All Forum Posts by: Cha Yang

Hi @Corey Blane. Have your clients talked to a realtor yet? The reason I ask is because you said they wanted to pull out the equity if possible. The purchase price from 2009 could be very different from the market value today. It will be hard to find an all cash investor if the ARV is to low, assuming the property needs repairs. Turning the property into a rental might be a better bet( this is assuming it is rent ready, in a good rental market, and can bring in enough income to make sense). Also they would have to become landlords or hire a property manager and that's a whole other aspect of the business. I work a lot with sellers in these types of situations and it just requires more information and digging then what is initially provided.

Did the agent use the standard listing agreement?

Yes you can do it yourself. Here is an article that gives a general non specific overview of the process. http://homeguides.sfgate.com/can-quit-claim-deed-myself-1496.html.

@Davit Gharibyan Yes, you can go and do a Quit claim deed with the county. I would still suggest getting a Purchase agreement in place to make sure everything is good to go before you do the Quit Claim. I know it's between you and your parents but having everything spelled out in writing is always best. I am a licensed agent in MN and can facilitate these types of transactions if you are unsure or uncomfortable doing it.  PM me or give me a call if you want to talk about it.

@Anna Dube, @Chris Mason is right. If you got the cash, then forget the banks. Just payoff the loan then quit claim the property to you or just buy it out right from your parents for the balance owed. 

An easy and cheap way is to just have them Quit Claim the property to you then you pick up the payments. Similar to a "Subject - to existing mortgage" deal. Here is a link to an article about it. https://www.biggerpockets.com/renewsblog/2016/07/03/subject-to-real-estate/. Let me know if you have any further questions.

It's drilled. I will need a certified well contractor that can get me a well sealing certificate after the work so I can show it to the Minnesota department of Health.

Hey BP!

I have a property that I am currently renovating and there is an old well on the property that needs to be sealed up. Unfortunately getting a hold of well contractor seems to be tougher than I thought. Anyone has any recommendations for a good certified well contractor that services the twincities area? Thanks!

You could start taking your MN real estate courses online, or wait until you get here to take the classes in person. You need to complete all three courses to get your license but are eligible to take the exam after course 1.  I recommend the http://www.mnrealtyschool.com/ The instructors there are awesome. I also recommend going to SPAAR & MAAR and start researching how the market is doing here in the twincities. 

@Bruce Runn our dumpster is in the back also, but I think that gives people more incentive to dump their trash because  they think no one will see. This is a rough neighborhood and there are alleys here so being in the back doesn't seem to work for me.

@Glen Dall I'm thinking about putting up a temp chain link fence but not sure if the cost and head ache with the city is going to be worth it. Might be an idea for the next project. 

Did the PA say that the entire property was to be vacant on closing? if it didn't then you might be stuck with the tenants if you did go through with the purchase. I would ball park $3,000 for an eviction but I don't know your specific situation so that number might be way off. I suggest open communications with the sellers and tenants NOW and come to some sort of agreement.