All Forum Posts by: Nelson Del Castillo

@Tom Gimer got it. The issue is that the first time home buyer we end up selling to, most likely will walk away from buying the house because of the lien. Or do you think buyers will not care? If the strategy was to hold the property long term I would say it does not matter but with the strategy being reselling right away, I think this lien would spook a lot of the buyers, even though it’s not really an issue being that it is insured.

@Tom Gimer we are obtaining tittle insurance, my concern is if it’s not released by the time I sell the property, which is usually 90 days after purchase, that’ might scare the new buyer away. Even though tittle insurance technically should take care of it, I would be stuck holding the property until this is resolved unless the buyer takes it with the lien as I did. How long would an issue like this take to be resolved through tittle insurance, I have zero experience with tittle insurance claims, is this something they would handle right away, if I’m ready to resell the property and the lien becomes an issue. Or is this something that would take months for tittle insurance to resolve.

Hello my fellow investors.. I have an interesting situation with a  bank owned property! I was suppose to close on November 1st, 2019, after learning that there was a $9,000 dollar lien on the property the closing was delayed. Here we are at the end of January still waiting for tittle to be cleared, the seller has stated that they have filed a court date to have the lien cleared, because of this filling the tittle company will now issue tittle insurance, which now obligates me to close with this lien on the property per the contract which states “seller to convey insurable tittle”.  Has any one had any experience with this kind of situation? If I do close on the property what would incentivize the seller to clear the tittle after the closing? How long does something like this take to clear and what is the process like?  This property would be a fix and flip so when I go sell it I would need the lien cleared. Any opinion from experienced investors would be appreciated.  

Thank you 

Nelson 

@Nicole Ryan

@Frank Chin I would do it, as long as your ok with the potential risk... Failing is part of business and you have to fail to succeed at a massive level, so if you did fail, you have to be willing to accept it and know you’ll learn and keep going. Those who have not failed have not have not succeeded at a massive level. More than likely you will increase your net worth when its all said and done, although you will also sacrifice a lot to get there, but if your willing to sacrifice and take the risk go for it. Make sure this is really what you want to do and that your passionate about it - (it’s nothing like HGTV. And if your doing a live-in flip that takes a lot of the risk out. The great thing about real estate, is that there is more than one exit strategy, you can always refinance and pull your cash out, due a lease option or turn it into a rental. Happy investing :)

Any one know a good cost effective eviction attorney in Ct? I need to do a eviction for a house I own in Waterbury ct.

@Michael Spittlertha thank you. Do you come down to new haven Ct?

@Jeremy VanDelinder thanks so much for your input. I’m currently waiting on bids from electricians..

Hi Bp, I recently bought a 3 family, fire damaged property In New Haven Ct, the fire was contained to 1 wall in the bath room, so the damage is not major. When I went to go turn the power on, the power company said the electrical service is cut off at the street and that I need an electrician to get a job number from the power company and a permit from the building and once inspected by the building department that they would  than turn the power on. 

Does any one have experience with this process and what is involved, and also does any one know any electricians in Connecticut that could help me out with this process.  

Thanks 

Nelson 

@Shirley Rozenshteyn thank you.