All Forum Posts by: Charles Williams

@Steve Babiak,

@David Krulac

Thank you for the inputs, they're very helpful.

I have an opportunity to lend on a rehab project in Harrisburg PA area but I have no experience in the state.  Ive done many loans in MD (both as rehabber & lender) but this is my first one for PA.  

Can anyone shed some light on both: 1) location of the rehab project  & 2) PA specific loan terms

1) The house is in the Drexel Hills neighborhood of New Cumberland, approx 3000 sq ft. How is this part of town for desirability and resales? Do good quality rehabs tend to fly off the MLS listings or sit for a bit? Is this a safe area with decent schools? Anything odd I should be aware of?

2) Are there any unique private lending issues in PA? It's a first position lien, I plan on asking for lender title insurance and loss payee on insurance policy and theres plenty of space in LTV. I'll also require a personal guarantee but its a loan to an LLC. Are there special mortgage clauses I should require for foreclosing options? Do I need a commercial loan affidavit?

I appreciate any feedback.

Hi Hannah,

Did you find someone to help in this project? Our family's farm is less than 10 miles from Clinton, so may have some ideas if you're still pursuing it. What part of town is it?

@David Miller

What city are you seeking?  I can pm you a couple triangle options.

@Michael Garrison

Thank you for replying.  I'll reach out this week to get a better idea of the neighborhood.

@Bryan Mills

Thank you for your offer, I will definitely reach out soon.  I lived in Shalimar (behind the old courthouse) for 7 years while stationed at Eglin.  Loved the area.

@Korey Rademacher

@Matt T.

I appreciate the referrals for Bill. I'll give him a call this week.  Thank you.

@William Allen

Thank you for replying.  I'll give you a call Monday.

I'd like to learn more about reverse mortgages and creative investing options with them.  I've run across several motivated sellers with them over the years but couldn't quite figure out how to structure the deal since most properties didn't have enough equity to buy for cash, and wasn't sure how to do a subject to type deal.  Has anyone successfully kept the RM in place and structured a deal around it?  My limited understanding is that the bank wants their money back as soon as seller sells or passes away, and are much more aggressive in pursuing this than the due-on-sale clause trigger.

I appreciate any thoughts or opinions.

I have a solid lead on a property in Pensacola Fl.  As I'm here in NC, I'd like to partner with someone local that has utmost integrity and honesty to possibly move this into a closed deal.  I'd prefer a wholesaler with years of experience and many deals under their belt as this one has some complexities (vacant/no keys, estate/probate, tax lien, reverse mortgage, etc).  Please pm me if you want to assist on the journey. Thanks!