All Forum Posts by: Steve L

I was to purchase a house in NC, but due to some information that was not disclosed about the house, we decided not to buy it.

I will be getting my due diligence  money back and asked for money back for inspections but seller refused.  

Can i put a lien on the house for this. 

I have a chance to buy a property valued at 308k for 280k, which I would like to invest a minimal amount of money into and flip.  I can't qualify for a mortgage because my debt to income ratio is too high.  Is there other ways to purchase this property.  I do own two other properties. One is paid off, valued at 230k, the other I still owe 56k on, valued at 350k.  Property located in NJ.

I rent out a house in NJ to college students(6). They sign a yearly lease (June 1st - May 31st) with no automatic renewal. i usually ask the tenants in the beginning of November if they wish to renew for another year, otherwise i will start advertising.  For college rentals, it is best to start advertising as soon as possible. if they want to renew, i have them sign a lease renewal form.  My Question is, my daughter is currently in college in PA and her lease says "upon expiration, this agreement shall become a year to year agreement automatically, unless tenant notifies owner in writing at least 130 days in advance to expiration that they do not want this agreement to continue". Do i want to add something like this into my lease or should i just stick to asking  them in advance.  Also how many days in advance should i do.  

Here is my situation, older couple next door and no kids.
They would like to stay there until they pass. They are
in their early 80's decent health. No mortage, they say money
wise, they will probably run out of money in 3 to 5 years and
are worried about not being able to stay in the house.

I would like to purchase the house from them giving them
life estate but not sure of the best way to do this.
Or should I tell them to do a reverse mortgage or get a
home equity loan.

What is the best way for me to aquire the house and give
them life estate without hurting my pocket too much.