All Forum Posts by: Shannon L Fogarty

Thanks for your reply. Let me be clear, I'm not the wife in this situation. This is a messy situation for the ex- couple. The husband couldn't qualify for a mortgage (and still doesn't), but the wife did. At the time, when presented with how did they want the deed, she wanted her husband on the deed too. Fast-forward to the divorce (messy, bad, abuse, etc.) According to her, her attorney really dropped the ball.  She ended up being removed from the deed. Husband was supposed to take over the mortgage, but didnt qualify.

Last summer, she decided to take her kids and move to a neighboring city. (Too many bad memories) She told us that she wanted to sell the house and be done with all of it. She wasn't looking to make money, just wanted to get away from it. She also stated that her ex owes her about $50,000 for something, but would take $5,000 to walk away. The house is valued at about $260,000. She offered it to us for $135,000.00. Husband agreed to sign off the deed for $5,000.

Now she is having second thoughts. 

If we approached him with the $5,000 and had the deed put in our name, could we pay off the mortgage and own the property? Would there be any legak ramifications to this?

Have a scenario that we are curious about what the answer is. 

Husband and wife purchase a home. Mortgage is in wife's name only. Deed is in both names. A few years later, husband and wife get a divorce. Wife is removed from the deed and still has the mortgage. Wife lived in the house for awhile with kids and then moved out. Husband now lives in the house. Wife wants to sell the house, but husband is on the deed. 

Considering that she is not on the deed, could he sign the deed to someone else without her permission? 

The communication was great one minute and the next they dropped off the planet.  Maybe I'm just used to Minnesota ways, lol.  I feel a little relieved.  I was just way too eager and excited to jump into this.  I THOUGHT I did all the research, but I learned that I had misunderstood somethings about financing and needed more education.  We DID speak with a local lender who was extremely educational and sat with us and explained and discussed all of our options and the pros and cons of investing in this particular property.  I am chalking this up to education.  If we hadn't moved forward and made the offer and went through the process, negative as it was, we wouldn't have met the people we have who ended up helping us more in the 2 hour meeting at the end than anyone else.  We will be ready for the next one!

Good luck to you.  Trust your gut.  

Thank you @Kyle Spearin!  Happy to be here!

Hello! We are just getting started in the world of real estate investing. My fiance' and I are in our early 50's and looking to build our retirement. Real Estate has always been a strong interest for each of us, but other than purchasing our primary residences, no experience as investors. We have been studying many resources, and have found the most valuable information from the Bigger Pockets platforms. We are excited to see what we can build!

Thank you for your advice. I appreciate it. I will do that. Just beginning this journey and am trying to learn.

Has anyone had experience with this lender?

Hello!  My fiance' and I are investing in our very first rental property.  Just last week we got our preapproval letter from The One Brokerage. We picked this bank because it was on Bigger Pockets.  We made our offer on a small home that needs to be rehabbed in a small rural community south of Rochester and it was accepted ($55,000). It's only 930 sq. feet.  It's on a nice big lot and includes a large metal garage/shed.  The house is rough, but we have experience remodeling and have a GC and an Amish crew ready to go.  We have $60,000 budgeted for the remodel.  This money will also come from The One Brokerage.  We uploaded ALL of our financials to the bank and are now waiting.  Communication with the loan officer is not the greatest.  I have searched for him on all the social media platforms and there just really isn't much.  I'm kind of freaking out because I expected a strong social media presence with this guy.  Like I said, communication now is less than I would like.  Yesterday morning he said we should have the final terms by end of day.  Did not hear anything.  I texted him twice with no answer.  This morning I texted again, emailed him and his assistant with no answer.  I called the brokerage and left a message.  They texted back and I left another message.  I then called the loan officer and left a voicemail with no return call.  Called the assistant and she answered.  She was very kind and apologetic and said she would message him through their portal.  She is in Texas, he is in Florida, brokerage is in California!  (YIKES!)  Within 5 minutes I got a message from him stating that underwriting has concerns about the location of the property being rural and not having enough sales comps.  He said he was working with them to get that cleared up and that he would keep us posted on the file status.  O.k. so is there a chance this won't go through??  I'm really feeling dumb and naive,  thinking I didn't investigate the lender more thoroughly. They have ALL of our information! Am I being paranoid?  

Investment Info:

Single-family residence buy & hold investment.

Sale price: $59,900

Deal has not been made yet.

What made you interested in investing in this type of deal?

It's cheap, it's near where we live, it needs to be rehabbed, it's the worst house on the block with a ton of potential.

How did you find this deal and how did you negotiate it?

MLS. We are negotiating now!

How did you finance this deal?

We are working with our local small town bank.

What was the outcome?

Stay tuned!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We are working with a local real estate agent.