All Forum Posts by: Rich Vogel

Hi All, 

So this is my situation. I got an amazing deal on a 3 unit that can actually legally be turned into a 4 unit Purchase price 137k and it needs about 40k in work. Home run. We were two weeks away from closing and my title company tells me that there are 2 old mortgage liens on the house that the buyer knows nothing about. The house was passed down within the family.  One of the liens is 50k I am not sure how much the other one is. My title company thinks that they are old mortgages that never got closed properly.  The banks no longer exist and no big company that took over them knows anything about the lien. So he was going to get a lawyer to take the steps to get rid of these which will take 4-6months.  I just got a call that said he was diagnosed with cancer and doesn't know how long he will live.  We are planning on getting a commercial mortgage on the property. He is willing to work with us on a solution as long as he gets money to pay for doctor bills. Any help on how to get this property would be greatly appreciated. 

Thanks

Rich

@Eric DeVito  I would schedule some appointments and get into a couple of places. Even if you aren't ready to buy  it will get you a better understanding of what to look for and what areas you like.  Something I always do and it gets me so much information is talk to the neighbors they generally always no the story behind the home.  

@Eric DeVito. Hey Eric I try and avoid house in the area of Mechanic st. in south bethlehem.  I would also not purchase anything on Wyndotte just cause it is such a busy street. If you are looking at a property let me know I can give you any advice on it that I might know. 

@Tom W. we have one property that is in the college area the other properties are throughout south Bethlehem, North Bethlehem, and Fountain Hill. I really like this area cause it is growing, especially with people moving from new jersey and new York. 

Thanks

Rich

@Eric DeVito I personally like the Bethlehem areas. South Bethlehem, North Bethlehem and West Bethlehem.  But I do know a lot of people who do invest in Allentown and do well. I actually see a lot of people trying to rent my places in Bethlehem that are trying to move out of Allentown.

Thanks

Rich

@Teeka Tiwari, try Merchants Bank in Easton. Great local bank.

Thanks 

Rich 

Hey @Louis Friedman,

Congrats in finding biggerpockets its a great site.  I live very close to you and I almost do all of my investing in bethlehem pa which is the town next to pa.  I have been investing in this area for many years and I think it is a great area to invest right now.  Its like a mini new jersey right over the boarder with cheap houses.  I am picking up most of my houses between 65-85k.  Let me know if you have any questions. 

Hey Amanda I would start going to real estate meetings in your area and just start talking to people there. People love to talk about what there doing and some are eager to help others. I have actually had coffee with several people just to try and help them. Also some of them have helped me grow my business by partnering up on deals. Try a and think how you can help another investor and they will help you.

Thing that I stress when someone asks me this questions is to call as many lenders as you can. See what your options are. Some lenders allow 4 loans. Some lenders allow 10. Commercial lenders may allow a ton. Also for the DTI I got a residential loan on my personal property with a DTI rato at 46. It took me a while to find it but a little hard work pays off. So figure out what your goals are. Then what type of lending you need to reach those goals. Then reach out to as many people as you have to until you find someone who works for your plan.

@Jay Staudt. I agree with Daniel. If you are going to use your wife that is totally acceptable. But you should be 1099ing her if that is the case.