All Forum Posts by: Mark Gingrass

A co-worker of mine has inherited a house along with 2 other people.
He has been doing some work on the house for the past few months to get it up to standards.

He thought that during probate he would get his money back. He thought that they would split the money and give him more sinse he put more into it than the other two.
Now his lawyer is telling him that it won't work that way and he would have to place a Lien on the house.

What do you reccomend him to do? How would he put a lien on the house.

Thanks for any advice.

Mark Gingrass

A friend of mine has just inherited a house along with his two younger brothers.

They told him it would be wiser to wait until probate before selling the house. His two brothers are 18 and 21 and want to live in the house.

My advice to him was to get out as soon as possible. His two brothers have already thrown a party there and got the cops called on them.

Anyone have some advice I coud pass along to him?

Thanks in advanced.

According to Zillow.com the houses around their that sold recently have sold from anywhere from 7K - 26K

Would it be a good idea to drive around and look at the houses that sold for the 20K's and see how it compares to the one that i'm looking at. Would a realator know these values much better than zillow?

The amount the lady owes on the loan is about 11K.
Rent's are all low in that area.
Repairs needed - not sure how bad it is as I have yet to see the inside, but it looks like it is mostly cosmetic and the roof would need some repairs.

Now just because i'm talking about this deal does not mean i'm going to take it, so don't assume i'm just going to jump in on it.

Mike Oh, your advice means a lot to me. I appreciate you trying to help me out and slow me down on this one.

I feel good because at least i'm calling people up now and asking them about the house and actually getting to know the process a little better in doing so.

Thanks again.

I see what your saying.

So I shouldn't even look at this deal as a flip?
I thank you for putting it into my head to NOT impulse buy anything. Thats why I posted this, to prevent me from doing something stupid.

I'll keep looking.

House is rented out for $250 a month currently.

They want me to pay 2K to assume the loan and continue to make payments of $147.

I asked about who's name would be on the title etc and they said something like. I would create a trust and then they would make me the trustee and i would assume the house that way???

Does this sound a bit fishy?

Also, maybe they just want out and I could offer to just pay like $500 bucks and take over the loan.

What steps should I take? Do you think I should consult a real estate lawyer to see if this deal is legit?

It is a crappy little house but if the guy is paying 250 and my payments are 150 then the numbers work out as positive in my book.

I'll take any advice. Maybe I should just offer to take over the full 13K or whatever they owe on it. I would have to get a HELOC on my other house or something in order to do that though.

Thanks in advance.

"4 bedroom house on the Northwest side. I've given up on profit but want to be free and clear. It has appraised for $150,000 recently and been the market analysis from the realtor puts it around $165,000. I need $135,000 for it. Everything is redone and new. It would rent out for $900 easy but I don't want to rent it out. I'll be happy to show it to you. Don't go by the assessor site, it's hideously wrong (big surprise). "

I just found this little advertisement. Is this the type of deal you would be looking for?

I've been searching around for motivated sellers and this one just popped up.

If I have a contrat that says

"Seller, Joe Shmo, hereby agrees to sell to Buyer, John Doe, or Buyer's nominee, the property set forth....."

(let's say the purchase price for me is 50,000)

Then I find someoen that wants this house and is willing to pay me 53,000 for it. What kind of a contract do I need to make with that person?

In other words, how do i make this person my "nominee," and still come out with my 3K?

Thanks for any advice on this.

I am trying to start an S-Corp and have a few questions.

My very first step in the process is to fill out an SS-4

Question 1.

"Legal name of entity (or individual) for whom the EIN is being requested"

For this, should I just put what I am GOING to call my corporation when i file that paperwork? in this case "Gingrass Property Investments, Inc."

Question 7a.
Name of principal officer, general partner, grantor, owner, or trustor

Do I put my full name? I was told that you NEVER sign anything with your name but to always add LLC at the end. Can I sign it "John Doe, Inc" instead of just "John Doe"

Question 10.
Date business started or acquired.

can i just put in todays date?

Question 11. Closing month of accounting year
Is their a good month to choose, or is this arbitrary?

Question 12. First date wages or annuities were paid or will be paid?
Not even sure what this means? Can someone clarify this for me?

Here is a link to the form i'm filing?

https://sa1.www4.irs.gov/sa_vign/newFormSS4.do

Thanks so much for the advice.

I have a question? How do I find a very good (exact) esitmate of the ARV?
Should I call a realtor up and ask them?
Also, should I try and get this under contract as "if the numbers work out" i'll buy it.

So, should I get it under contract with a clause saying, if the estimated repairs are over 8K I wan't out of contract. AND if the ARV is lower than 30K i want out.

I'm always hearing... "Get the contract" then worry about the rest.

Thanks in advance.

I found a house for sale for 15K.

It will need roof replaced because water leaks into the two bedrooms. It will need sheet rock replaced in the bedrooms as well.

Needs new carpet. New kitchen sink and bathroom sink.
Those are the major repairs that it needs.

I have to get rid of a storage shed as well.

The market value of the houses around it range from 34K-47K

What should I do next?
I was thinking about checking with some hard money lenders to see if they will lend for this.

Mind you, i'm just starting out in this business.