All Forum Posts by: David R.

Thanx @Ethan Giller. A second set of eye couldn't hurt. I'll email you the specifics in a couple days.

Hey Guys,

This is my first deal. It's an owner financed deal. The owner will carry a note of approx 30k. When paying back the note is it possible to split payments between two people say 50/50? The two family members would like to split the note payments.

The property is located in Philadelphia it is commercial/mixed-use. Store front downstairs residential upstairs. Is it better to put a tenant upstairs and then try to get a commercial loan? Or should I owner occupy upstairs and be a first time home buyer. I have good credit so what would be the best way to pull the equity out of the property, I don't need the money right away. So I am open to waiting 6 months for deed seasoning. Can I acquire the deed at closing even with the owner still carrying a note? I'm using most of my cash for settlement and rehab. 

Thanx in advanced everyone

Thanks for the support @Account Closed much appreciated.

Thanks @K.Marie Poe I'm in the process now of ascertaining the decedent's heirs. I'll keep you guys updated on what;s going on.

Hey @Matt Faircloth no problem. I found the article very intriguing because of how close Trenton is to Philadelphia. But the 10 year owner occupancy stipulation kills this for investors. 

I talked to my lawyer today and he said a quit claim deed does not give me standing to start probate. @K.Marie Poe would an assignment be the best way to protect my interest in the property if i decide to pay for probate?

The property value is over 100k+ and there is sufficient equity to make me want to get this deal under contract asap.

Thanks for all your quick replies guys.

http://6abc.com/home/have-a--you-can-be-a-trento...

The mayor "you have to promise to live there for 10 years. A 5 year tax break is also being offered to entice buyers." What do you guys think?

Thanx Dave and Rick! After I finish doing my due diligence (checking for liens). I'm going to get a quit claim deed so I can start probate. Is it wise for me to pay the costs associated with probate? Before actually knowing for certain whether I'll be able to purchase the property? The seller (cousin) wants me to handle all aspects of the purchase. Emotionally I believe she just doesn't want to deal with it.

Thanx! Jon. Yes, the neighbor and the grandmother are two different people, The neighbor was the last person residing in the house.

Hey BP,

This is my first post I'm from Philadelphia P.A. There was a recent death of my neighbor. The cousin of the deceased has no interest in the property and wants to sell the property to me for $1. The problem is that the property is actually in the grandmothers name who is also deceased. I believe the property is owned free and clear. What do I do next? Should I get the property under contract? Does it need to go under probate?