All Forum Posts by: Miguel Torres

I will check with the water dept. To see about future plans and extension options. One of the road blocks though is that the property is off a state road. So the extension process would be much more scrutinized if at all possible. 

I have 2 rental properties on a 1.3 acre lot. I want to demolish one of the properties and build 4 single family or townhomes on the lot (Total 5).  I've done all of the surveying, preliminary plans, zoning checks etc. The main issue I have is that the sewer is public, but the public water ends about 1 block before the property. I can look into doing a community well (site already has a well that the current 2 homes share). I only hear bad things about community wells on the internet. 

Does going this route make sense since the final plan is to subdivide the lot and sell? 

Do people buy homes with community water supply?

Is a community well such a problem that I would be better off keeping the site as-is?

Any input is appreciated.

Thanks for the fast reply. It is a Mortgage foreclosure auction. I did not even think to bring checks of multiple denominations. That also makes sense to check the online search companies info against my own search. I will be coming up with a game plan to make sure I have my basis covered.

I will be attending my 1st sheriff sale this month. After researching as much information about these sheriff sales I am more confused then before.

1st thing I had an issue with was liens. I've read that "Senior Liens" stay with the property after the sheriff sale, how would I be able to verify this information before bidding on a property? Would I have to hire someone to research every single property that I could possibly be interested in? My county website has this response under the FAQ section 

"How can I check for liens against a property?;

This is a complicated process that includes searches in several other County offices, including, potentially, the Recorder of Deeds, Prothonotary, Tax Claim Bureau, Register of Wills, and others. It is generally best to hire someone with a degree of expertise in this field."

Next issue is this the requirement on a winning bid is 10% due at the time of winning the auction. Sheriff office only accepts cash or cashiers check. How am I supposed to get a cashiers check for an unknown amount? Is there a such thing as a variable cashiers check?

What should I do the days leading up to the sale? Who do I need to contact before the sale? Am I better off having a title company on hand to research all potential properties of interest? ( There are many properties at this sale due to this being the first month this February sheriff sales are back up in my county).

Thanks for any help.

@Joe Splitrock Is that typical of commercial real estate or was it due to the "Mixed use" of the building?

I am looking to put 50% down and to get a 50% commercial loan on a residential property (designated special use as commercial office, my residential lender wont touch it). I would have to purchase under my business name. My LLC & EIN do not show any substantial financial movement, just renovation expenses and such from another investment property I have. Is it allowed/accepted to have contingency leases signed from tenants to rent this office space before I even put an offer in on the property so that I meet the DSCR requirements from my local banks.

All help is appreciated.

Kenneth, would a bank accept leases signed by tenants prior to property ownership with contingency of acquiring the property? Is that even allowed?

Sorry if the questions sound crazy, it's just that I went in with the expectation of a residential property not commercial. Lol.

Hello. I found this thread that asks a similar question to my current situation. I am looking to put 50% down and to get a 50% commercial loan on a residential property (designated special use as commercial, my residential lender wont touch it). I would have to purchase under my business. My LLC & EIN do not show any substantial financial movement, just renovation expenses and such from another investment property I have. Is it allowed/accepted to have contingency leases signed from tenants to rent this office space before I even put an offer in on the property so that I meet the DSCR requirements from my local banks.

All help is appreciated.

I am interested in purchasing a property in PA. It is zoned as residential with special use designation (Used as an office). I called my lender and wanted to put 50% down and finance the other 50%. all was well until he looked up the images of the property and seen that it was an office during its last use. He told me that although it was zoned residential that it may appraise for its “best and final use as commercial”. Meaning his company could not finance it.

My problem is if I go to a commercial lender would they say the same thing in the opposite way? (It was used for commercial but zoned residential so they cant finance). Also how different are the requirements/terms of commercial lending compared to residential? I don’t want pay crazy interest on a residential property just because of a special designation if I don’t have to. 

All help is appreciated.