All Forum Posts by: Brooke Carlton

I have a property listed for sale in Goodyear, AZ and it carries a 2.25% interest rate. The payment is about $1320 per month. The home was built in 2006, great neighborhood, close to the highways, close to everything new that is being built, close to a military base. The issue is the down payment is over $250k and no one has that or is willing to fork over that amount. Does anyone know of an affordable second loan to help with the down payment? Any other suggestions?

Hello all! I purchased my first home 6 years ago as my own personal property when I became a realtor. I was able to negotiate really good deal on it as well as collect the commission to help me fix up the home. I have a really great interest rate but I'm sitting on so much equity and I think its time to move on to something newer and use my equity to invest. 

I've made small cosmetic repairs and have made it comfortable for me and my family but there is some deferred maintenance and cosmetic things that I'd like to update before I'd want to sell. 

As it stands, I'm sitting on a little over $200k in equity. I'm debating if I should take out some equity and fix it up and sell. If I did, I'd go buy a newer property that I could turn into a rental in a year or 2 and repeat. Or should I take care of the maintenance and rent it out so that I can rent it out for about $1,000 more than my mortgage? 

-(side note, I don't qualify for a HELOC as I wrote off too much in taxes as a realtor)

What would you do?

Yes note investing is the term I was looking for. Thanks for the info! 

Hello Bigger Pockets!

I'm a Realtor in Phoenix, AZ and I was wondering if there is a such thing as investors out there who reconstruct loans for families? I have someone in a situation where they can no longer afford their monthly mortgage payment due to property taxes increasing and other circumstances. She is current but is afraid she will fall behind soon. I've heard of investors buying non-performing loans and reconstructing them so that the monthly payments are more affordable allowing them to refinance later etc but I'm not sure how feasible that is these days. 

What I know is that the home is worth approximately $275K and she owes about $226K. She cannot refinance now due to poor credit and shes only owned the home for about 2 years. She wants to remain in the home because she isn't sure that she can rent it out for her mortgage payment $1700. 

Any suggestions besides selling the home or renting it out?