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SteveG_Pa

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About SteveG_Pa

  • Rank
    Making Calls
  • Birthday 04/04/1973

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    flauntinthebrd
  • MSN
    gadgetolds
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    http://www.facebook.com/Lrndthehardway
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    gadgetolds

Profile Information

  • Gender
    Male
  • Location
    Erie Pa
  • Interests
    Real Estate, my TBird Turbo Coupe, football (go browns!), and learning whatever
  1. Just wondering if anyone contacts RTO sellers who have it right in the headline on CL.
  2. Steve, My husband and I separated at the end of last year. He had been providing support payments that covered all of my bills for the house and our children. A couple of months ago, he stopped. Since then, I have had trouble paying all the utilities and the mortgage etc... Now, I find it necessary to sell the house because it's the only real asset that I have. As far as the amount of debt I would have to payoff with the sale, it's over $30,000.00. I need that much to be able to move to an apartment that is big enough for three, and start with a clean slate, so to speak. I am really only looking for an outright buyer for the house. If you know someone who might be interested in buying a house that needs a bit of work, maybe a person who is handy with some basic interior work, this house could be beautiful. It has lots of charm, and the woodwork is amazing. Thanks for the inquiry and if you might know someone who might be interested please let me know. Melissa 'Im curious how you reply to someone who basically tells you they need the money to move etc
  3. Thanks Matt, neither the seller nor buyer have the 2k, the way Im looking at it now is just helping him sign over the deed and get that squared on his own, and in return, hes going to sign over the duplex to me. You are right, there isnt much to the first deal, but if it gets me into the second deal Ill give him some friendly advice on the other place. Basicly just going to include the 2k from him in the first one, to the second I guess, if that makes sense lol. Thanks again
  4. Sigh, ok heres the newest way I could come up with to get this deal done, hes nervous and worried about not being responsible for this property due to those inspections, he backed out of our meeting today because he couldnt come up with $1500 and said he knows pnc wont release the deed so he can sign it over. I explained the bank has a mortgage on the property, but the deeds in his name. So now he'll quit claim the deed to her. What do I need to make sure they pay on it like theyre supposed to? Put a mortgage on it with him as mortgagor? If so what would I need to do that. Secondly, he has another property, 2 unit in great shape, both currently rented for a little below market in a great area. Owes a little below market on it and is "I think" willing to sign it over instead of giving me cash. Payments are $635 and rent brings in $970. Roofs 8 years old, has new furnaces and electrical done, some work done to update it with new sinks and tubs etc. Hes very motivated to just get rid of all his properties, got in over his head using his own money and credit etc to buy a couple properties and now is overwhelmed. So, I wouldnt mind taking this one over and trying to sell it while maybe collecting a few months rent. No kinda backup though so im nervous. What do ya think?
  5. Seller said today that hes worried about the local rental fees. $40 per unit, inspections every 2 years. Due to the condition of the property, he doesnt want any surprises if code violations come up that the buyers cant cover, he didnt say it outright but I believe that to be the case. I asked him today if hed be willing to just sign over the deed and he said yes, in which case it would become owner occupied and exempt from fees and inspections. So it looks like ill be assigning a sub to.. Have to find a contract now.. Any ideas?
  6. Well, meetings set up for friday morning, tentatively, were all getting together at the property to sign and assign everything.. sellers paying me 2k up front and putting it on the loan amount, total price is 14.4 to buyers including my 2k.. ill post if it really happens this way lol
  7. Yea I know that doing something like that could be brokering, I meant id be in the middle and assign everything to the buyers, this isnt something im spending alot of time on at all, but if I could get it done swiftly and without any headaches id do it.
  8. Michael, could I set this up like this.. Tell seller I need 2k, and Ill setup all the paperwork for a CFD between the seller and current tenants. Theyll take care of any maintenance so the seller doesnt have to worry about taking care of anything but collecting the rent and going to closing. Figured id set it up at 300 a month for 48 mths. Total of 14.4k - my 2k would still net seller about 2k himself. Only thing Ive been thinking about though is what should I tell seller he can do with the deed during the 48 mths so theyre both protected, I know im over thinking it and probably already know the answer.
  9. Michael, got in to see it. Needs torn down lol. Tenants seem to think they have a CFD already in place, but they have no idea what theyre price is, how long they are paying etc. Seller told them 12k last time they spoke I guess tho. They pay 285 a month and love the place tho, its a 4 bdrm and they have 3 kids. Fixed income of about 1100 a month so cant afford much more of a payment either. They already pay for all the maintenance and have done "some" work on the place, but it needs ALOT more. Unless the seller can come out of pocket and I can raise the rents I dont see what I can do to help either of them.
  10. Thanks Michael. Sounds like a month to month, rent is 300 a month, everything you mentioned above is the goal when I get in there, seller hasnt called back yet to let me know if I can get in tomorrow. Just not sure how to do an option, then assign it, if either one of them can come up with 2 or 3 k that is.
  11. Called a seller back who has a house worth approximately 25k, not in the best area of town, owes about 11k on it, needs some repairs, but mostly cosmetic by the sounds of it, waiting for a call back right now actually about getting in tomorrow to look at it. Anyway, tenants been in the property about 4 years and would love to buy it, but probably dont have any money for down payment according to seller. Seller has talked to them about buying it creatively somehow, and theyre very interested but seller doesnt have the time or knowledge to get it done. Seller said hes willing to just walk away, any way possible, he said he knows theres creative ways to do rei and would be willing to do just about any of them. As a first deal id be happy just walking away with enough money to pay the bills for a couple months and give the seller the rest, he mentioned not really having any money that he can come out of pocket with as well. Hed probably be fine if i just took it sub to or something too. I almost feel bad like hes "to" desperate to sell, sounds like this property is a huge strain at home with the family. So basicly I was looking at just setting something up between the seller and current tenant, taking a cut for setting it up and walking away. If hes not interested in staying in the deal that way, Id also like another option.. Thanks Steve
  12. Thanks Michael, I read most of those posts. Seems most deal with the release etc at closing, since this would be a land contract for 60 months, I dont want to wait 5 yrs lol. Read something about terms and an option but I was getting a little confused by then I think.
  13. How would you get in the middle of setting up a land contract between a seller and current tenants? I guess I mean how would you collect your 2k or 3k fee?
  14. Thanks Jonathon, thats exactly what I was looking for with the mortgage Idea, also like the QC from the buyer to me. That would be the easiest thing to do I guess. Steve, Im not sure if he has something like that but thats a good point. Think the promissory note idea just moved into 3rd place though. Ill have him execute a deed back to me and record it if he doesnt pay, I think hed be fine with that. Are there any cons to doing that over the mortgage and note? Seems it would be a lot cleaner just QC it to me.
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