All Forum Posts by: Ravi Patel

So im looking at an automotive garage in pa and Im the winning bidder, I did do a quick lien search and 2 mortgages did show up. The first for 58k which was issues in Oct of 1985 and the second in feb of 1989 for 40k. The city assesses the value at around 187k and Ive bid upto 50k to theres still plenty of equity left if i do indeed win. But my question is any amortization table would have cleared both of these mortgages because there 20+ year old. Also there wasnt any satisfaction pieces for these mortgages and the bank that issued the mortgages has been bought up by pnc. So im at a total loss here to see what my potential liability is if I do win and purchase this property. Normally for residential I run an amortization table and try to get within the nearest 10 thousand of a number and decide my bid. Any advice would be beneficial, the property itself seems to be operating smoothly, its occupied its an automotive garage with atleast 20 customer vehicles in the lot in an area that has plenty of discretionary income to support a business such as this.  

Thank you guys for responding, and giving me the kick in the butt to get the information I needed. I called the office and they said the (P) means it listed at a previous sale and its still available to be bid on wednesday nov 2nd. The property I am interest in is the1915 Fry loop, Its arv is around 300k, I did the deed search and going through the mortgages and assignments Ive come to the conclusion that it has 2 lien holders. PHH mortage which bought a note of 165k from electronic mortgage corporation in 2016 (original note was created in 2012) . And the 2nd note which was issues by members first credit union in 2013 for 35k. So from this auction list the 2nd lien is the foreclosing entity, and their balance is 6187.99. I understand that when I bid I will be liable for the primary mortgage and have been diligently saving for 4 years to pay both liens off with cash. My question now is if I bid and become the winning bidder and am able to pay off both liens will I become the owner of the property, or will I just own a 2nd lien and have to wait to get paid back. My experience is mostly in upset and judicial tax sales and this is my first time Ive developed the confidence to bid on a sheriffs sale property, but since this is 2nd lien position its giving me pause. Thank you guys for the time you commit to helping us. 

I was wondering if anyone knew the difference between that status meanings when looking at a sheriff sale. Specifically there is Active vs Active (P). Does the active (p) just mean that its pending and i shouldnt waste my time? Its a very specific question and I cannot seem to find the answer. http://ccweb.ccpa.net/Countysu... this is my countys sale list, postponed and cancelled i already avoid because they will not be auctioned off. Thank you to anyone who responds.

thank you for your input, I know we can push for eviction if they continue to make too much noise, but currently its just me in the building and the troublesome tenant. As the landlord living on premises, can I qualify as a teanant. The reason I ask is because I want to know if I can file a cure or quit claim based on excessive noise. Last night until 10 pm I could hear the children running around and the same thing happened tonight, the mother drops the children off at 5 am and picks up around 9 or 10. It conflicts with sleeping schedules. 

So I picked up my first property, its a 4plex in rougher neighborhood and used property management to find and screen tenants. I rented a 3 bd room apartment to a 2 bd room voucher holder at $900. My reasoning was 2 bd room voucher in section 8 would mean 4 people max on the lease and less wear and tear on the property as well as less noise in the 4 plex. The problem I've encountered is that my very first tenant has decided to take care of her 5 grand children Monday thru Friday from 5 am to whatever time the mother can pick them up. Along with the 5 children and the 4 lease holders we have other visitors throughout the day and even though it's been a week since everyone moved in, I've had 10-13 people in the apartment everyday. They assure me that no one is staying the night. Is there anything I can do to limit the visitors. Also I've considered telling the grandmother that she cannot use my property as a daycare. But would it qualify as a daycare if she's not receiving compensation?