Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago on . Most recent reply

User Stats

7
Posts
0
Votes
Mark A. Roberts
  • Houston, Tx
0
Votes |
7
Posts

Probate property / inherited

Mark A. Roberts
  • Houston, Tx
Posted

Hey BP family, I lost my mom and recently went through probate and received her house. Is there a way that I can keep the interest rate as is and sub-to it to my LLC? Interest rate currently (4.25%) owes 43k on the mortgage, monthly note including taxes and insurance $470. I am going to put it on travel nurse/corporate lease sites (fully furnished, all bills paid) since she lived right down the street (less than 5 miles) from hospitals, clinics, and business parks. The home built in 2010, currently valued at around $170k, and purchased for 70k on a special senior program with no money down. I do not know if I should pay it off, wait a year or two and do a cash out refi or do one now (at around 7.7%). Rent with travel nurse site could be $1800-2k per month (cash flow: around $1200k, CoC: 21%) if paid off. Regular rent around $1440 a month (cash flow: $360, CoC: 11.8%) with around $80k in pocket after refi for purchase of other properties (rise in expenses expected with insurance, utilities and such, numbers reflect it). Is sub-to possible in this situation to keep the interest rate at its low original number with $537 cash flow monthly, CoC: 17.4%, no money out of pocket and use the 43k to purchase another property? Any other suggestions to path forward would be more than welcome as well. If I am missing any other info to add for a better solution/analyzation let me know. I do plan to hold on to it for wealth building (appreciation around 11.3% currently).

Thanks BP family,

Loading replies...