All Forum Posts by: Account Closed

This question is for anyone, but more specifically for people who own in Binghamton, NY.  Management company told me that new tenant who is receiving rent money from Catholic Charities, has been arrested, and that a squatter took his place.  When Binghamton police accompanied my manager to get him out, squatter claimed to have been living there with tenant for 5 weeks, which police sited as more than the stipulated 2 week period in which case a person (our case, a squatter) must be evicted legally.

Wondering if my fellow Binghamton investors can verify this to be true, or have any advice?

TIA

Found an abandoned property been mailing them for months then went to code enforcer office and they told me that the owner was deceased for a year or so. They also told me that the relatives don't want anything to do with the house. 

Everything is still in the owners name. 

Still has $40k on loan

ARV $170-180

Repairs $40-50k

How do I go about acquiring the property if he's deceased and had no will? Should I try and contact relatives see if they know anything about it or contact the people with the loan and figure out something with them? 

Have 24 days before auction sale date! Need help!

Greetings all- I'm renting properties in an area where there is an increasing number of highly educated immigrants seeking rentals near our major universities. I was approached last week by a nice young couple from Latin America who are getting advanced degrees. They give off all the right "good tenant" vibes but I realize I don't know how to do a background check on people who don't have a US social security number.

Any tips?

One of the costs we hadn’t considered was the cost for notarizing all the documents- it came in at just over $300, which isn’t a ton- but more than I’d like to spend each time, especially as we scale.

Has anyone come up with strategies to reduce this cost?

My brother has bad credit and currently has a mortgage with an interest only variable loan on his primary residence. He asked if I could add my name to refinance the property to get a better rate (30 year fixed). Luckily, the property has increased twice in value. In exchange, he is willing to give me 200K in equity and promises to continue to pay PITI. All of this would be in writing of course.

1) Would you agree to this?

2) By adding my name to title and refinancing, would this trigger any tax implications? Increase in Property taxes? (property is in CA)

3) Is there anything else you would be concerned about by doing this? 

4) If I were to seek professional advice, would it be better to go to a RE attorney or CPA?

Setting my goal to 4 units in 2018. Either 4 homes or at least a 4-plex or a mixture.

I have about 100k cash.

I’m not sure if this is doable or not but I feel like if others can do it.

Any advice for a newbie?

Any recommendation on lenders, agent, and whoever else that could help?

Thanks

The way I understand it, I would take title but leave the current loan in the seller’s name. This would allow me to get the house for much less upfront than a traditional cash sale. Either way, I’ll want to refi after rehab but this would be cheaper to acquire it.

So...can the title company provide a purchase agreement that the seller and I can sign with a subject-to provision? Or do I need to call a lawyer?

Hello all,

I am interested in investing in judicial foreclosures here in Oregon and I am wanting to learn as much as possible prior to bidding on one. 

I have read all the forum post related to foreclosures that I can find on here, and I guess I wanted to check my process and invite anyone else to give me advice.

The recommendations I have been given/ read most frequently are:

Have a title report performed as close to the date of sale as possible (2-3 days depending on how long your title company needs) 

Try to find a title company that is willing to sell you title insurance after a judicial foreclosure.

Perform extra searches yourself for any items that are excluded from the title report.

Calculate the expected value based on the best comps.

Drive by the property to get an idea of current condition. Most of the time you cannot enter/ walk around the property.

Calculate a max offer based on amount owed on liens, cost of rehab, closing costs, and with a margin for profit.

If you get the house and there is a tenant, you must honor the contract (if you are not living in it) up to one year. If the owner lives in it, it could take 90 days to evict them without a cash for keys type deal.

Does this all sound about right?

I guess a few questions that come to mind...

1) What percent of the time that the house is occupied do they leave without doing intentional damage?

2) How long after the auction can you start the eviction process? Like for instance you cannot leave from there to post a notice on the door, it takes a few days correct?

3) What type of title report do you all recommend? Stewart Title recommended a $250-300 product similar to an O&E "owner & encumbrance" report that they could then insure... does this sound good?

4) Following this process, what are the biggest hazards I would still be exposed to?

Thanks so much, I really appreciate all that you guys have put into this web page. It is amazing to have a resource like this to read through. It is hard to find books or other online material that is updated enough to rely on.

Regards,

Erik

Andrew in my area RE has not recovered yet to 2007 prices ...I would hope we get to that level and pass it a little before we drop again.