All Forum Posts by: John Adamkewitz

Taken last week. About 1500sft. 3/2/2's

Hi BP,

I need to make this building look as nice outside as the inside. 4 total units, all two story "Luxury Townhomes"

My first step will be to clean and restain the 100% Cedar deck. It's still going to look really plain, what do You think? The roofing is green.

Constructive comments welcome.

Thanks, John

An accepted offer this morning, but it wasn't mine.

I'm moving forward. Next!

Thank You, John

So I was mistaken. The sign company were the original owners of the 10 acres.

They subdivided a 14x60 parcel off of the 10 acres for the signage, and then sold the remainder on an $85k Land Contract to the person who was foreclosed on.

The foreclosure happened, after that person obtained commercial financing to pay off the LC.

It's the details.

Thank You, John

@Wayne Brooks @David Krulac @Bill Gulley

After digging a little deeper, I found a Warranty Deed recorded about a year later.

It states "in fulfillment of a certain land contract" then goes on to mention the original recorded land contract document number.

Thanks, John

Hi BP,

10 acres Commercial property for sale, foreclosed on about 4 years ago, now owned by out of state investment company. Property has been for sale for 2 years now with a price reduction every few months. It is now very close to My number.

There is a large hwy sign in the middle of the road frontage.

In My DD I found a simple 1 page recorded Land Contract, for a small parcel that the sign is on, between the original foreclosed owner and the sign company dated 7/06. The LC is for the sum of 85k @7%, 10k down payment, with $500 per month payment. This works out to a 30yr amortization. The contract has no wording about assigns.

Assuming the LC is still binding to the sign company, where is this $500 monthly payment most likely going? If this property was mortgaged at time of LC, how would the bank have allowed this.

This area is one of My weak points in RE knowledge. Any clearing in the clouds would be appreciated.

Thank You, John

I read the article, I also posted a link to this article a few weeks ago when Wells and Chase announced the lower score criteria, for FHA backed loans.

http://www.thestreet.com/story/12338720/1/banks-loosening-mortgage-lending-standards.html?puc=yahoo&cm_ven=YAHOO

I am not smart enough to understand how the FHA could still back the mortgages with all the new regulation in place.

Anyone?

John

@Account Closed You Sir, Are not alone.

My name is John and I am a Tire Kicker.

@Mo Thomas Hey Mo, I'm working on a very similar deal right now, Myself.

If Your renting 3 units right now, then You have an inside track.

I would get Very familiar with the actuall HOA docs on file, I would also gett My attorney to evaluate them, and help with the Power Play strategy, after holding the majority vote.

Make sure that You know all the problems and differed maintenance issues, because with majority ownership, comes majority of the costs of the upkeep.

Good Luck, John

Were they Foreclosed? Whats the HOA's financial health? Strictly buy and hold? Beware of stated HOA monthly fees.

John