All Forum Posts by: Daniel Lesage

Thanks, Joseph!

Hello,

I am new to the game and will be buying my first property in the very near future.  I am interested in a 203K loan. I am wondering if it's possible to get one, live in it as a primary residence for a year (or for however long the residency requirement is), and then get another one, turning the original into an investment property and making the second the primary residence? Is this possible?  Thanks!

So if we get 50-60K it should produce somewhere around 100ish a month in cash flow.  We have enough between us to buy the first property, but this would allow us to buy a second pretty quick.

I don't think selling it is in the cards, it's less than a mile from the beach and my wife has some sentimental attachment to it.  It's easy to rent and get's used as a vacation spot for her (now us) in between rentals.

Hello,

Thanks in advance for helping with this question! So here's the situation. I just got married about 2 weeks ago.

My wife's mother took out a mortgage on condo for my wife to live in when she was in grad school.  Both she and my wife are on the title/deed.  My wife has been financially responsible for it the entire time, and the mother considers it and the equity the property of my wife.

There's about 30K left on the loan and the property is valued somewhere between $120-150K (it's near Miami, we live in Connecticut, for what it's worth), and it's being rented.  We'd like to refinance it, and use the equity to buy another rental property.

Given that the mortgage is in my Mother In-Law's name, is there anything we have to or can do to get it out of her name? Any advice on how to proceed would be appreciated, thanks again!