All Forum Posts by: Brandy Carrero

@Joe Koziol thank you so much! I’ll look into it!

@Brandy Carrero specifically looking to refinance into a 30 year conventional loan (not personal mortgage) with a LLC. Looking for the best rates, quick response time

Hello, recently purchased a property. Does anyone have any suggestions on a good lender to refinance with in the Philadelphia area?

Hi all!

Looking to refi out of my HML As soon as possible. Any suggestions? Property can be refi as a primary residence. Looking for a 30 year convention loan.

Thanks!

@Odie Ayaga thank you, I truly appreciate the advice. Id like to come to an agreement but we can’t see eye to eye on the situation. We still live in the property but I’m looking to start off my own venture on future projects and just hire him as a contractor moving forward. Thank you again!!

Those were my thoughts exactly! He doesn’t think that but that’s where I am. Now we have to hire someone to understand this situation and come to an agreement. I refuse to pay him. I had no say in anything. Any suggestions on who I should seek for advisement? A real estate lawyer? A professional that could help with this? Thank you again for you input! 

@Odie Ayaga you hit the nail right on the nose! This is exactly what happened! So I’ll give you the back story. Originally he purchased this home as a commitment to us. He did everything without me (as a surprise). Which I’m completely thankful for. The issue here is originally he was expecting his money in return when we refi. This home was originally a foreclosure that he purchased and we would live in. His expectations of this home was that he would buy the house, renovate it with his money and once we refi he can get his money in return and we would pay the mortgage on that amount. Unfortunately he did not run the comps as he should have and put too much money into the house. That was his mistake. Again, I was not originally part of this deal but it is our primary residence. Now that things did not work out as planned, he is expecting me to pay him back the money he originally put into this house out of future projects we are working on. I don’t think that’s fair that I have to pay for his mistakes. We pay 50/50 on the mortgage, our bills, everything and now I “owe” him the money that he put into this house since his first plan didn’t work out. What are your thoughts ??? Thank you for your reply!

@Scott Krone thank you so much for your reply! This helps a lot. Just to clarify, this house was purchased as our first home. You’re absolutely right, we should have worked out the details in the beginning! This was our first partnership activity and there are a ton of lessons learned from this scenario. At this point, I’m trying to understand what’s fair for our situation. I thought giving him half or allowing him to keep the 48k from the refi would be sufficient. But he’s seeking the other 40k that he put into the house in renovations. All he cares about is getting his money back and we just split the mortgage and bills in half but that just doesn’t seem fair to me. Now we are working on a duplex and he expects me to pay him back after the refi on that property (this is a business one) 

Hi All,

My partner and I recently purchased a home, acquisition was 130k after closing. He put about 90k into the home in renovations. It gets a little tricky because my partner is also my boyfriend. He was expecting to get his 90k back after refi. He did not, and only received 46k from "our" refi on "our" home. He believes I still owe him 45k to receive the 90k he put into the house to make it "equal". Technically, if we used a HML for acquisition and I give him the 90k back in renovations - how is that equal? He basically didn't put any money in the house if I pay him all that back. But he believes that if we would've paid 220k for the house after renovations - which is the 130k + 90k then we would square out. But at that point, I'd be paying a higher mortgage instead of him taking my proceeds from our business.

What should I do?

Whom should I talk to?

We can’t seem to get on the same page so I’ll need professional/expert advice

Thanks!

@Michelle Bulich I think it comes down to your personal beliefs. I’m not a believer in ghosts, but if for some reason things like that was happening and you tried to rent/Airbnb it and noticed you received that type of feedback - you could always sell it and get it out of your way could be your last option. You should definitely run the comps for selling to make sure if you did resort to that last option - you could still get some money in return