All Forum Posts by: Chris M.

@Louis Zameryka

I would go HELOC because if you borrow from your 401k or sell stock, you are taking your money out of the market.

Also, you can only borrow once from your 401k per yr up to 50k. Save that as your last back up option.

Don't touch your savings. That's your reserves and cash is king.

HELOC rates are low and you can borrow as needed and reborrow as you pay it down.

Best of luck!

What does everybody think about the Cancel Rent / Can't Pay May movement?

I see some state representatives like Summer Lee are introducing bills that cancel rent and mortgage payments.

I am curious how this works for Investors that own property free and clear but depend on rent for income.

https://www.pghcitypaper.com/pittsburgh/more-than-50-protest-in-pittsburgh-calling-for-a-nationwide-rent-and-mortgage-freeze-during-coronavirus-pandemic/Content?oid=17230474

In Allegheny County, when a home sale occurs, it seems like the county automatically reassesses the home for the new purchase price.  

What happens when a home is sold at a fraction of the assessed value?  Does the county reassess at the actual purchase price?

Example:  Home is assessed at $100,000 today.  The home sells for $25,000 at a tax auction.

Question 1:  Does the assessed value automatically get changed to $25,000?

Question 2:  If it does not automatically get changed, is it likely that you can win an appeal for $25,000 since you paid the highest value offered at a public auction?

My goal is to buy a property at an Auction and BRRRR and a big part of the cashflow analysis depends on what the property will be assessed at.

@Ryan Alexander thanks for the recommendation!

Lining up my first BRRRR in Pittsburgh.

Using my personal HELOC to buy and renovate.

I want to cash out refi to pay myself back 3 months after the purchase date.

Property is owned by my LLC.

Does anyone have recommendations for a local lender or two that have programs for this?

Specific needs:

-No seasoning requirements

-Up to 75 or 80 percent LTV

Thanks!

Thanks everybody for your replies.  I looked at the purchase agreement and it implies the buyer will get a Special Warranty Deed or Equivalent.  

It doesn't state free and clear though.  

Thoughts?

@anthony angotti I like what you suggested to do my due diligence prior to closing, however the way the contract reads if I back out, I would lose earnest money...  Might be worth it though if the title company won't insure.

Any recommended title companies that you guys recommend?  I want to work with a local owned Pittsburgh one preferably.

I found a property in Pittsburgh that I would like to bid on through Xome.com.  

The bank took possession of the property from the borrower in January and it is being auctioned in April.

I pulled the Docket and there are various liens including the mortgage, taxes, and child support.

My question:  If I win the auction, will the child support lien from the foreclosed borrower stay on the title when I take ownership from the bank?