All Forum Posts by: Account Closed

Also, being that he hasn't made a payment in over 6 months...what are his options? A call to the clerks office told me that the first mortgage was paid off in 2004, and in 2006 there was an assignment of deed for the amount of $91k...which I assume is a HELOC or similar.

So if the man is correct in thinking theres 85k left of the mortage, what would be the chances of me picking this thing up in the 40-60 range as him settling with them? Is that crazy talk?

Thanks for the advice, @Account Closed. Unfortunately, easytitlesearch.com doesn't do title searches in Virginia. I will search around BP and see if I can find another service before heading out to the WWW. 

@Account Closed

Is that something I would go to the court house for? I've called a few times to request owner information but haven't gone down to pull information. Would the treasurers office be the correct place to start?

Hey everyone,

I was recently driving for dollars with my wife and ran across a property with overgrown grass. I contacted the owner, which happens to be c/o of an estate for his wife. I told him that I was interested in buying his house and asked him what was owed on it. The house was purchased in 1986 by his deceased wife and he 'thinks' there may be $85k left on the loan..which to me seems super high being that the house is only worth about $100..so maybe they pulled equity out at some point?

Anyways, he has basically walked away from the property because he said he can't afford to refi. He hasn't made a payment since December 2014 and told me he was surprised that they hadn't foreclosed yet. He told me that he would talk to the bank and his step-daughters to see what they think he should do.

I spoke with him on the phone Tuesday evening. Would today be too early to give him a call back and see if he was able to find something out? I want to be patient, but I also know that persistence wins.

Thoughts?

Thanks,

Andrew Weikel

What are the numbers on the rental?

If the owner has it listed through an agent, you will most likely need to work through the agent.

Looking forward to it!

upgrade to a plus membership and post what you are looking for in the marketplace!

Hey everyone,

Simple question here..

I am soon to receive a $60k loan at 8% interest from a friend. 

What will I need to do as far as taxes go, if anything?

I will be making interest only payments to him until I can refi, and pay it off.

Thanks,

Andre

@Meghan Grey

Welcome to BP! I'm excited for you! About 2-3 years ago I was just getting started with educating myself. I've been in somewhat of an analysis paralysis at times but I'm starting to gain traction. Now, along with my wife, we are close to getting our first rental under contract.

A few things that I'd recommend:

Take a Dave Ramsey - Financial Peace Class (Take his advice on REI however you please)

Read the book, Rich Dad Poor Dad

Listen to all of the BiggerPockets Podcasts

Interact on the forum as much as possible

Attend the meet up coming up in a few weeks.

And lastly, take your time. Reduce risk with education. Rome wasn't built in a day!

As fora job, what are your certifications/qualifications? Maybe someone in the Salem/Roanoke area can spread the word.

Good luck,

Andrew

@Brent Coombs, thanks for the response!

I based my evaluation on comparable home sales in the area. I used $85k as a fairly conservative value. As far as money to put towards it, do you mean to increase the equity point so that I can get it to the point I would need for a refi?

Also, if my cashflow is 2900 (~240/mo) and I take 10% from that, it comes out to ~220/mo. Am I calculating that wrong?