All Forum Posts by: Account Closed

Here's my 2 cents. 

Different people think differently about life, and have different risk profiles. I tried to get my wife engaged and excited about RE early on. After years of failure, I realized I was trying to make her excited about something she'll never be excited about. I also realized that she doesn't like taking risks. So we just agreed to keep it completely separate. I do the RE thing, and she doesn't. 

Point being, don't try and get her excited about it. Don't expect her to even help with it. If you want to do it, make it your thing. 

For your situation, I'd talk less about how house hacking is profitable or exciting, and more phrase it as something you are excited about and want to try, and ask her to support you in this effort to make your lives better.  She may be more receptive to that. 

do you make big financial decisions by keeping it sepeaate..or is it just trust

Alex A. Go to your county court house and ask for recent tenant evictions it's public record. In some counties you can find it online, others you need to visit the courthouse. Once you know the property address you can look into who owns the property from the tax records and start reaching out; whether it's sending a letter or trying to find a contact number, Facebook page etc... it's a lot of digging but can pay off especially in NJ's market.

Let me know if you need anymore info or if I can help further

does the same process work for homes...? people going through foreclosure process and or behind on payments?

Hey Casey,

Don't rush into anything. The deal has to be right! Try looking for off market properties in the area. Nj has a ton of homes in pre foreclosure as well as landlords who have gone through evictions looking to get rid of their property. Keep searching for those off market deals. Don't worry about not being handy right now. It's a miracle what just cleaning and paint can do to a property.

Good luck!

Hey Casey,

Don't rush into anything. The deal has to be right! Try looking for off market properties in the area. Nj has a ton of homes in pre foreclosure as well as landlords who have gone through evictions looking to get rid of their property. Keep searching for those off market deals. Don't worry about not being handy right now. It's a miracle what just cleaning and paint can do to a property.

Good luck!

I'm assuming this is a SFH. Based on those numbers, your initial mortgage probably started around 84k. With the house appraising at 134k, you should be able to find a lender to loan at 80% of the 134k, giving you ~107k. Subtract the ~84k you have on the mortgage currently, and you could cash out ~23k. There will be fees to pay the lender to refinance and the lender may not want to refinance until after a 6 month "settling in" period after purchase.

I'm rambling, but you may be able to cash out ~20k.