All Forum Posts by: Ethan Miller

@John Palley thank you for this information! So the property is in Missouri and the original owner died in September of 2018 and I know it also has been cash flowing (not sure how much) which was why I was wondering but just realized I didn’t put that info in my original post. Would this make any difference?

I am sure getting the 8 heirs to agree on something would be very challenging. This is why I thought if there was an advantage or disadvantage in either direction it could help all decide the same thing.

I have found a 4-plex property that is being sold. The owner has past away and the property has been placed into an estate. I have been able to contact the daughter that is currently in charge of the decisions and said she just wants to off load this property as she has been self managing since he has passed and doesn’t want to deal with it especially since she lives about 3+ hour drive away. Another part of info is there are 8 heirs to the estate and she said it does have a small mortgage on the property.

Is there a way or an easy way to do seller financing with this situation? I tried to explain the tax benefits but she said when it is in an estate there are no taxes to be paid. Is this true as I have never worked with an estate before?

Looking for any tips or suggestions. Thanks!

@Craig Jeppesen thanks that’s good to know that it is possible to at least obtain a vacation home with 5% down. But a bummer for this situation, was hoping to put in the least amount of money as possible but isn’t worth the risk of committing mortgage fraud.

@Theresa Harris thanks! yes That is a good idea, I am big with paper trails. You never know when something might come up and could save yourself

@Theresa Harris no it would not be my primary residence it would be a vacation type of property in the beginning. I do have family that lives in the area of the property I could visit. But heard there was a way to put 5% down on a vacation property of over 60 miles from primary residence just not sure as I have never heard that before.

@Mike M. Thank you yes this makes sense. I do not want to be doing anything illegally, the lender mentioned if the property was over 60 miles from my current residence I would be eligible for 5% down but I didn’t catch why that was.

I will be sure to speak with them and specify my plans and see if it would fall under the criteria in the loan.

Was thinking about house hacking a fourplex that is over 60 miles away as a "vacation home" as it is in a small country town, I currently live in the heart of suburbia with no plans to move completely. Obviously first step is to be eligible for an FHA loan with this property.

Question is: After that, if I was to travel and live in one (unit A) with the other three units rented then 6 months into the year switched units I was keeping for myself to rent out after remodel then I dwell in unit B. Would this constitute as living for the full year? Since it is one property didn’t know if that would be possible.

I currently have one single family home that has been rented. The lease is coming to an end and needing to look for new tenant. I have been reading lots of blogs and book and everything I see says to look as professional as possible to show you take things serious. I’m looking to expand my investments and setting up a property management company which I have come up with a name and potential logo. My plan wasn’t to officially set it up until I obtained another property or two.

My question: when placing a yard sign or posting the house online should I just get a cheap for rent sign from Home Depot or should I have one made with my potential company name and logo? Also if I was to do that would it even be legal since I have not set it up as an LLC yet?

@Eric Michaels thank you for the advise. I think I will hold off on this one then

@Don Gouge thank you for this. In regard to the ac and heat source there is currently a wall ac unit on the main floor and as for the heat the owner said he never has used it but might put in a new one as it is located under the house in a crawl space. This way can place it on one side of house to run the duct work down the center of the house to shoot up to second floor st the same time as it is blowing out below on main floor.

If I was to go through a title company would I just call them and let them know? For my two other houses I have used a realtor to help out with the purchases.

In regard to the cost it very well might be smaller than I estimated as I have a 1200sq ft house and seems to be a lot larger than this one. I just looked on Zillow to see the sq ft it shares on there. So even if I were to do all the work myself it would still prob cost more? And find deals on things to install. Just to point out the area this house is located is very run down so I don’t feel I want to make it look like the ritz Carrolton for the area or it might be broken into.