All Forum Posts by: Account Closed

Interesting info. Two additional thoughts. 

1. Zillow is located in Seattle.

2. It rains in Seattle. And it rains, and it rains and it rains some more. Soaked to the skin, cold, wet rain. And it is gray and gray and gray. On occasion, it isn't gray, the one day out of the year that they take a photo of the Space Needle and Elliot bay is very nice. Then it is gray again. ;-)

Try Chicago Title.

If you are happy with the return, why not do it?

Or, if you want great returns you can use the money to invest "Subject To" with a partner and make 10K to 15K a month on tax deferred using your self directed IRAs and 401(k)s.

But, it is all a matter of perspective and what you want to accomplish.

I only mentioned that since you asked the question. My students do "Subject To" and are quite happy with it.

You need a bankruptcy attorney, today. You probably have "equitable interest" and would be listed as a creditor or asset. The bank may have the right to force you to refinance or sell the house. It is most likely the bank will simply continue taking the payments and not bother too much with you unless the value of the house has shot up substantially. The bank may wait for your sale to complete but it is unlikely they are required to. Your buyer will be confused, so assure them you have an attorney taking care of things or you may lose the seller. It may take a court order to complete the sale. But, talk to a bankruptcy attorney immediately to protect your interests.

Depends on the professor. Do you really want someone who thinks he is God's gift to the world? Students are predictable, and easier to evict if necessary. Professors might be good long term tenants if they are in music, art, math, IT, or anything other than law or poli-sci. My opinion ;-)

When I was a loan officer, I couldn't place anything below $50,000 and that was a pain to accomplish.

@Joshua Manning Make your money in real estate then go to school as long as you care to.

Wow. You are going all the way from Vancouver to Enumclaw? Isn't there 5 ft of snow just across the border into B.C.? (My Canadian wife from Vancouver doesn't like that joke either, but we Americans think it's a gas, eh?)

I've done lots and lots of properties in King, Snohomish and Pierce Counties and some elsewhere in WA. Previously, you asked the question "Does some one have a list of landlord friendly states?" Washington is NOT one of them. Sorry. It is too much like B.C. Try Idaho, Arizona or Texas instead.

What is that you are looking to accomplish?

Ken

P.S. If you have a reasonable sense of humour, I can help ;-)

Good questions. Lots to be concerned about. 

Seems what you are talking about is an REO (Real Estate Owned) by the bank. I don't know foreclosure law in NY but you want to have a Preliminary Title report done to make sure there are no other liens (tax or otherwise) on the property. You buy it "as is, where is" and get all of the inhabitants with it, like cockroaches, termites, bedbugs, rats, you name it. I would "walk the property" before making a bid. Is it in a good location or straddling railroad tracks? ;-) Also, is there good drainage from the rains and will people want to buy in that area? Just a few thoughts, Ken

@Mayda Searfoss I haven't used the MLS in 20 years. I find all of mine "off market". Less hassle. less competition, more profit. PM me if you want some ideas or if you're happy to look far and wide that's cool too. "Luck" is not a business plan. ;-)