All Forum Posts by: Jarrett Harris

You can call a consignment store to come and pick up their furniture if it is worth anything. Call animal control for the cat. Clean the unit and get it re rented.

Yes you are right my attorney made sure I put "and all unknown individuals" on each five day notice I served. I have not gone to court and have no plans to in the future. That is what I pay the lawyer for.

@Bill Anderson

Please see link below

http://www.biggerpockets.com/forums/432/topics/120047-would-you-try-to-do-this-deal12-unit-building

Property is in very good condition and needs no repairs. Rents are already at the top of the market. We are having the building appraised in the next 2 weeks. I am guessing it is worth about $500K The seller owes about $435K on it.

@Bill Gulley

I will look in to the title coverage. He has 3 grown children that say they simply don't want it or any of his properties. He owns 2 others beside this 12 unit. I will make sure as we do this they are aware of what is going on.

@Eric S.

Wow can you explain more on the $10K being dropped to $2K

Also as an update. My tenants are still squatting in my apartment. At this point nothing has changed. Someone bent and broke 2 of the gate latches on my property. I am pretty sure it was the squatters/tenants I am evicting or someone they know in the neighborhood. Hopefully they are gone very soon. I want them out so I can prepare and re rent the unit before we go out of town in the next several weeks.

@Andy B.

Yes I am trying to buy the building. I asked the bank about just assuming the loan and they said no.

@Bill Gulley

Please explain title coverage.

Thanks Bill!

@Bill Gulley

Thanks Bill. When I asked about the bank allowing him to deed to property to me, I meant like a quit claim. That is what they said no to. I did not consider just adding myself with him. They may consider allowing me to be added, I will ask about that. If you were me what would you do in what order.....?

1. Deed property to Trust and make me the beneficiary?

or

2. Try to simply ask the bank can I be added to the deed?

or

3. Any thing else I am not aware of???

Thanks, you have been a big help in just a couple of responses.

@Bill Gulley

Thanks for the quick response bill. I did ask the bank about the seller (he is a 75 year old man) simply deeding the property over to me. They said no. However I thought that the bank really could not control weather or not the seller does that, but that they could only call the note due if they so desire.

I am wondering if someone simply deeds their multi unit building over to me what will the bank do? Will they call the loan due ( I know they can but will they)? What if the seller simply adds me to the deed and then removes himself a year later after I have taken over the building completely from him?

@Justin Tahilramani

Will any of your local banks give you a line of credit against the 6 properties you already own.