Chirs Tillman
Active 1 year, 9 months agoForum Replies Created
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Posts
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I think the current and future market would be best served with a senior living like Jackie said (Boomers) If the revenue can support it, she can take a down payment and payment over time. Two mortgages can work to save your money for converting the house and as backup.
There are area that like single room “professional” rentals too, for employees commuting from out of town.BUT Still have to pay for the little house.
I would make sure that once they agree to the 2BR, The seller will take back a note against their house I am buying. Also, they don’t need the money, so will they allow me to pay them little or no payment no until I pay off the seller of the 2 BR. OR will the seller of the two bedroom take half the up side of the new house as payment and let me pay off the boomers first?
I love “Pete” Talk.I would find out WHO actually has a legal right to the property. Did he have a right to it or was it deeded to just her. From what you describe, It should be clear cut Betty owned it, She is dead, Finish probate and buy the house. As long as the deed go recorded before she died, and it wasn’t just a quit claim, there really should not be a problem.
I think Don is right. I would help the seller as long as none of my money went into the deal. Push for the title correction, but help the seller with paper and labor for cashflow, but be willing to walk if it requires money out of your pocket til those issues are fixed.
http://www.realestateproblemsolver.comI think it’s saying you owe the landlord 65% of any rent increase you get from the tenant, but don’t quote me. That too complicated. We modified David’s lease to say x% of rents collected; discounts, late fees or pet deposits etc. remain with managing tenant. Of course it is all negotiable.
Chris
http://www.realestateproblemsolver.comMama was the last owner and Daughter only had it for a while. We just bought the nieghbors lot where the seller financed the sale as a couple and the husband died. We had her get affidavit’s from the kids that COULD inherit saying they have no interest tied to the property. The title company is looking it over again to insure the title. Have the daughter (and husband if he signed) quit claim any interst they MAY have. and let the probate finish out.
Hope that helps
http://www.realestateproblemsolver.comManny, Can you run your numbers better, can you predict repair costs a little better, do you know a little better the world of the people you are selling to? YES, YES, YES.
EVERYONE should do at least one rehab…..maybe two, in case the sting doesn’t set in the first time. I am better at my evaluations and inspections because of it and Yes I will do another one I a minute with the right numbers, BECAUSE YOU GUYS DON’T LIKE THEM, Especially, Foundation problems, ALTHOUGH TK is as hard headed as I am.
Glad you came out and I promise the next one you get stuck with will go easier.
Chris,
http://www.realestateproblemsolver.comMake sure you can get the contact information for the trustee doing the sale. If you can, research the title and make sure that’s the only lien on the property. If they can move out, get them started with some moving money AFTER they get out and be ready to pay the back payments. Get them to sign a sales agreement and a couple “right to release information” forms for the mortgage company and the insurance company.
If they want to stay and there is enough equity to make it worth it, you could reinstate the loan for them in exchange for an option to buy the house in the next “X” years for a good price. Especially if the house is in an area the is growing. Make sure you reinstate the loan with the trustee and get documentation. My first one, I mailed in and I was nervous until the receipt.
Good luck, Chris
http://www.realestateproblemsolver.com
