All Forum Posts by: Tyler Sterns

I'm in. 

When you closed on the SFH did you obtain title insurance? Most attorney's don't recommend buying real estate without title insurance. At a minimum, this attorney should have explained to you the risks of purchasing real estate without title insurance.

You may have a malpractice claim against the attorney if he either missed the liens, or did not disclose to you the risks of not purchasing title insurance.

Do you have a warranty deed? If you do, your warranty deed may also give you recourse against the seller.

I think you will see in the relative short term increased rents in Crystal City, Pentagon City, Potomac Yard, Columbia Pike and maybe a few other close by neighborhoods. But remember the additional jobs added are going to be staggered with only 500 additional jobs added in 2019. 

I just don't see Amazon having much effect on rents on areas like Fredericksburg or other communities outside the beltway. DC is a metro area of 6  million plus it really takes a lot to move the needle. Those communities farther out may be good investments for other reasons but I don't see HQ2 changing the dynamic out there.  

Are the buyers paying cash? Even if you were going to advise them to buy the property with no title insurance, no lender will ever lend on a piece of property without a title policy. 

Have you tried taking the death certs and other evidence this attorney found to other underwriters? Often times title insurers have different standards. 

Personally I think it would would be malpractice for any fiduciary to ever suggest someone buy a piece of property with no title insurance there is too much risk. 

If you have an LLC in another state you will have to register it as a foreign entity in Maryland in order to be able to lawfully transact business there. Most lenders will loan to an LLC as long as you personally guarantee the note.

 There's no reason to stay away from them. A private lender might make you buy out the ground rent before he gives you a loan but that's about it.  Ground rent is pretty common in Baltimore City. 

 Most ground rents are semi-annual or yearly. The terms of the ground rent will be laid out in the vesting deed.

You can buy out the ground rent if you choose. Most of the ground rents are typically a $100 a year or so.

There are companies that are able to perform SCRA searches without a social or birthdate. I've used Service Members Civil Relief Act Centralized Verification Service many times in the past. You could also order a skip trace from a process server and get their SSN.

Maryland has really strict laws about contacting homeowners who are in default. You should look into these laws before dealing with Maryland foreclosures. 

It will be hard to get a hard money loan while you are living in the property. Hard money lenders want to loan on properties that are being used for a commercial purpose.