All Forum Posts by: Edward R.

yoiu said she was divorce?  well she could be getting alimony or had a large lump sum.  I know a lady in my neighborhood, she getsnearly $75K in alimony plus had alot in settlement.

Iagree, couple #2 only because they have history and money.  Cell phone bills can easily fall through the cracks.  You get PO at Verizon and leave for ATT and break their stupid  contract so verizon goes after you.  It's trivial but they should clear that issue up regardless.    I just like the fact that they have history and use to paying rent like that.

ugh!  What a difficult choice.  We like the house and its in a very good neighborhood.  I personally like how it turned it; proud of my work I guess and seeing the vision come alive.  Kind of feeling like I want to baby it for a few years.  But the other side of the coin is selling for the profit which will likely be about $52K - taxes.  My realtor friend said the other night it is a hot market and what I would get for rental income is amazing.  My wife likes the idea of using the property as a collateral piece as well.

I'm looking forward to the next flip though.  I wasn't "lucky" with this house as I put a lot of effort in researching and the owner before we bought it (no walk through) and the odds were in our favor (unless there was a foundation cracking apart issue).  I'll add some pics later this evening. $26K/year in rental just shake my head at that.

Welll as I posted before in the Fall, I have a flip property we bought and now it comes down to "what do we do, sell or not to sell?"  Its a desirable neighborhood AND school district.  We bought it for $82K, put $25K into. renovated the entire ranch style home.  Has a large nicely finished basement, 4 bedroom, awesome kitchen, 1/2 acre fenced in private back yard.  It's a nice property and my guess it would sell within a week, maybe 2 (very low inventory in district)

Although we bought in Sept. we completed it in January. then had more important things to tend to over the past few months.  Our carrying costs on the home are $700.   Listing the home for sale will be $169K  Then I threw it on a website for rental at $2200 and there was alot of interest in renting it (and from what I could tell they were professional/career people which is typical in the area).  I also live in the area myself.

So what does one do?  We orgianlly bought it to flip, but rental at $2200 is nothing to sneeze at.  My realtor (very good friend and successful) says take advantage of the market and sell it and find the next project.  

well we are in possession of it.  we resecured the home and process of contacting the previous owner for his leftover things.  Bathroom definitely needs a remodel.  We will not be allowing previous to enter due to the mess of stuff left behind (like an afterFrat party).  definitely a bizarre situation.  

I'll find out more today once we discuss it with the real estate attorney to get his take. Of course we aren't looking to take his stuff, but we do want to secure the property as ours (it'll be a flip in 2 months) previous owner seems to be a good guy (medical professional, small business) albeit the whole scenario giving up the house is weird and I don't want to invite weirdness back into the house.  Imagine if he got in there and decided to say "Yep, I'm living here now evict me"  

Hi. Bought a house 28 days ago, closing on it in 4 days.  It was owned by Chase who took it in March.  The owner is apparently not living there anymore and has moved most of their stuff out but left behind alot in terms of furniture, kids playroom stuff, tools, snowblower.  I pass the house all the time and there has been no car there, no lights (power off I believe and water).  the only sign I've seen was the trash can put out once and that was 3 weeks ago and sat there for 2 weeks till I pulled it in.

Being in NY, what are the rules once we close on it?  Do I have to physically pack it up and store it at a rental place?  Can I just put it all in the garage and send him a notice to p/u within an allotted time?  I've tried contacting him a few different way when we bought it but no response.  (wife had worked with him 5 years ago so kind of know who he was)

My plan was; after closing that day, to access the house (drilling out lock if needed) and assess what we need to do (which seems very little).  and change the locks plus throw in a security alarm.  

UPDA"TE: THings seem to be going well.  Owner/tenant has moved out since then (he was half out anyways)  TITLE seems to be free and clear according to the attorney.  LAwn is looking overgrown in the front/side so I'm going to pay a guy to run over there and mow it up.  just the front/side because thats what people see and I don't want it looking like an empty home and invite trouble.  it's in a good neighborhood but still.

Signed purchase offer and attorney wants to add a contingency after Chase signs it to the effect of "....must have a marketable title upon title search"   Attorney said they could deny this and continue on or walk away too. but he's using the wording to give us an "out" if there is a title issue and to get our earnest money back.  HE feels though thet the original wording may allow that anyways (just depends how  one deciphers it)    Any thoughts on that?

From what I've read, people say they usually haven't had problems with titles from Chase REO in these auctions. Hopefully, we'll hear by Friday (in 6 days) from the title search.

I went to the court house and didn't find anything but a small hospital judgment against the owner but nothing on the property.  Foreclosure file was thick as hell but didn't notice anything strange in it.  Foreclosure started in Spring 2015 and granted for Chase in Nov. 2016.