buying properties and renting them out then moving onto the next with the same concept. Eventually being able to pay the loan off or refinance prior to balloon. need to do more homework. Il'll check the forum topics on the related material. Thanks.

the fixed term is around 6 1/2 % fixed for 20 years. The line of credit is variable but at 4/12 %, for 10 years paid in full at 15 years. I just like the fact the line of credit is interest only with a lower payment and it will cover the rent creating positive cash flow...

I have about 60k equity that I can pull out to put down on a buy and hold rental..need advise on which option would be better to use..fixed equity loan or equity line of credit..thanks