All Forum Posts by: Peter Deising

Hey Everyone, looking to put a cash offer on a REO duplex that has tenants in place. according to agent, there is no record of a lease. from what I saw during my walkthrough one unit was very clean and the tenant was very friendly. the second unit worried me a little bit as there is minor damage from a dog and not nearly as clean or willing to acknowledge me during the walkthrough. Neither tenant has paid since the bank took over(around 4 months). My question is, what if tenants refuse to sign a new lease? if the tenants have a copy of an existing lease do I have to follow it out or is it null and void since the property went to the bank and tenants stopped paying?

any contingencies recommended besides inspection?

Any guidance would be greatly appreciated as this is only my second deal.

From what I understood from the estate attorney I spoke with, being that the house is his only asset and considering his age (84) and the lookback period (5 years) a revocable trust may not be the best option

Yes my grandfather wants to give me the house. As he gets older (84) I just want to buy the house for what he owes (take over the mortgage) I already have a house with a wife and kids so moving in with him is not an option. I am 30 and look at this as getting my foot in the door on real estate investing.

Hello everyone,

My Grandfather owns a duplex living in one half.  The house is in great shape as he refinanced 10 years ago and redid everything from new siding, roof, pretty much whole house make over.

The home is worth around 300k and he owes 105k on it.  I am his only grandchild and he has the house going to me in his will.

This is his only asset and as he gets older and the inevitable happens I want to make this as smooth as a transition as possible without the whole probate thing.  I already met with an elder law attorney but I don't think setting up a irrevocable trust is the right answer considering it being his only asset.  I am concerned that if something happens to him and he needs care or a nursing home with the lookback period.

The loan is not assumable but I read that there are ways to assume a loan anyway.  (this would be ideal considering his low interest rate)

This would be strictly an investment property for me and I would obviously let him live in the home for the remainder of his life. His tenant would cover the mortgage

This would be a great deal for me considering I would be getting a 300,000 plus dollar home for $105,000

Can someone guide me in the right direction as the best way to go about making this purchase?

Do I 

     a) just take out a loan (at a higher interest rate)  I can put 25% + down no problem

     b) Use a HELOC from my home to purchase it.

     c)  From what I understand i cannot be just added to the deed incase something happens to him and he needs expensive care or nursing home?

Thanks in advance -Peter