All Forum Posts by: M P

I've looked into zoning and its not a problem.. After looking into costs and time, My thoughts are more towards buying and throwing it right back on the market. The home is worth 130 I've has a realtor pull some comps. The area can be less than desirable, most of the properties are rental units, some multi fam/some single fam.

Thanks for the input.

Yeah having someone with experiences around is nice, although what I would like to do vs. what they do is a little different. But any advice from experience is never a bad thing.

I'll gain weight??? ;)

Thanks!!!

if the property is vacant, a homeowners policy vs a dwelling policy isnt going to make a difference. and i assure you i know what the definitions mean.. having furniture in a house does not make it occupied however it is the difference between vacant and unoccupied.

ho3 vs dp3 policies.. i could break down all the differences but its not worth it.. if no one is in the building the structure is covered as well as the liability. what else would you need? i mean ok.. loss of use but depending on how long of a time frame its not worth the price difference in the policies. most insurance reps unfortunately really dont know their products inside and out.. and neither do alot of market reps and even some underwriters.. there are loop holes in insurance policies just like every other legal document.

im in bethlehem but in the same boat being.. new

if your name is still on the deed add an endorsemtn and be an additional insured. if not, you can be listed as sexond lien holder as a private lender

not exactly the same topic but inline..

if the seller listed the home with an agent and signed an agreement before defaulting and it was the realtor who spoke with the mortgage company about a short sale, do i have to speak with the realtor or can i still get the owner to sign a release form?

and if i can have the owner sign the form, would they be in breach of contract?

in most states vacant property insurance is sold through whats called a surplus line. they wont make you write a one yr policy however three months may cost you 1200. its a bad risk for the companies to write. there are ways around it though. a property is defined as vacant when there is absolutely nothing there and no one is returning.. if you keep some things there.. table chairs old couch and return once every 60 days its unoccupied and will be covered under a standard ho3

a friend of mine is selling a house.. was originally listed at 159k she owes 115k.. i guess she fell behind on the payments and worked out a short sale with the mortgage company. currently the house is listed for 130k and will drop 5k every week until sold.

its a single family twin. two full stories and finished attic, full basement 1680 sq ft. could easily be made into two family home or rented as is. she updated everything when she bought it in feb 07.

i spoke to her about any defeciencies and she said she has in writing they will not come after her for any difference.

if i were to want to purchase this and convert into a two family i was thinking of asking 80k and going from there..

zillow has the value at about 130k which is probably about right.

does this seem like a worthwhile investment? or even try to buy it at 80-90 and sell for 105-115?

the mortgage company has an insurable interest in the property, because you are not taking precautions to protect their investment, they can. and they can tack it onto your bill.

family. my family has had rental properties since the 30's. long story short, family member passed and through the chain of command i was asked if i wanted it at a quarter of market.