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All Forum Posts by: Savannah Leigh

Savannah Leigh has started 24 posts and replied 154 times.

Post: bank owned recently flooded mobile park. how to offer

Savannah LeighPosted
  • Real Estate Investor
  • scranton, PA
  • Posts 174
  • Votes 14

flooded sept 2011. owner gave deed in lieu then.

bank has 'babysat' since.

55pads, 10 rented at 230/mo each. 45 vacant. monthly after expenses 400 under current 2300/mo collections.

bank wants 250k or 20pct down to finance.

the current numbers dont support. not positive community will rent the spots with flood so recent and serious in their minds

but, it may be a deal w the right offer. ideas?

Post: seller didnt disclose mortgage. deal fell through. recovery of costs/

Savannah LeighPosted
  • Real Estate Investor
  • scranton, PA
  • Posts 174
  • Votes 14

true, and i guess i will from here on

but on this deal, im out a few hundred on title work anyway.

Post: seller didnt disclose mortgage. deal fell through. recovery of costs/

Savannah LeighPosted
  • Real Estate Investor
  • scranton, PA
  • Posts 174
  • Votes 14

how is it not the sellers fault that they didnt disclose they had a mortgage on the property for twice the offer price. they took an offer and deposit when they could never complete

Post: seller didnt disclose mortgage. deal fell through. recovery of costs/

Savannah LeighPosted
  • Real Estate Investor
  • scranton, PA
  • Posts 174
  • Votes 14

thanks. im adding that in from here out.

Post: seller didnt disclose mortgage. deal fell through. recovery of costs/

Savannah LeighPosted
  • Real Estate Investor
  • scranton, PA
  • Posts 174
  • Votes 14

oh i realize it's a lesson, and i may not collect. sure, maybe short sale....but i want to at least make an issue for the seller to consider making a payment

i do appreciate the inputs. i have never come across this before. not where a seller claimed no knowledge

how do i make title on seller without them balking at the appearance of extra costs...even if i reimburse? how do i word that?

Post: seller didnt disclose mortgage. deal fell through. recovery of costs/

Savannah LeighPosted
  • Real Estate Investor
  • scranton, PA
  • Posts 174
  • Votes 14

i had contract to purchase a 2 unit for 21k that needed only paint/carpet. our area is full of em

title search revealed a 30-something k mortgage.

seller cant / wont repay

how do i collect damages, and what do i ask for

i am thinking at least 1 grand....500 title search and 500 other stuff

Post: Breaking Into Mulifamily, Need Help!

Savannah LeighPosted
  • Real Estate Investor
  • scranton, PA
  • Posts 174
  • Votes 14

40k for every 1k in gross is my thumb rule for fully repaired value . 50 k max. so youre in a good ballpark

Post: New to Boston

Savannah LeighPosted
  • Real Estate Investor
  • scranton, PA
  • Posts 174
  • Votes 14

welcome

Post: 401k

Savannah LeighPosted
  • Real Estate Investor
  • scranton, PA
  • Posts 174
  • Votes 14

typically, what is the timeline from wanting a fund that is self directed to actually making a purchase in that fund?

Post: overseas lender and/or buyer for u.s. properties?

Savannah LeighPosted
  • Real Estate Investor
  • scranton, PA
  • Posts 174
  • Votes 14

i was approached by someone from overseas about being a lender. favorable terms, nice limits, agreeable on the draft contracts i supplied, etc.

since i hadn't been looking for overseas money i was surprised by the approach.

clearly, there are warning bells, but also there's my desire never to miss an opportunity. or look a gift horse in the mouth.

question: if this person signs the documents and wires the money, how could it go wrong for me? seems as though it could go wrong for them if i were dishonest...but not the other way

legally, how do i not run afoul of international money/laundering/terror regulations...since i have few ways to verify this person's validity

any ideas? run is one, but i'm hoping theres a 'not run' option

thanks