All Forum Posts by: Scott Robinson

Wow, thanks everyone for the feedback.  This has the potential to be a great long term property for us if I can make it work.  @Davido Davido, I have been thinking the same thing, buy her portion on the property and I actually want to take this one sub2.  Pay the seller her spent legal fees, $1k, the arrears, $6k, and move forward.  Seller gets what she wants and I get a fantastic deal (@Lien Vuong).  I am waiting a call back from my attorney to review this with him too.

@Davido Davido, buying her portion and renting the property out sounds great, but wouldnt the heirs have a right to some of that rental income?  Also, the property needs a lot of work before it will be livable again.  Does that throw a wrench into it?

I really appreciate all the input, thanks!

I am trying to help a seller who is being held hostage by step-children.  The owner's husband had 3 kids and owned the house before they got married, but they refinanced the house together after they married.  Now that the husband has passed no one is paying the mortgage at this time, the wife wants to sell but the kids wont sign off or help her with the mortgage.  Taxes and insurance are escrowed, so my question is this:

If the seller called and requested to stop the escrow payments could she?  If so, could I then step in and buy the property for what is owed on the taxes?  Or is there a better way to help this seller with her situation?

Thanks!

I am working with an owner who wants to sell the house she and her deceased husband owned in Texas. Problem is her husband had 3 kids before they got married and they aren't letting her sell.  There is an existing note on the house from when the couple refinanced 15 years ago that is now in default (200 days).  The owner does not have the money to pay the note and the kids will not help pay and wont sign for her to sell.

Ive been told to sue for a partition of suit, but I'd like to find another way... if there is one.

Thanks everyone!

Hi all!  I work out of Tx, wholesaling and buying in TX and AZ and am looking to expand to MA.  I spend over a month on the Cape in the summer and an additional two weeks during the year.  I am looking for some suggestions on closing attorneys that are familiar with wholesaling. Does anyone have any recommendations?

Thanks,

Scott

I'm considering getting into this space as well.  I'm looking at a rough place right now that will need some work.  Before I use up a contractors time getting estimates, can anyone tell me what the average $/sqft on a rehab is?  My experience is all from Texas, but I spend a lot of time on the cape and this would be a new investing market.

Thanks!

I have left a message for my attorney, but in the meantime thought I would ask the group:

Has anyone ever had the Heirship rights of an estate assigned to them in Texas?

@Andrew Postell Ok thanks. Just emailed you. 

@Andrew Postell, so file the lien at closing of the refi, not the HML right?

@Andrew Postell thanks. The 25% would be included in the agreed to sales price but I'm wondering if it would need to be "off the books". Would I be able to refinance the HML if there is a 2nd note outstanding with to the seller? Accepted the request.

@Andrew Postell thanks for the insight.  Every lender I talk to will only do 75% on the refinance for an investment property.  Is there someone else I should be talking to?  Also, Im not seeing where the rehab money is your scenario above.  The two notes are $124 plus the rehab $12k and that is $136k, I refinance at $127k (85% love to have that lined up) seems like Im in for the rehab costs myself which is fine, because there is no immediate repairs to be made anyway with the tenants in place until the summer and happy to continue as is.  If you can do 85% or know who does, please let me know.  Thanks.