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SteveG_Pa

What would you do?

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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

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I'll hold off on congratulating for the time being. . .but you know I'm pulling for you. Post back with the good news on Friday. That'll give me yet another reason to enjoy a frosty Sam Adams. :blush:

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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?

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. . .So it looks like ill be assigning a sub to.. Have to find a contract now.. Any ideas?
I'd give you one if I had it, Steve, but I'm not a Sub To guy and not located in PA. Any local investors you know and trust?

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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?

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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.

 

A little confused here...I thought the buyer was coming up with 2 grand not the seller. If you are going to be involved why not take over sub2, lease option to buyer, that way you can calm the sellers worries and then you get a property?(You would have to make a business decision if it's financially viable for you) Quite honestly it sounds like you are trying to create a deal that has little upside for you other than just getting a deal done. Just my opinion though.

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?

This is a nice sub 2 deal! Get the deed and LO the place.

 

Aloha,

Matt

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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

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