All Forum Posts by: Daryl Jarrett

Hey Andy, thank you very much! I will definitely check into the the Assignment of Mortgage chain at the county or contact Pro Title USA to dig into it.

Thanks again! DJ

I have a contact who owned 50 properties at one time in Phila., Pa. They were all foreclosed about eight years ago, except for 13. My contact stated that he can't find out who currently holds the mortgages on these last 13 properties since the mortgages were sold off. It seems like these properties are in some type of pre-foreclosure. The owner has not collected rent, paid taxes or made mortgage payments in many years on these properties. How can I find who the mortgage holder(s) is? I am assuming the best strategy for me to purchase these properties would be a Short Sale? Any advise or information on how I can help my contact would be appreciated. 

Thanks, Daryl

Melvin, thank you for the suggestions. I will definitely check with local mortgage brokers.

Thomas, thank you for the input. But I do think long term tenants who pay their rent on time deserve a shot at buying a house. Two out of the three tenants that would be on the mortgage have have scores in the mid 500's approaching 600, so I thought it was worth looking into these tenants getting a mortgage.

Thanks,

Daryl 

....Also, 95% of Anchor Realty's business is with Investors and landlords. When you look them up look for the address on Michener St.

Blake,

I use Anchor Realty Northeast Phila to manage my 12 properties, I have have also purchased properties through them. They are looking to expand all aspects of their business. As far as management companies go they are pretty good. Walter Lapidus is the broker and one of the owners. You can look them up online since I can't post their contact information. Please let them I referred you.

Good Luck,

Daryl

I know we are not allowed to use bad language on the forums, so sorry for saying "Sub-Prime Mortgage", but that is exactly what my client needs! I am trying to sell one of my properties in North East Philadelphia to the tenants who have been living there for over three years. There are actually related people who would be applying for the mortgage, their credit scores range from 510 to 575. Their combined house hold annual income is over $90,000. They pay $2,325.00 per month in rent and are current. The house that they are looking to purchase is a large single home and would appraise for about $280,000. My selling price with them is $259,900 and I am offering them $9,500 in seller's assist, and they have about $10,000 cash to put down. So far they have been unable to obtain a mortgage. So, my question is does anyone know of a "Bad Credit" or "Sub-Prime" Lender that operates in the Philadelphia, Pa 19136 area? Also, if the lender needs more "Protective Equity" do they allow the seller to hold a second mortgage?

Thanks,

Daryl

Philly is a great city but the city of Brotherly Love loves their taxes. Over the past 3 year I have seen the real estate tax on my properties (in Philly) go up between 20% to %40.

I have a property in the Philadelphia area that I have owned for over 12 years and I currently have a Rent to Own Tenant/Buyer in place for about 2 years. Their credit is in the high 500's, so their not ready to get a mortgage. I am going to have to refinance the property in about 6 months do to the term coming due. Does anyone know of a Bank or Mortgage company that I could refinance with that would allow me to sell the property to my Tenant/Buyer on a wrap around mortgage?

Thanks,

Daryl 

I have a property in the Philadelphia area that I have owned for over 12 years and I currently have a Rent to Own Tenant/Buyer in place for about 2 years. Their credit is in the high 500's, so their not ready to get a mortgage. I am going to have to refinance the property in about 6 months do to the term coming due. Does anyone know of a Bank or Mortgage company that I could refinance with that would allow me to sell the property to my Tenant/Buyer on a wrap around mortgage?

Thanks,

Daryl 

Great Survey... Maybe be clearer with the income question. Is that per year or over the course of your career?