All Forum Posts by: Adrian Smude

I'm looking to advice for my dad... Here's the quick info, my uncle passed away without a will or any estate planning.  My father and uncle plan to donate the property to the temple my uncle belonged to because they believe that is what he wanted.  The temple has agreed to pay for the probate lawyer.  There is still a mortgage on the property (no one can seem to get me this info).  The property is currently Estate Of under the property appraiser's records.  

Questions: 

~should my father and uncle require the temple to maintain insurance on the property through the probate process in case something happens?

~Are there any tax benefits/issues they should be aware of?

~No debt from my uncle can transfer to my father correct?

Any other advice would be great, I know enough about the probate process to come up with a lot of questions. lol

@Brent Baumann I think you haven't talked to the right credit union yet.  Being that they are smaller when they are investor friendly they typically have many more options and will give you more $$ than others.  I'm always talking to new banks...

@Frank Ramirez welcome to BP! My advice is to keep reading on here, listen to the podcast, attend local REIA meet ups. After getting to know some local flippers I recommend partnering with someone on your first. Ask yourself "what value can I bring to Mr./Mrs. Flipper?"

@Nicolas Garcia welcome to BP and to REI! I do not have a bank I can recommend at this time, but would recommend doing a Google search and emailing/calling 10-20 banks and ask some simple questions to see their response. You'll quickly weed out most, schedule a meeting to sit down with the rest to get to know them better and make your decision. I am always meeting and interviewing new people in the mortgage industry. Typically different banks have different products so you may use a few throughout your time. Plus it's Free to sit down and talk with them which is more free knowledge by a professional. Best of luck!

@Aida Sevilla Welcome to BP.  It sounds like you have some great experience you'll be able to share with the rest of us on BP.  I focus a lot of my investing in Polk County if you ever get anything my direction feel free to reach out.  

@Anthony Yannucci I think @Manny Cirino has great advice.  If you read into what he's saying, I believe you need to find the sites that work best for you area.  This could be none, but most importantly you need to do your own comps and use these sites as a preliminary analysis on a property.  Just like the 50% and 1% rules.  

I look for comps myself with recent sold, but I also take an average of most of the sites that give estimates.  They are actually pretty close a lot of the time.  (I go with the lowest number because I'm conservative) 

@Kimberly Watson I have rental property in Seffner.  Feel free to reach out to me with any questions. 

@Wayne Brooks Thanks for the info, I've never done a 203(k) so it's all new to me!  I passed it to my brother.  

The mortgage officer needs the estimate by the contractor that will perform the work once the loan is closed.