All Forum Posts by: Paul Granneman

Find a scrap yard that is willing to take it off of your hands after you explain the details to them.  It may take some looking around, but I bet you can find someone who will make it disappear.

I owned a rental in Marysville for many years.  It is a great area.  Even with property management and capital expenses it cash flowed nicely (about 3%).  The appreciation was substantial too.  I see no reason for it to take a turn for the worse.

Jeremy,

Just the opposite for me!  I grew up in Edmonds and my family is still there, but I am living in Colorado Springs.  Small world, eh?

Seems to me that you need some Ad Blocking software.  If you use Firefox or Chrome - check out the "add-on" section and get an Ad Blocking program.

Seems that you have thought about this for some time.  I would agree with Joel and encourage you to give it a try.  If you have the reserves to prevent life becoming miserable for the family until you get the cash flowing - then go for it!

During some slow time you can finish the RE preparations as well.

Good luck and a prosperous New Year to you.

Just my two cents:  

“Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty. This is known as "bad luck.” ― Robert A. Heinlein

I use Quicken Rental Property Manager.  My needs are simple and I do it all myself.  It does of course take some self-education to make things do what you want to do.  I spend less than 4 hrs a month on record keeping.

Seems pretty silly to me.  Clause 13 makes no sense.  14 and 15 say the exact same thing (might be a paste error).  A five year length... probably not enforceable in most jurisdictions.

It looks desperate and pathetic...

If he is offering so "readily" I would be worried about "strings".  If there are no strings and you can save some money up front - go for it. In this day and age it is unusual to get something for nothing...

http://www.biggerpockets.com/users/rmoran

I have been through exactly what you are talking about recently.

My older brother passed away and he had no kids, no spouse and no will. Us surviving siblings got together and decided how to divide the estate.

My oldest sister was appointed the Personal Representative (PR) for the estate. She applied for and received the "Letters of Administration" from the probate court which gave her the power of attorney for the estate. It was decided that I would take over his SFH and all the responsibility for it. I started paying the mortgages (he had a second) and all the utilities and taxes, etc. I had everything changed to my name as far as utilities, etc. are concerned. We spoke with a probate lawyer about the best way to transfer that house. He drafted what equals a quit claim deed for me from the estate. We went to the county registrar's office and I had to pay some transfer tax (which was not much) and present the deed along with a certified copy of the Letters of Administration to show that my sister had the power to sign the transfer to me.

It took several months for all the paperwork to line up, but in the end I am the official owner of the house and the mortgage is still in my dead brother’s name. I continue to make all of the payments and even changed the insurance to my name. I have not refinanced it yet and it has been over a year. Recently I rented it out and now make a nice chunk of money from it.

You do not need to refinance it, as long as you keep making the payments. I bought another property in my name in September and since I have no other mortgages in my name at this time, it was a breeze.

Next year I am thinking about refinancing it to pull some of the equity and purchase another rental. I do not anticipate any issues with that at all.