All Forum Posts by: Jennifer Wang

@Rick H.

I have question, even though that lien in 1987 not related to the current seller, signed and notarized Release and Satisfaction from him will help? 

Hi Guys,

I made an offer around 2 month ago, now it's almost time to close, but TITLE company find out there's a loan near $10,000 doens't have record since 1985, although it has been transfered between 2 or 3 different owners(no body clean it). I understand maybe there's no actually loan issue for this, but I will take risk. Now it's amost to be closed, I need to make decesion fast.My questions is:

1.Did anybody met this situation ever? Do you suggest me to take this property(good return)? 

2.If I buy title insurance, would insurance can cover any loss arising from that old mortgage? 

3. If we file a quiet title action as clear title, how long and how much will cost?

Thanks a lot!!

Hi Larry

Thanks for reply. This is in West new york, NJ, not in western New york. 

Thanks guys! So many helpful advice! 

Hi,

I'm a new investor and looks like will make my 1st investment property in my life. But now the situation bothers me a little bit, so need you guys advice, please!

General information: Multi(2 units) in west new york. Almost 100 years old house. Occupied. Good rent income.

I made the offer $8000 less than listing price. Owner accept immediately. After home inspection, the condition is not that good but acceptable, has Asbestos problem, missing insulation on the roof, couple of pipes need to be replace and also water heater tank, the basement has bathroom but no permit. Seller is willing to give $5000 credit. But I have to take over all the tenants. One lease will expire next year, another lease is month to month. I met these tenants before they are "looks like" good guy, but you know...

Now my concern is , the owner is a agent. This property can get 10% return yearly, which is very high in that area. I don't know is there any tricky part , cause I can't check tenants' credit score, if this return is really that good, why he wants to sell it? Is this common?

Please give advice, thanks a lot. 

Hi,

I'm a new investor and looks like will make my 1st investment property in my life. But now the situation bothers me a little bit, so need you guys advice, please! 

General information: Multi(2 units) in west new york. Almost 100 years old house. Occupied. Good rent income. 

I made the offer $8000 less than listing price. Owner accept immediately. After home inspection, the condition is not that good but acceptable, has Asbestos problem, missing insulation on the roof, couple of pipes need to be replace and also water heater tank, the basement has bathroom but no permit.  Seller is willing to give $5000 credit. But I have to take over all the tenants. One lease will expire next year, another lease is month to month. I met these tenants before they are "looks like" good guy, but you know...

Now my concern is , the owner is a agent. This property can get 10% return yearly, which is very high in that area. I don't know is there any tricky part , cause I can't check tenants' credit score, if this return is really that good, why he wants to sell it? Is this common? 

Please give advice, thanks a lot. 

Hi Dawn,

I am a resident in central NJ, and positive looking for a investment opportunity, I'm instered in same area as you, almost same suitation. Let's share all the information if you don't mind:)