All Forum Posts by: Jared Forman

The attorney from the title insurance company will be reaching out to me this morning. I will keep you updated with what he says.

I live in Phila PA and last month I purchased a property for $60,000 using hard money from a wholesaler. At the closing table the wholesaler brought someone who he claimed was the seller. She provided her id and signed the documents claiming she was who she said she was. I paid nearly $1,000 in for the following title insurance endorsements  

100, 300, 900, 1015

We started removing content from the property the next day, so we could proceed with demolition. After lunch I came back to a dozen cops, 2 guys who claimed to own the property, and 3 scared contractors. Immediately I interjected and found out the property was sold to me fraudulently. 

We filed a claim through the title insurance, but they are saying I purchased the property and the actual owner needs to sue me to get the property back. This seems very bazaar to me and does not sound or feel right, my lender agrees with me on this. 

Now the title company is advising my lender to foreclose on the property. 

Can you one provide any form of advice???

1. Is there already a curb cut in front of the house?

If yes, then you can put a garage by right.

If no, then you will need to speak with your neighborhood CDC about a variance for a garage. Then you will go to the ZBA and tell them “your hardship”. If ZBA should approve it then you speak with street department about curb cuts and such.

https://www.biggerpockets.com/forums/93/topics/54108-buyer-s-list-how-to-

I have been looking for a credit card that offers the best points for purchasing stuff at hardware stores. On an average month I will spend thousands of dollars in supplies so If I can pay for vacation without paying count me in.

Pick a good Purchase price like $350k in your head.  Now give the owner a call. Ask if he has had any interest in renting it. What are you going to do let it go vacant? When he says no you ask if he wants get rid of it. If he says yes ask him what he wants.  If he says no. Then use the Ackerman system.

Charles,

I would suggest you place you money with an experienced investor and take an equitable position on a flip project. This will yield you between 15-30% returns over a short duration of time (3-10 months). You will also be able to say you owned the real estate for future real estate funding. On top of that they will be paying you to teach you the secrets of intricacies of their business (like college but they pay you)

I am picking up a property in Germantown as we speak. Set to Close Mid December.

In my opinion Germantown has good any bad parts. My general rule is avoid east germantown even though the returns look nice the quality of people will suck the time and money out of you. With that being said, germantown is a block by block neighborhood. I would walk 2 blocks around the property and speak to neighbors.

example:

I was viewing a house in germantown with my contractor about 2 weeks ago.

The house looked nice and the neighborhood looked decent. Then I spoke with the neighbors and they let me know whats really happening. Someone got shot in front of the house a few weeks prior, the house a few doors down had a bomb blow up 3 days prior, their were 4 more shooting within the past 2 months. 

With that being said I will still keep investing in germantown due to its organic growth, which will be affected less if a recession hits. 

This looks like a really good event for any investors.

the question is not ,” how much cash do you need?” 

Instead it should be ,” what do I need to learn before investing?”

In real estate you have three variable

Time. Money. Knowledge.

I personally would seek out knowledge before going any further