All Forum Posts by: Marc Winter

Thanks to all for your help.  After calling the Prothonatary Office in Luzerne, who passed us on to Deeds and Wills, we got to the attorney handling a will!  Thanks again.

Hello All,

We manage a 2-family house in Luzerne county PA.  Recently found out the owner, an older, single man, passed a few weeks ago.  We have no emergency contact info, and our background trace shows no relatives associated with his name.  We will be keeping rent collected in an escrow account.  Does anyone have experience on how to track down whether there was a will, or if he died intestate?  I expect to have to use a lawyer, but hopefully can get some preliminary leg-work done before going on the clock.  Thanks!

I would do a 'crime search' to see how many time police have to go to trailer park and to the triplex.  Have you spoken to any of the occupants, either at the triplex or trailer park?  Use your gut with that part.  Also, 10 minutes out of a city/town doesn't sound too bad, but if you are still apprehensive about the area, then pass on it, OR, try to flip the contract to another investor.

Kill them with kindness.  In that situation (been in many times) I always ask them, "Do you have any friends or relatives you'd like to have as neighbors here?" 

I always hand them my business card and let them know to call me if they see something going on that shouldn't be going on, or if they decide to sell their house. 

Sure, sometimes I get the 'mayor of the block' and they call for little things, but often they've alerted us to problems that we otherwise wouldn't have discovered so quickly.  And sometimes it leads to a good deal!

Good luck!

78 showings in the middle of January in NJ?  Wow!  If they all say it's listed too high, your agent might be ask them "about how much too high?--what price would you invest in and own this home for?"  Serious buyers usually are NOT afraid to make offers.  Again, 78 showings? 

I'd recommend getting out on the street and knocking the door.  "Is your house still available for sale?"  Also ask if they are still listed with a broker; if so you will probably have to deal through the broker.

It pays to make that effort, because so few do.

You should have an estoppel letter from the current owner prior to closing stating all relevant information on tenants, including security deposits, monthly rent, who pays what utilities, copies of existing leases (if any) etc.

At closing, you should receive rents pro-rated to the date you close, and transfer of security deposits held by seller or manager. 

Before  closing, we send a letter and hand-deliver to tenants to confirm the info from the owner's estoppel letter, and tell the tenants to contact us immediately if there are any questions or misunderstandings.  

Example:  seller says there is no security deposit, tenant says there is.  Proof of that deposit would be required; copy of lease stating receipt of deposit or receipt of payment. 

We once had a seller tell us that the tenant didn't pay rent one month and seller used the security deposit as rent, so there is no security deposit.  Don't buy it--rent is rent, security deposit is security.  If the seller allowed the tenant to remain there, tenant still has a security deposit.

Let tenants know that a new lease will be offered to them immediately following closing. Hope this helps you.

Inter-vivos revocable trusts which, according to

Garn-St. Germain Law, prohibits a lender from enforcing a due-on-sale (or transfer) clause.

Seems to me, in my non-lawyer experience, the two key words here are 'fraud' and 'court'.  Fraud, if proven, can get a transaction turned upside down.  And 'court' meaning judge, can do almost anything they want!  Of course, there are appeal mechanisms to whatever the ruling.

A land trust as an entity may end up being pierced just like an LLC or corporation when there is a lawsuit involving a fraudulent transaction involving ownership.

Again, I am not an attorney, and am not offering legal advice, but I have successfully used land trusts, llc's and other title-holding entities over the years.  Lesson #1--anyone can sue you at any time, for almost anything.  Be prepared, know the rules, play honestly and have a good attorney.

Mike p, can't help with that question directly, however in our area (NEPA) PAWC is the water utility. They will not allow new sub-metering, and require a new water main to be run from the curb. Their thinking is that it is easier for them to shut down one unit than the entire building. Of course that makes it cost prohibitive to separate meters. Just a thought to keep in mind for future.