All Forum Posts by: David Park

@Gregory H. normally I would do that. But I forgot to explain that the house was passed on from a guy who died from Heroin over dose in the bathroom. The property passed on to his wife. However the wife can not figure it out. So it's either I figure this out or get some help figuring this out or the house stays in foreclosure limbo. 

We are looking to buy this property but the inheritance tax was never paid to the Commonwealth of Pa when he sold the house in 1999. The buyer from 1999 did not get title insurance when they purchased the house. Do we need to get in touch with the seller from 1999 or his relatives to see how they handled the payment of the inheritance tax? How would we buy this house?

Thanks in advance for the advice!

Got it, It may seem like something I should look into this with a local real estate lawyer. 

1) So I was told that site only shows the taxes not paid from the city lady. 

For example a random house:

673 N 34th St, Philadelphia, PA 19104

$2,178 / 2018 tax on the MLS

Is that $2,178 all the taxes that needs to be paid by the landlord? Is there anything else? I talked to two other realtors and they told me that is it. I want to confirm that it is the case by few more people. 

2)I was also told that you can have nominal purchase price by telling the title company. Only if it's family, or direct buying. Can't be a REO, foreclosure, auction type. I want to know if this is true as well in Philadelphia.

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On a side note. I'm thinking of organizing get togethers at UCity to talk about real estate with fellow Philly investors with no agendas, no *** holes,  just investors who want to have fun while trading ideas and information.  I'll post meetup link once I come up with a name.

If ABC, LLC gets approved for a portfolio loan. Can ABC,LLC then be controlled by a parent company later that does not meet the requirements of the bank?

After Pics

Here are my Before pictures.

Just finished our flip in Glenolden and we have an offer on it. Glenolden township is very very tough with inspections and permits. To the point where most of the contractors I hired couldn't start the job. Anyways, I had 3 questions for people near Philadelphia.

1)On the MLS for 19104 properties West Philadelphia, I see the taxes. However I don't know if that's all the taxes. Where would I find the total taxes for city and county for the property?

2)how do investors record their purchase price to something nominal (ex. $1, $10) Instead of the actual purchase price?

Thanks!

Found this article and thought I would share.

https://www.zumper.com/blog/rental-price-data

So this property can be had for about 700k. We have about 400k, but need additional 300k to get it done. Normally getting this done with a loan or hard money is how we would approach this. However this is a sheriff sale, and all of the cash needs to be deposited within 30 days.

 Thinking we would need the money for 6 month on 300k. Would Bridge loan be the best option to go with this? If so, any companies anyone recommend for PA/DE area? We have credit with a hard money company for 400k, but don't want to use them for this as their approval process would be too slow. Also, if we win the sale and they reject the property we are screwed out of the deposits, which could be near 100k.

Any suggestions would be appreciated.