All Forum Posts by: Alvaro Rodriguez

@Don Konipol

Excellent point, I guess I was lacking more research, I will need to find out his motivation.

I thought if you owe that much in taxes you couldn’t sell it, but I could be wrong.

That being said, what’s a good strategy to find or structure a deal on a house behind taxes? I am looking on the county website each house in my neighborhood in order to start local and I a known area

Thank you

Found a person who has a house worth $200k, he has 50% equity and is behind $20k in taxes.

Shortly they will take his home and I know for a fact he won’t be able to pay any taxes anymore.

How can I structure a deal where I can create a win win situation for both of us where he can walk away with some money, and I can buy his property before the banks takes it.

I was thinking about offering $150k

$100k to pay off the loan

$20k to pay off the tax debt

$30k so he can start again somewhere else

Any feedback is appreciated

Thank you

@Guifre Mora

This is extremely helpful. Since I don’t want to sell and want to hold for as long as I want. I’m going to keep going with the process.

Thank you so much for breaking it down for me

@Guifre Mora

Thank you so much and I think you are right, it became too complicated. I don’t want to pull cash out, just want lower payments so once I rent it I can increase the cashflow. I want to hold it for as long as I can

Thanks again for the feedback

@Alvaro Rodriguez I will stay in this house 1 more year and the rent it. I don’t have any plans on selling it

I would like to know if I’m making the right decision by refinancing or should I just leave it the way it is. Any feedback or advice is helpful

Closing cost is around $5k + 650(Appraisal) = $5,650.

Current situation:

Original loan:$176,000

Unpaid principal balance:$174,243

So I have paid down: $1,757

Interest rate: 4.87%

Principal and interest= $931 a month.

The house came back appraised at the same value as when the original loan was generated.

The two scenarios the lender is offering below:

Scenario 1: I have asked the lender to leave the same amount of the loan which is 79% of the price of the house. But I haven’t heard,

Under this scenario the interest rate would be 3.5% and interest+principal=$740

Which would be a $191 monthly saving

Is it worth paying $5,650 for closing cost for that interest rate and for $191 a month?

Scenario 2

The lender wants to increase the loan back to the original to $176,000, interest rate of 3.7% and the interest+ principal would be: $815

Which would be a $116 monthly savings.

However if we increase the loan back to the original $176,000 I would lose the $1,757 I have paid down from the principal.

In this second scenario I would be paying $5,650 of closing cost plus losing the $1,757 I already paid down for a rough total of $7400

Is this amount ok to get the interest rate reduced?

Thank you

Hello, I am renting my first investment property. My agent got an email from another real estate agent mentioning that he has a person interested in renting the house. However, the person has low credit score due to medical

Bills, also has an eviction from 2016 where he lost his job in oil and gas and his wife couldn’t pay the rent. They also mentioned they can show proof of funds and their income is 4 times the rent. The house has been on the market for only a week. Any feedback on the tenants profile? Should I let it pass and wait for another one?

Thank you

I have requested the tax delinquent properties from my county, I would also like to obtain any potential/motivated sellers list. what is a good app, company or website where I can get a list of motivated sellers?

Thank you

@Jonathan Greene thank you so much for the feedback. Managed to negotiate down the $17k, this will help my cashflow a lot and hope to move onto the next rental after I close this one.

Thanks again

I am in the process of closing on a house, closing date is 2 weeks from now. However, the appraisal the lender ordered came back $17k lower than the asking price. At this point what is the most logic next step? I don’t want to pay $17k more than the appraisal. This is not a house, is this still a point where I can negotiate price with the seller party? Do I request the seller to lower the price by $17k? Or that they lay closing cost?

I was thinking if they pay for closing cost I would still get stuck with an overpriced house.

Any feedback on what to do when they appraisal is significant lower than agreed price?

Thank for you for all the feedback