All Forum Posts by: Belynda Wesley

I am networking now, but I also have a 9 to 5. I know what I’m looking for and need a estimate, at the end of the day… if a contractor can’t spend 20 mins to look at a potential job then I don’t think their for me anyway. Financing is not the issue. It’s just I rather do a investment property then buy my first home. If I was anybody I would take a chance on me to 🙂

 Hi Bob.  I am looking for estimates.

Thanks for responding. I have seen your answers on other forums, and you are so informative.

 Thank You so much :-) 

Hello, 

I am looking for GC in the Columbus, Oh area. 

 Hi Bob, I would love to talk shop with you. I am interested in purchasing my first investment properly and am overwhelmed with so much information. I live in Columbus ( just moved here), but looking in the Cleveland area. I used to live in Tremont for 2 years, so now "very little" of the Cleveland area. I would like to connect if possible. 

Quote from @Account Closed:

Quote from @Belynda Wesley:

 I'm confused. I'll need clarification to help. You said it was a reverse  mortgage.

"A reverse mortgage loan, like a traditional mortgage, allows homeowners to borrow money using their home as security for the loan. Also like a traditional mortgage, when you take out a reverse mortgage loan, the title to your home remains in your name. However, unlike a traditional mortgage, with a reverse mortgage loan, borrowers don’t make monthly mortgage payments. The loan is repaid when the borrower no longer lives in the home."

https://www.consumerfinance.go...

Your Comment: "We are currently paying arrears $1,500 per month + Insurance (Quarterly $1,100) + Yearly Taxes $1,450 This Year + Monthly normal bills. Why are we paying this: He didn't pay taxes or insurance on the house for years, voiding the agreement."

Has he gotten a foreclosure notice ? 

 Hi @Account Closed

Thanks for responding, and trust me; I understand the confusion, but hopefully your questions will give us both some clarity.

- We do not pay any mortgage payments. We just pay the arrears + insurance + yearly taxes, and monthly utilities. My dad is still alive, but he is 88 years old, my goal is trying to come up with a plan/strategy before losing him and while he is still in is right mind. 

- I just moved back to the Broward County area last July, and before that I was living in the Midwest. My dad, being him, was never checking the mail, so I can't confirm if a foreclosure notice came in the mail, but in January 2021, I received a call saying our house was on the foreclosure block and days away from being sold due to him not paying taxes on the house. I emptied my savings + asked friends for loans to save the house and start the arrears process. 

Feel free to send any additional questions. I am here to learn and receive any advice you're willing to give. 

 Hey @Adam Schooley, 

Thank You so much for your response. I am working on saving a few dollars and getting the home apprised. I will circle back on Monday (talking with the bankruptcy lawyer and the loan people, and will add this to the list of questions I have.) Are there any questions you can think of that I should ask the loan people? Once again, I am so happy for the advice. 

Hey Everybody, 

I can't believe I am doing this, I have been listening to the Bigger Pockets podcast for a while and really need some advice. 

My 88-year-old father took out a reverse mortgage back in 2008 (why did he do this, we will never know, where did the money go, we will never know. As a 30-year-old woman. I can say my dad has been bad with money all my life) 

We are currently paying arrears $1,500 per month + Insurance (Quarterly $1,100) + Yearly Taxes $1,450 This Year + Monthly normal bills. Why are we paying this: He didn't pay taxes or insurance on the house for years, voiding the agreement. (add crying emoji face, sad face, angry face and over it face" 

The house sits on 4 lots, with the house 2/1 sitting in the middle of it. What is in the empty lots. Nothing but grass. Can literally fit another house or even a duplex with a small parking lot. 

Area: South Florida (Broward County Area) 12 mins from the beach. This area use to be a tough neighborhood and is currently going through gentrification. Duplex's, Single Family Homes and Apartments are being built in the area often. 

What do I know (still learning): Owes $435k 

What do I want to do?  I would like to keep it if possible. We receive letters from investors all the time, saying we will give money to take over your problem and xyz. From podcast to watching tons of videos, I have learned there is a way to make this work and maybe profit from this; possibly build on the empty lots. 

Question: So, what would you do. I am here to hear all advice. Know somebody willing to share step by step advice on what to do. I have faith and think something great could happen. I am not attached to the house, But I think this could be my first project, very big, but

I think possible. So drop your advice, email. Happy to connect.