All Forum Posts by: Elizabeth Moore

I use an app called MileIQ - it documents all your miles and calculates how much you make for each trip. You just swipe right for personal use and left for business use. Each stop you make is reported. It also generates a monthly report. I love it.

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You indicated that your friend has a loan on the property - do you know exactly what that payoff would be to the bank once it was sold?  Does she have equity in the property now and will there be enough equity after all payoffs and closing costs that will assure you get your money back for the rehab plus x amount of $'s that you settled on before hand in order for you and your partner to make a good profit on this deal? Before I did anything, I would have her contact her mortgage lender and have them fax or email her a payoff letter as of say April 15th.  This way, she can show you a ball park figure as to what the mortgage payoff would be before the renovation takes place.  I'm also assuming you have gotten comps on the area to make sure the property will be worth what all of you are hoping it will sell for after the improvements.

If all of those things still look good and profitable, just have your lawyer draw up a Quit Claim Deed.  I don't believe it will affect the mortgage as long as she is still the Grantor of the property.  It will just show up on the chain of title when the lawyer for the new buyers run a search on the property.  Once you have a new contract, you, your partner, friend, etc.  will be shown as the Grantor on the new deed to the new buyers. Any liens will show up on the title search and will be taken care of by the new buyer's attorney at closing .  At the point where the settlement statement is drawn up, you and your friend can have monies divided in any percentage that you agreed on along with the monies owed to you for the renovation.  Attorney's do not care how you split your money as long as he has the money for payoffs, etc. so that his client gets a free and clear title.  If at closing you see that she is trying to screw you, you don't have to sign the deed and nothing moves forward until you both come to an agreement and it is shown on the closing statement that all parties sign.  Better have that all settled way ahead of time.  

Talk to an attorney, have him draw up the deed and maybe some type of an agreement between the two of you that he can also record.  Do great rehabbing and get a great purchase price and all is well with the universe.  It doesn't have to be a big drawn out thing - should be quite easy!

Good Luck and let us know how it all turns out!

p.s.  I'm not an attorney so this is not legal advice  - I just have a lot of NC experience.

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Hey Joel

I did a quick search on the MLS with your criteria of $200k to $250k and there are 48 quadruplex properties listed. The majority of them appear to be in the North/North East area. I would be happy to send you a list of these if you would like. Send me a pm with your email address.

Welcome to BP!

Welcome to BP!  When it comes to knowledge and help, Charlie Fitzgerald is your guy and he will gladly help you anyway he can so don't hesitate to contact him.

I am looking for a contractor or recommendations for one in or around the Wilson, NC area.

Thanks!!

Welcome to BP!

Check out Nevada - close enough to Cali for you to pop in and out.  If you need help here in Vegas, let me know and good luck!