All Forum Posts by: George Waters

Hey All,

I have an interesting deal underway over in PA. The deal is for 1 duplex & 1 triplex next door to each other with the properties currently fully occupied. 

I have locked in a sale price with the owner to purchase both, BUT (here's the complicated part) he has to sell his primary residence in order to become an accredited investor to be able to complete a 1031 exhange into a REIT with the proceeds he gets from selling me the two properties.

We would like to take control of the property ASAP since we plan to live in 1 of the units. We are trying to position some sort of lease-option/purchase agreement for the properties for 1-2 years while he does what he needs to do. Our main concern is locking in our price & have the funds we continue to pay as "Rent" go towards the purchase down the line. 

The owner has agreed to lease option type of contract, but we must draw it up! Really interested in finding out if anyone has gone through a situation like this & has some advice or any other helpful resources to guide in getting this deal closed!

@Andrew B. That’s sound advice, thanks!

Hey Everyone,

So I recently had an engaged couple move into a property in New Jersey & a little more than 1 month into the lease, they split up. The Boyfriend wants out of the lease and to leave her & 2 kids on the lease. Problem is that she doesn't qualify for the property on her own strength. Should I evict everyone in this situation?

Hey everyone,

We recently won a property at sheriffs’ sale. The property is a result of a reverse mortgage foreclosure on a deceased family member. We had our hard money lender set for the loan, but ran into two obstacles from my partners’ background check that prevented the loan from going through. The first partner (my father) was the executor of the Estate which somehow made the transaction not an arms length transaction (which can still be done, but stricter guidelines), the second obstacle is I found out my other partner has a sub 600 credit score due to some missed payments on a few rental properties a few years back. These two obstacles have caused the loan to fall apart, Thinking we have to bring in another partner and either pay interest or equity in the deal. We are also thinking about wholesaling it completely to another investor. We have to work this deal one way or another due to the fact that we put down 30k non refundable deposit at the sheriffs sale.Here is the breakdown of the numbers.

Purchase: 155k

Rehab: 30k

Taxes: 6300 (annual)

ARV: 235k (independent appraisal completed during hard money application)

We have already completed the appraisal & title work as a result of the hard money deal going so far through the process.

Does anyone have any advice on creative ways to finish closing this deal?

Hey everyone,

We recently won a property at sheriffs’ sale. The property is a result of a reverse mortgage foreclosure on a deceased family member. We had our hard money lender set for the loan, but ran into two obstacles from my partners’ background check that prevented the loan from going through. The first partner (my father) was the executor of the Estate which somehow made the transaction not an arms length transaction (which can still be done, but stricter guidelines), the second obstacle is I found out my other partner has a sub 600 credit score due to some missed payments on a few rental properties a few years back. These two obstacles have caused the loan to fall apart, Thinking we have to bring in another partner and either pay interest or equity in the deal. We are also thinking about wholesaling it completely to another investor. We have to work this deal one way or another due to the fact that we put down 30k non refundable deposit at the sheriffs sale.Here is the breakdown of the numbers.

Purchase: 155k

Rehab: 30k

Taxes: 6300 (annual)

ARV: 235k (independent appraisal completed during hard money application)

We have already completed the appraisal & title work as a result of the hard money deal going so far through the process.

Does anyone have any advice on creative ways to finish closing this deal?

Hey everyone, 

We recently won a property at sheriffs’ sale. The property is a result of a reverse mortgage foreclosure on a deceased family member. We had our hard money lender set for the loan, but ran into two obstacles from my partners’ background check that prevented the loan from going through. The first partner (my father) was the executor of the Estate which somehow made the transaction not an arms length transaction (which can still be done, but stricter guidelines), the second obstacle is I found out my other partner has a sub 600 credit score due to some missed payments on a few rental properties a few years back. These two obstacles have caused the loan to fall apart, I am looking to bring in another partner and either pay interest or equity in the deal. We are also willing to wholesale it completely to another investor. We are looking to work this deal one way or another due to the fact that we put down 30k non refundable deposit at the sheriffs sale. We are looking for private lenders, cash buyers, or cash partners for this deal. Here aren’t the breakdown of the numbers.

Purchase: 155k

Rehab: 30k

Taxes: 6300 (annual)

ARV: 235k (independent appraisal completed during hard money application)

We have already completed the appraisal & title work as a result of the hard money deal going so far through the process.

Any tips, leads, etc would be greatly appreciated. We do pay referral fees also!

Hey Everyone,

So the good news is that I have secured a duplex to househack and the seller is willing to accept FHA financing instead of a cash deal! The bad news is that the small bank I use for lending is in NJ only. Has anyone dealt with any great lenders or banks/credit unions for properties in PA? I'd greatly appreciate any referrals!

Best,

George