All Forum Posts by: Ron Fu

I also bought some tax foreclosed properties, when you mentioned season, does that mean you need to wait for  certain period of time for it be able to get title insurance? If so how long? What title insurance did you use?

Got it. Thanks Michael!

Thanks Chris! This is very helpful indeed!

Thanks Michael! This is helpful! the archive has documents dated back in 1953, not sure if that is even relevant to now... the old documents pointed that it was approved for 4 family unit, yet not sure if it is still valid now...

Hi all, we are looking to buy a property on a RM-1 zoned land. The house already has two kitchens, two bathrooms on each floor. Yet per tax assessment, it is listed as a one family. How do we convert the home into a legal two units? Do I need an architect or simply hire a GC who can do the work?

In terms of the condition of the house, it needs total renovation from top to bottom, yet the floor plan layout is already set up for 2 family, thus no structual addition is needed. Just need new sheetrocks, electrical, plumbing, etc.

Much appreciated for the advice!

Best,

Ron

Got it. Thanks Ned!

Thanks to all the poster here. Yes, like Jay said earlier, I am new to this process and have appreciated all the tips and advice. Please note I am not basing my decision on this and just want to get different perspectives, that's all. I am not trying to offend anybody at all, just trying to learn that is all. =)

Thanks very much Ned. Much appreciated your help on this. This is very helpful. I do intend to use for rental. You mentioned the title to meet my standards. The question is I don't even know what that standards should be. What sort of questions or considerations I should ask my self to form such standards. Lastly, how long is such quieting process and how much (ball park range) will this type cost?

Hi all, recently, I came across an investment opportunity where the asking price is quite attractive . however, the title is not clean. it has two mortgage liens on it ($30k) and the seller will be selling the title as is. According to the seller's agent, those mortgage liens were satisfied more than 15 years ago and one of the lien holder might already be diseased. Given the seller want to sell it quick, therefore  it is up to buyer to quite the title

My question is it really risky to go through a transaction like this? How long is the process to clear the title this way? And how much legal fees do I need to be aware off?

If you know any good lawyers for free consultation in this area, that will be great as well!

Thanks all. Yes that makes sense. As a beginner it is definitely a challenge to start fresh with pre-estalished relationships. Also do experienced investors really wamt to help the newbies? What is the incentive? Personally i dont have trouble sharing my knowledge because that is my dna. Anybody know where can I meet experienced investors, inspectors. Any tips are greatly appreciated =)