All Forum Posts by: Amy Wolf

Thanks @Sergey Tkachev for the tag. We will not be in town that night and cannot make it unfortunately, but please keep me in the loop. We hope to make the next one!

Thank you @Tyron McDaniel. I really appreciate you taking the time to respond... I will get going, now that I know what direction to go.

Hi all,

I ran into a friend the other day who confided in me that her family is about to lose their house. She is trying to get some paperwork finished, but her house is due to auction in 10 days. I have a couple questions

1) Is it too late to try to do something to get the house?

2) Is it worth trying to get? The market value is around 260k, the owed amount is 228k. I have been in the house and it is in reasonable shape... merely cosmetic. While the equity is a huge plus, based on the amount owed, it would probably not cash flow if we rent and hold (assuming it was financed in any way). I believe rent in her neighborhood for the size house 4/2 would be 1300-1500/month. Maybe it would be a wiser flip?

3) What options do we have if we can still try to get the house? How can we work something out and with who? In situations like this is all cash necessary? Financing? We are running out time, I'm sure. 

This is not something I have ever encountered, but I saw a possible opportunity, so I didn't want it to go by without at least asking for some advice. Thank you in advance!

Thank you @Joe Villeneuve for your input. It is greatly appreciated!

I would love some input on where to look for an investment property. I have heard so many people say they are investing in other states because it's cheaper (than CA) and their money goes a long way. My concern is how much money goes into the management and travel involved. House prices are higher here but so is the rent (I would imagine?) We don't have any residential properties yet. Is it better for us to keep looking locally for now? We have been watching them for about eight weeks. Will something eventually come our way? Any thoughts on this would be really appreciated. My hubby is getting frustrated because even the "good deals" don't seem to be much of a good deal. There is no cash flow left after all expenses are paid or the rehab costs will put is right at MV meaning there will be no instant equity. Or it's an undesirable neighborhood. What to do? Thanks in advance for your thoughts!

Can I get some input on preferences between 15 and 30 year loans? We are getting prequalified and they are asking if we would prefer 15 or 30 year loans. There are benefits and disadvantages to both, I know, but what have you found is your preference, and why? Is it better to be able to save more to reinvest from the higher cash flow on a 30 year? Or is it better to pay it down faster, but have less cash flow? (we are 35 and 40 years old, so we would like to retire in about 20 years, which is why I thought a shorter loan would make more sense, but larger cash flow also makes sense...hmmm) I would really love some thoughts on this. Thank you in advance!

Thank you everyone for the warm welcome and excellent suggestions. I will use all of the recommendations.