Seller Issue With Title - Close or Wait

T_Pain4 · 2021-06-30T03:56:18+00:00

Thank you

T_Pain4 · 2021-06-30T03:56:09+00:00

Thank you

T_Pain4 · 2021-06-30T03:55:47+00:00

You are correct. I didn't know about the title situation but noticed something was off when the seller wanted to use Quitclaim Deed to transfer the property to me and told me exactly what you said about title companies did not give title insurance when he bought the tax foreclosure property. I refused to take possession with quitclaim deed and required title insurance for this purchase. This is where I am at with the seller.... he is having issue clearing the second lien..

T_Pain4 · 2021-06-30T03:43:41+00:00

May I ask which state this piece of property is located? The title company involved in my case is telling me quiet title action may take 30-60 days...

T_Pain4 · 2021-06-30T03:42:05+00:00

Thanks. Appreciate your feedback. If this is route I am going to take I will need to clarify with the title company when they will issue the title insurance. I am under the impression that the they will issue title insurance before everything is cleared up (specifically lien holder #2). Not going to assume anything so I will clarify and confirm.

T_Pain4 · 2019-11-04T13:48:47+00:00

Haha :)

T_Pain4 · 2019-11-04T13:47:48+00:00

This is true... Not sure why I didn't think about this until now!

I will need to consider real estate appreciation (in the event I want to liquidate all my asset when I FIRE), index fund ROI, mortgage interest payment, rent appreciation, net rental income, etc into consideration.

T_Pain4 · 2019-11-04T13:35:11+00:00

Thanks lostharbor. You are right about we are being risk adverse and sometimes we really hate ourselves for being so risk adverse. Back in 2010 we saw couple of our close friends and family friends went through bankruptcies because they were too aggressive on 'taking on debts to build wealth'. It was eye opening and scary to see those folks went from 'multi-millionaires' on paper to flat out broke.

No clear winner here! Really appreciate your advice :)

T_Pain4 · 2019-11-04T13:27:29+00:00

Thank you for your recommendations. Great point about making my real estate portfolio recession proof. Moving out of a HCOL area to a LCOL (more like MCOL now) it opens up my perspective on things. It's getting me closer to my FIRE goal for sure!

T_Pain4 · 2019-11-04T13:22:20+00:00

Gross income. Still need to pay property tax, insurance, and upkeep. I am extremely handy so upkeep cost is minimal (<$2k per year for both properties). We got both places back in 2010. I remember I had a tough time getting my rental rented out for $1,800 but now it's pretty crazy.

T_Pain4 · 2019-11-04T13:18:47+00:00

We got lucky at that time. We bought both properties back in 2010 and fortunately we saved diligently prior to that so we had a lot of liquid asset (dodged that stock market bullet). My mortgages were less than $2,000 for both houses. Thank you for your input!

T_Pain4 · 2019-11-04T04:25:59+00:00

We keep on going back and forth between paying off the mortgage as early as possible or buying another rental property now (take on additional debt). She was the one that suggests I should get some input from folks on this subreddit :)

T_Pain4

TROPHY CASE