All Forum Posts by: Connor Williams

If you assume a mortgage from a family member, do you have to occupy or can you rent the property? Is this lender specific? Wanting to assume a property and let MIL continue to  live there while we own it. Her, paying only a small portion of the mortgage, the rest being covered by us. 

When you assume a mortgage (in this case from a parent) do you have to occupy this? Or could you rent this property back to them? Or rent to someone else all together?

I see to be getting mixed answers from the lender on this. Maybe I talked to someone who was unsure of this?

thanks!

Does anyone here know of a team or potential team that is looking to expand and hire an experienced broker and investor in the greater Phoenix area? Specializing in investment houses and strategies, new construction,  flips, long term holds, down to the studs remodel? I am not just someone who says they are an investor, but has experience with multiple investing strategies and actually owns properties! TIA

Connor 

The snowbird market is still strong. We get calls all the time for 5 month rentals. Pros-very lightly lived in, usually 1-2 people, they pay utilities, guaranteed 5 month cash. Cons- you are losing potential cash vs VRBO or AirBB during the prime seasons,  you still need to rent the property out for the 7 other months. 

Prices continue to drop from what I am seeing in the greater Phoenix area. Might pull the trigger in the next week or 2. 10% under asking, maybe an owner finance, can’t score without shooting!

I am wondering about this as well. I have heard mixed reports. One investor I spoke with actually said the opposite. They are booked through 2023. 

The numbers I am running don't seem to pencil South of Phoenix for a STR

 Like any other mortgage and contract, I am guessing I can pay her off by refinancing or cash out at any time? Thanks for the help!

This would not be a primary residence as she would continue to live there and we would not. Trying to avoid a new loan at all costs (for right now)

My wife and I want to purchase her moms house and let her live there rent free. We would be purchasing it for her mortgage amount. We can’t assume the loan. 

What can we do to avoid the 8+ percent interest rates? 

Add ourselves to title and let her keep paying the mortgage and reimburse her? My worry with that is she buys something, doesn’t pay for it and becomes a lien. Or would we have to sign off everything since we are now on title? 

Those replies make sense. I think overall the sfr have a better chance at appreciation in the future. The cash flow would be about the same, right now being that you essentially hVe to buy your cash flow in my market