All Forum Posts by: Luis A.

It's crazy to me to hear these responses and see how "comfortable" people here are with using loans to pay for college education. 

IMO you should choose the school that you can pay for. Starting out a professional life after college with thousands of dollars in student loan debt is a sure way to be broke for years to come!

I am a father of a high school junior and the cost of school will be a big factor in the decision. He will have to choose a school that we can pay for in cash because I will not burden him with student loans to pay for his college education. 

Also, more important than what college you choose is what you do during the time you are in that college.

I have already tracked down next of kin and have their contact info. I spoke with them a while ago and they were the ones to tell me they were not interested in the house and would let it go back to the bank which is why I assumed it was going to be foreclosed at some point but since it has been almost two years now and still no foreclosure I am trying to figure out why. If the next of kin didn't want it then who owns this house?

Thanks so much Michaela. Yes, Fulton County. Already looked at records online which is the confusing part because even though it's been two years online is still showing the deceased as the owner and the tax bill for the last two years was mailed to the house in the name of the deceased. Records show he bought back in the mid 90's and I couldn't see any refi's since then so I assume there is equity in the house.

It's just that since the person passed away more than two years ago now I would have thought the bank would have foreclosed by now but they haven't and someone is paying the property taxes. I'll let you know what I find out.

Thanks Mark. I assume any lines will be recorded at the county court house so that if I go to pull the deed they "should" be recorded there?

Thanks for the input. Therein lies part of the conundrum; if the only next of kin doesn't want to have anything to do with the house then who will be the executor of the estate and more importantly how do I find them?

I am trying to buy a property where owner passed away, I spoke to the next of kin and they don't want the house. There is a mortgage on house. It's been 2 years now since owner passed away so I would have assumed bank would have foreclosed on it by now but county records still show the deceased man as the owner and the tax bill is still being mailed to the house in the owners name.

Any suggestion on what I can do to buy this house? Should I find out who has the mortgage and make the bank an offer?

Could the house be in probate and if so, what can I do about it?

Thanks,

I think you forgot in your lessons learned about using Property Managers and if relying on PM's is a bad thing, hiring a crappy one is even worst.

I mean, if you would have stopped the buck right there, with the first late payment, that would have saved you a lot of time and money...

I understand and agree with Thomas recommendations but don't take them as a blanket statement. There are $30-40k houses withing the city (what we call "inside the perimeter") that are fine to drive by at night...

I am really glad to learn about the 401k rollover option. I am now wondering if there is a way to make that rollover that is not too expensive.??

Thomas, thanks for sharing this very helpful. Being an Atlanta investor also I was wondering if you could share what local bank(s) you have been using since I have been looking for the same for a while. You can send me a PM if you would rather not post here.

You caught my attention with this comment:

What do you mean by converting to a real estate business?

Because there is money to be made without fearing for your life. I have seen other investors do it and "come out alive".

Respectfully disagree. I don't live in town but know enough about it to know there are quite a few very nice ares inside the perimeter. People live in the burbs because of pricing and availability inside the perimeter.