All Forum Posts by: Account Closed

I was wondering about a HELOC but with the bad credit situation I wasn't sure if that was an option.

Thank you Carol C. I appreciate the help!

Hi all,

Not sure if I have any good options here but I inherited a property in zip 80003 and I'd like to hang onto it as a rental. I just need the 10K to get it ready. And my credit is terrible due to some bad times where I had lost my job suddenly, so right now I'm in credit rehab mode (or at least not making it worse since I have a new job and things are back on track).

Mortgage balance is about 130K. Probably worth 350-370K as is. 

Or is it better to sell it?

Thanks

Hi,

I'm looking to pass a couple of names on to my aunt. She has an estate situation with a family member's home and she needs a Realtor who can help with ideas about removing stuff/donating, who to call for that, what work if any should be done to the home, etc. The house is in the Betton area, a 3/2 in good shape but dated as you might expect for someone who was in their 90s. My aunt lives out of town, as do I, so she's looking for someone who could help facilitate the process somehow as she's 70 years old and a bit overwhelmed. She isn't sure what should be done before listing. 

Thanks

@Account Closed Thank you so very much for the incredibly informative post. You've given me so much to think about! I do think I would like to hang on to the house for a while longer but the layout of the house makes me wonder about it's suitability as a rental. What I mean by that is there is a small loft area carved out of the attic which is beautiful and nicely finished. Its access is via a ladder-like stairway (if that makes sense, kind of halfway between the two) and I wonder if the loft will create liability issues although there are very good handrails there is still an edge that someone could conceivably fall off of if they were being extremely careless. I'm going to have to look into whether this is a problem.

This house doesn't have a basement, only a crawlspace. I could possibly finish more of the attic at some point. My garage is very large and tall and as I said earlier it looks more like a small barn than a typical garage. It has potential although it would need more windows. The ceiling is already insulated and drywalled. There is water out there or at least there was at one point but right now it isn't working and I'm not sure why. 

The tiny house idea is brilliant! 

Lots to think about! Thank you so much. 

Thank you all so much for the help. I've learned a lot and wow this forum is just awesome. @Amanda Coleman thank you for the info about your property and your plans, it gives me a lot to think about. We could do coffee sometime for sure.

@Jay Hinrichs you make a very good point and I thank you so much for the help.

@Stephanie Sherman the other property is not free and clear but it's got a pretty low monthly payment, at least a lot lower than I'm used to.

Thank you Amanda, I guess the part I'm wondering about is whether it is risky to hold it or if the potential appreciation looks good....comes down to bubble or no bubble?

Also have no idea about the ins and outs of ADUs so I definitely need to look into that.

Thanks for the help!

Thank you. Yes I can put the proceeds towards a new deal. 

Thanks for the reply. Sorry if I wasn't clear but the mortgage on the place is at about 230k w/ 400k or maybe higher being the expected sale price..