All Forum Posts by: Audrey Thiault

I am interested. I'm making a commitment to go all in with real estate investment this coming year. I will PM you. Thanks for reaching out!

I'm interested also.  I am getting serious for the New Year :).

@Matt Nico Thank you, I will check that out.

Thank you, Chris.

@Chris Seveney. Thank you. I am just learning about private investors and was wondering if that might be a route for him.

Thanks Brenden and Wayne.

A friend of mine, John, owns a house free and clear, estimated value $190K, in Lilburn GA. John lives out of state, and his tenants left suddenly and left the house in a bad state.  John is currently unemployed (he quit his job in January to move out to CA and didn't get a job out there yet) and is seeking financing to do the repairs and rent out the house for about $1500 per month (the market rate for the area).  He is seeking between $60K and $80K, which will be spent as follows: $20K for repairs and renovations, $40 to pay off personal debt, and $20K another project and flexibility.  Here are my questions: what does he need to do to qualify for an equity loan on his house, since he is unemployed, how soon could he get the funds.  Thanks very much for any input.

Thank you, Wayne.

We have to put down 21% because we can’t qualify for the full amount of the purchase price ($285,000 ).  We can only qualify for a $225,000 loan. We could qualify for the full amount if the $900 basement rental income could be used as qualifying income.  But it can’t because there is no separate mailing address.  

Hi Brenden, We are planning to live upstairs.  The seller has already said that he is not open to seller financing for any of the purchase.  It seems like our only option is going to be loans from family and friends.  This property is just too good of a deal to pass up.  It is right next door to the house we are renting now, and priced way below market.  It is the perfect house for us, and it has the basement rental income.  Thanks very much for your reply.