All Forum Posts by: Desmond Alexander

Originally posted by @Mike Cumbie:

Hi @Desmond Alexander,

Without putting to fine a point on it, the problem you are facing is a family communication problem not a Real Estate problem. Generally speaking all parties with an interest in the property have to either agree on what to do or take legal action to force things to happen. Personally I don't get wrapped up in things like this with my own family because I have seen it explode leaving a trail. 

I wish you the best of luck in resolving it.

Exactly, It's difficult to convince family the potential of something they don't understand. I am trying to obtain legal control of the property with mother in law and wife. Mother is older and doesn't make many big decisions like this.

My wife and I recently where able to get a HELOC on the home her Parents have. The home was paid and unfortunately, her dad passed away. Her mother is still alive but moved in with her sister about 2 yrs ago. Since the sister takes care of the mom she has been handling majority of the business. Now, the tricky part is that the mom has told my wife the house is hers but she has not signed the deed over and still controls the property. With that being said, even though we have access to the HELOC with no problem we don't have much control over the property which we wanted to rent out to pay for the HELOC and we could have more leverage to invest. The sister is just willing to place someone in the house RENT FREE just for the sake of someone being there since the property is a hour and a half away.Is there a way to remove the sister out of the picture without stepping on toes too bad?

Any suggestions and advice is welcomed.

@Jessica McKinney Are you advising clients to to go with this? I see you are located in Houston.

@Joseph M. Thats what I was thinking. I don't think that is the best thing to do. I would put something down and that's what I have been advising some close friends. I will look more into this in the next couple of days. 

Thanks for the feedback

Hi,

So, I am from Houston and I was there last week helping friends and family recover from Hurricane Harvey. It was a very sad, fulfilling and humbling experience. I notice upon my return that EVERY REAL ESTATE AGENT I knew was starting to offer 0% down FHA LOAN to assist people getting into a new home or slightly distressed home.

I was wondering if someone that has been doing this longer than me think. What are the pros and cons? If I am able to assist my family and friends recover STRATEGICALLY I am definitely up for the job.

I appreciate all of the feedback.

@Haney Mallemat In my area 1% is definitely reasonable. In most cases you will be between 1% - 1.5% . I feel like a 2% rule will work if you can find a real good property in a nice area that's highly sought after. I've asked a few investors in my area that have some skin in the game and this is what they have shared with me. The properties they have are currently doing a little above 1%.

That's what I was thinking. A house hack situation may work with this situation to get in the game if your funds are limited. @Don Konipol

I ran across this today. I am not sure about all of the details but this could be a great way in for a first time investor. what do you ladies and gents think? Any vets have any advice about this? ***Quicken Loans is offering qualified Americans the opportunity to purchase homes for 1%* down. That’s right, for as little as $3,000 down qualified individuals are buying homes worth $300,000. Not only that, Quicken Loans is giving these people a 2% grant, so if they put down $3,000, Quicken Loans will put down an extra $6,000, so they’ll start with $9,000 down. And yes, this really could work. ***

I have tried using the 2% rule for evaluations and in my market it is impossible in most cases. So I try to stick to 1%. I really feel like it depends on your market

I saw this and thought it was hilarious. They got a heck of deal haha