Hi Jd, I originally thought the same, and as you maybe able to tell, I'm fairly new.

Originally posted by @Matt Leonard:Hey Tomer,"A historic home" would be my first cue to run for the hills. 

Originally posted by @Thomas S.

Originally posted by @Brent Davis:So would a cash out refi be the best option to use that equity? 

Can possible sub divide lot.over 5,000 sqft all brickrehab estimate- exterior 40,000... interior 20,000 per unit x 4= 80,000Total Rehab $120,000Seller Asking PRICE $175,000Present mortgage $125,000 @ 7.2% 30 year term (was originally $152,000 in 2004)No second liens2 units are occupied (don't see how with all the deferred maintenance) and supposedly collecting rents $600 eachThey originally offered a "land contract" at $175,000City assessment- based on land and structure $203,000All units are metered separately- electricity, gas, water, trash etc...The good news....pro forma base upon what I know about that area.

Originally posted by @Paul Sandhu:@Maxwell LeeShe also sleeps with me. 

@Jessica RodriguezNormally, people refer to trust sales when the original grantors/trustors/owner's have passed away and are selling the property.If John Doe created The John Doe Family Trust then later sells the property, that is not what people are normally referring to when they say it is a trust sale.

Originally posted by @Rex Harris:Hello, My wife and I will like to have a do over.

Originally posted by @Derek Mizysak:I went straight to the sellers agent because I was told through an online inquiry that there was an offer on the property that was being accepted.

How did they manage to establish a pre-money valuation of $29MM (which exceeds loan origination)?