All Forum Posts by: Kim Ford

I'm in Columbia too. I just closed on a house last week. Great meeting you!

Hi everyone! Who is from South Carolina? I'm not seeing a lot of posts from South Carolinian investors. Let me know where you are if you're here!

Hi Carlos Rios and welcome! You'll get lots of assistance here. Glad to meet you!

Hello Everyone.

Here's the situation:  A homeowner wants to sell a property he inherited.  The mortgage is paid in full but $11,000 is owed in back taxes so it's in pre-foreclosure.   He's willing to let it go even if he gets nothing in his pocket but the problem is that he was not  the only one to inherit the property.  It was left to a total of 17 different family members who live in different parts of the country.  He was the "caretaker" of the property and no one else in the family helped pay the taxes on the house or pay for repairs.  He says he doesn't even have contact information for a good number of the family members.

1) Can he still move forward with selling the property or will each family member have to give written consent?

2) Could this property potentially go from a wholesale deal to a subject to investment even if the mortgage is paid?  Even so, eventually he'll still want to sell it and may not be able to unless he needs each family member.

The property is on Long Island, New York so anyone familiar with the laws and regulations for Nassau County, please weigh in along with anyone else who has faced this situation before.  All advice is welcome.

Thanks!

John Cozier I would concentrate on building a wholesale business. I am also a cash poor investor but I just got my first wholesale deal under contract, got the buyer in place and we're setting a closing date. The money I receive from this will go towards marketing. I wouldn't worry about setting up LLC at this time. I don't have one but as I get more stable then I will create one. Concentrate on closing wholesale deals.

Totally agree with Jeff Rappaport! I do the same in SC. Good info from this man and I would heed it.

Hi there and thank you!

I'm not familiar with him. How do I locate him here on BP?

Thanks Steve. Nice idea!

Need some guidance folks.  I have comps from a real estate agent on a triplex.  I know how to do the calculation but the comps are based on single family residences and the property I'm researching is a triplex in a residential neighborhood.  So, essentially, the comps are not based on other sold triplexes in the area.  The real estate agent did research to find other triplexes that have sold and could not find any so he worked with what sold in the neighborhood recently, which wasn't much because that part of town has its issues.  How should I move forward with this?