All Forum Posts by: Joe P.

@Sam Shueh that is what I am planning on.  I have email permission from the owner and I plan on posting ads that say "coming soon" with details and photos of the property to gauge interest in it.  If anyone asks about ownership I will simply tell them I have it under an option agreement contract to purchase and I am not representing the owner in any way.

I have an opportunity to purchase a vacant land property that was owned by 3 brothers as joint tenants (no right of survivorship)  I'll call them A, B, and C.  A and B died and thier 1/3 interest in the property is left to their wives who we will call X and Y.  C is still alive.  I spoke with X on the phone and she doesn't know how they can sell the property.  I'm not sure how I can buy it from them either.  There hasn't been any sort of probate proceedings.  What would be the easiest way to purchase this property from them?  What needs to be done?  The property is in Pennsylvania.  

I'm not really interested in doing an assignment.  For a number of reasons it would work out better for me to purchase the property myself first.  I know I can't actually sell it until I own it but what if I just market it to find a buyer then close on it then sell it to the buyer?  In that case I did't actually sell it until I owned it.  I simply marketed it.  

I know a similar question has been asked a million times and I will probably get a variety of answers but I do not plan on wholesaling this property. 

I fully intend to close on and buy this property myself however I only intend to do so if I can find an end buyer.  I would like to advertise on facebook, zillow etc. and close if and/or when I find a buyer.  I know most people are asking this question as it pertains to assigning contracts and it seems to be a bit of a grey area but if I intend to buy this property myself when I find a buyer does that make it less of a grey area?  If it is legal do I need to disclose that I don't yet own the property?

Thanks @Stephanie Medellin!  Seems like I'll be much better off starting out with a multifamily so I can definitely use the rental income to qualify for another mortgage.  

Thanks @Chris Mason I would like to buy a multifamily to house hack then buy a new one every year or two to build a rental portfolio.  Problem is there aren't many multifamily properties available in my area so I'm looking into doing the same thing but starting out with a sfr.  My only worry is qualifying for the second mortgage.  My income is on the lower end but credit score and savings are in my favor.  Do you foresee any problems qualifying for a second mortgage if I start out with a sfr as opposed to a multi?

If I rent out a single room in my primary home can I use that rental income towards my 2 years of landlording experience and use the rental income to help qualify for a mortgage on another house?  I am interested in house hacking and buying a new owner occupied place every year or two.  It seems as though if I buy a sfr I would have rent it out for two years without living there before I can get another house unless I can qualify for a second mortgage.  Am I correct?

@Jay Hinrichs I'm seeing maximum 6% in PA but that just seems awfully low to me.

I am selling a parcel of vacant land in Pennsylvania for $11750 with 9.99% interest on a 4 year loan term.  I was reading about state usury laws and now I am unsure if this is even legal.  Is this illegal in PA?  If so are there any loopholes?  

I have spoken with some small local banks but I don't believe I've tried a credit union.  I have a significant amount saved for a down payment so I would definitely still have several months of living expenses especially if I use a low down payment option.