All Forum Posts by: David Gerard

Thank you, I'll have to remember that once my own mortgage is paid off :)

Gotcha, so they are basically pulling equity out for use elsewhere, that makes sense.  Thank you.

Dave

I have been using the public records to look at houses in my neighborhood, to get an idea of prices and get comfortable analyzing properties.  Several of my neighbors have recorded satisfactions of their mortgages, only to record a new mortgage several years later.  Unless this is a home equity type of situation, I cannot figure any reason to re-encumber a property once it is free and clear.  Can anyone shed light on this?  If it matters, these properties are in New York City.  Thanks.

Dave

Rick, thank you very much, that is excellent advice and definitely the better way to go.  I'll dig into the subject on my own, but can I presume that the key selling points for them are transfer of ownership, along with the benefit of interest over the purchase price, and the benefit to me is a lower than market interest rate, plus no loan fees, etc.?

I am looking at a house that needs about $50K in repairs, which with the current asking price, would bring the property just around market value.  I have a personal interest in owning the property beyond just an investment.  The mortgage is paid off, it is a probate sale, and due to my just starting a business, etc., my loan officer advised me that I might not get the most favorable loan terms.

I'd like to propose a master lease to the sellers, but I am unsure as to who should cover the  cost of the general repairs, and frankly how to craft the agreement so that it is fair to both sides, and more importantly, attractive to the sellers.  Is there a template or can anyone point me in the direction of some general assistance?  Thank you very much.

Dave

Very nice, did you come all cash or finance?  Hope you get a buyer soon!

Rachelle and Linval, thank you for the warm welcome and for the information! I am looking forward to interacting with the group and gaining REI experience.

Greetings, my name is David Gerard,  I primarily handle real estate transactions, I broker as well, and I am looking to get into real estate investment as well.  Primarily looking for low-cost, low-risk properties, and I am also interested in joining an investment club to pool resources.  Thank you for allowing me into your community, hopefully I can provide as much value as I receive.