All Forum Posts by: Michael C.

Hi, you always need property insurance to protect the lenders interest. Beyond that you would probably want to protect your personal property. Ask your agent about an umbrella policy as well.

Get proof of ownership first, if he claims he inherited the property. How long will he carry the loan for? 5 years or longer is great. Get roof, pest, property, fireplace, etc. inspections Check with title company or attorney who ever does that in your state to find out about requirements to draw up seller carry-back loans. Are you using a real estate agent to assist you? If you are, they can guide you. Maybe talk to the neighbors - if can't give you much information about the property.

Yes, Find out if her name is on the deed.

Hi Markese, Non lawyer answer: consult an attorney for both issues.

1. If they inherited the property, their names should be on title as owners.

2. If their names are on title, that may partially help.

3. Ask him to get a preliminary title report or abstract to confirm who are the owners of record.

4. The other names on title, non surviving, will require research to see if they had a will or heirs of their estate as this property may be part of their estate.

5. The title company/abstract company/attorney will have to research title as it can not be transferred (sold) unless all owners interest is accounted for. Unless you want to buy a partial interest.

6. A lender will not loan on a property unless #6 is taken care of.

7. Have him check with an eviction attorney to figure out the best way to handle squatters in Boston.

8. If writing a contract, consider have a clause about not closing escrow until property is vacant.

In general, yes. If you created the note for the buyer, and the buyer agrees. Check Texas law about modifying the terms of the note. Find out If you can do it or have it done by a mortgage lender. Also check the minimum of how long the note term has to be for.

Find out if she has title to the property. If she does, contact the trustee and ask if you can purchase the property out of bankruptcy.

If she does not have title to the property, was there a will or living trust?

If not, this may have to go to probate court. check with an attorney.

Hi Giang, check at the city building & zoning department to find out what the zoning is for the lot. It might only be approved for single family or multi family home if is zoned residential. If it is zoned commercial, they can tell you what that zoning will allow on the lot.

Hi Cory, A duplex or triplex or 4 plex is much easier to start with. You are correct about the numbers for a larger unit count but there are other items beside the rents to consider. They have different types of loans once you go above 4 units. There are more leases to write more utilities more maintenance more insurance, etc. It is better to start small learn the ropes, then either get more duplexes, triplexes or jump to the larger properties after you get some experience. Good luck.

Hi Jason, whats the purpose of the mortgage? To free up your cash? For what purpose? You may be able to get a hard money loan for 2 years if you need the money for another investment that will yield a higher return with your money. After the two years, you may be able to get a conventional loan. Or use this property as collateral for another property. I didn't see the property value or loan amount request in your original question.

Denny Le Other important questions... If this is income property, what are the rents or potential rents? Who pays utilities? Is there any rehab work required? How long you live there can vary depends on the circumstances, if you got a job transfer, or other explainable situations it could be less.