All Forum Posts by: DeAnna Caston

The one I’d like to use as a primary residence is around 80k and I’m unsure on the other. Neither has had an official appraisal to determine value. 

Hello, I am a newbie investor and I have acquired 2 properties (no mortgage) and I’m looking to secure funds for a rehab. The properties aren’t in livable shape and one I would like to make my primary residence. What avenues are available for securing funds for the rehab. I’d like to see my options best options.

The properties are located in Mississippi and I made a cash payment, so I currently don’t owe anything on the properties. Thanks for any and all advice.
 

@Susan Maneck yes the taxes have been paid (I paid them when I purchased the property). I didn’t find out about the additional individuals until the Will arose.

@Douglas Snook yes I figured this would be what I’d need to do. Learning a difficult lesson right now and hoping it works in my favor.

@Caroline Gerardo I thought this would be the route I’d have to take. There was no probate. The deceased husband bought the property in 1975 and owned it under his estate name only until his death and he left his wife as executrix. Would a quitclaim suffice for the remaining children? Yes she’s still alive.

@Caroline Gerardo I do have a copy of the will, it’s the state of Mississippi. The wife to my knowledge is still living and only one of the children currently are deceased that was listed on the will. The owner was her husband, listed under his estate and he willed everything over to her. It was behind 3 years on taxes and no appraisal was done to establish value (that is also stated in the will). If I don’t have to get signatures from them, I’d like not to go that route.

Before I get into this entire spill, the obvious in all of this is, “there should’ve been a title search done prior to the purchase”. 

The deceased left his wife as executrix of his estate. She recently sold me some property and I signed a quitclaim deed. I have “owned” the property for the past 3 years  and recently after much work to the property, I recently went to the bank to get  do a cash out equity. This is when the attorney located a will that shows the wife as executrix. 

However, in a section on the will it says, “All of the rest, residue, and remainder of the estate of every kind and nature is left to herself and 4 children.” She did ask them (and I have proof) if they wanted anything to do with the property and they declined.

Can she legally sell me the property as the executrix, even with the above mentioned? She did make all parties aware in this matter.  I’m trying to secure the title etc.

And again, I know this is a tangled web and the correct steps that should’ve been taken to avoid all of the above. Thank you all for your comments and help. 

@Dustin Lunceford thank you so much. I’m definitely going to look into both of these options.

Hello Everyone! I have a bit of unique start to real estate. I’m inheriting about 5 properties that are a mixture of multi family and single family homes. All of which need some rehab work. I’d like to see how to start the process of securing funds for rehabbing and renting the properties. I own them outright and would like to do a facelift on each to get them to get them rental ready. The properties are located in Mississippi. I’ve also never had a mortgage (if that helps at all). Thank you in advance to all who chime in.