All Forum Posts by: DAmien Fried

So we acquired our first property for 500 dollars. After months of looking at different properties we finally decided to go a nontraditional route. We bought this house of the tax repository list which the county was originally asking $1850, we could see in the basement window there was about four feet of water and since we could not "legally" enter the property we estimated some other issues we might run it to and offered $500 and the offer was accepted by the tax office. We then needed to wait for the sale to be approved by the school board and the borough council, that took about two months and the deed for the property showed up in the mail. Our plan is to gut the place and do a complete remodel over the next year. The nice thing is we already have about $35,000 of equity in the property and we only have to pay taxes on the $500 until we would have the county come and appraise it. We are hoping that if all goes as planned we will buy the other half of the house later this year since it to is sitting empty.

@Eric Trostle how far from campus is he looking to live because you have a very wide area covered with the towns that you posted. Also what kind of budget is he looking at?

So to make a long story short I'm looking at a 17 unit property on the MLS for right under 200k and I was wondering what is the best way to pitch to the real estate agent to ask the seller to owner finance the property? I would really appreciate the input since I'm new to this.

Thanks @Ned Carey would it be a safer bet to keep the original owner on the deed and just have my name added? 

I must say as a native baltimorean I can really appreciate your little crab it makes me miss home.

I am a field service rep and I spend all day talking to people that are behind on there mortgages or inspecting vacant houses. My question is if I have someone that is months behind on there mortgage payment and has already moved out of there house is it legal to have them transfer the deed to me and for me to just catch the mortgage payments up and pay on the loan. I have heard that this is a viable option but I have also heard that banks do not let people assume mortgages anymore. Could the banks do something if we did this or do they not care as long as the loan is being paid? Also in the state of PA how far into the foreclose process can you get that you can catch up on the loan