All Forum Posts by: Joe Ebanks

So I see Ill recieve a special warranty deed. 

By my understanding if there are liens or encumbrances before the seller owned the property, I will be the one to have to pay those. I havent been able to find out where I can find this information! The property is in summit county ohio.

Also this part of the purchase and sale contract is confusing and worries me...

"closing is further subject to each of the following conditions precedent (the failure of which shall not, in and of itself, relieve any party of its obligations set forth in Section 6F1  below.....

(4) The title insurance company identified in Section 1 above shall have irrevocably committed to issue to buyer an owners policy showing coverage in the amount of the purchase price and showing insurable title to the property vested as stated in section 1 above, subject to any and/or all of the following if applicable (THE FAILURE OF WHIH SHALL NOT BE DEEMED A DEFAULT OF SELLER)

1 - the title companies standard exceptions

2 - the following encumbrances or other matters:

(i) liens for all current ageneral and special real property taxes and assessments not yet due and payable;

Theres a lot more to it but that specific part kind of worried me. Is it possible I buy the property, then come to find there is 20,000$ worth of liens on it, then a title company decides not to insure it, and I am forced to buy the property as it is?? Or am I just over worrying here...

Much appreciated!! Those with experience purchasing bank owned properties on XOME or similar sites i would love to hear from you

@Wayne Brooks thanks a lot sir! great to know

How do you make sure the title is clean ahead of time when bidding?

I am worried about getting stuck with liens or encumbrances I dont know about. Cant seem to find how to search this information.

You can do it any way you like. I think Greg and a lot of people on here prefer to leverage their money as far as it will go. This is because they are very good at getting large returns off of borrowed money. So they will end up growing faster that way. 

You have a lot of equity locked up in the house thats not bringing you a ton of cashflow. You are building up more and more equity. But still you could take what you have and purchase multiple cash flowing units that you will also build equity in. 

Whatever you prefer to do! Good luck! 

I am interested in bidding on property at an online website. Im trying to make sure the title of the property i want is clean. It is an akron OH, summit county. How can I research this information online so I can safely bid?

It says I can get title insurance but Im not sure that protects me from a big tax lien, does it? 

Do I just have to pay a title company to do the research? 

Thanks a lot!

This goes for xome.com, auction.com, or hubzu.com

@Thomas S. By expenses and equity costs you mean vacancy, cap ex, repairs and PITI? Am I missing any other costs?

I use 10% vacancy, 10% repairs, 5% capex when evaluating potential SFRs. How do you calculate this when evaluating a possible deal?

I am asking because I have a similar situation. My house rents for 1300 (planning to go to 1350) and my PITI is 907. I thought I am barely cashflow positive but after reading some of your posts I am wondering if I truly am.

@saberian younger

Thanks for the information! I am checking both of these threads out.

@John Mathewson Appreciate it, will contact Ridge lending!

This is exactly how I acquired the property. I will check out Ridge Lending, Thanks!

Im looking for a lender who can help me do a delayed financing on a house I purchased here in Kent. Thank you.

Apologize in advance if I am breaking forum rules, I am unsure.. But have had problems finding someone to help me.

Just wondering is delayed financing the same rate no matter which lender you use? Thanks..