All Forum Posts by: Heather Mills

@Dylan Thomas

You could always buy a duplex with an FHA loan you'll need less money down and that will save you some for repairs if needed. You can live in one side and rent out the other side. I'm not sure of your current living situation. In our case when we bought our first house FHA, I was in nursing school so it was in only my husband's name. Then later when we bought our current house I had a good income so we put this one in my name and still got an FHA loan. Then we rented out the other house.

@Charles Ngansop

You could discuss with her that you really need to get the rent back on track for the first of the month, discuss setting a date (like income tax return time) to get everything financially squared away and that after that point you will have to start enforcing the late fees if she falls behind again. That way she has a way to get back on track but realizes that she needs to maintain this priority rather than blowing her money and getting in the same situation again.

I have an opportunity to buy my parents house and make payments without a mortgage. Their home is completely upgraded and I plan to use as primary residence. There are a few things it lacks that I can add as I go. They want 15 yr payments so I can't afford to keep paying both house payments. My current house is 5 mins away and in good shape. If I sell I would refinish the wood floors and not much more is needed. I could probably get a $30-40k over what I owe. It's a desirable area with good schools. If I rent it out I could probably get $200-400 a month over the current payment due. I'm thinking renting it out would be a good choice so I could pay it down more quickly. We just put in a pool this summer. I want to makes sure that if we get a good lease drawn up, would there be any way that we could have liability if something were to happen in regards to injury with the pool. The yard has a 6 ft privacy fence. There is a gate on the pool deck. It is semi inground, so I can literally throw my leg over any point and climb in. I'm assuming any renter would mist likely have kids as it is a 3 bedroom. I would sell if the liability were to high to rent. I just spent $20k on the pool so don't want to take it out. Thanks in advance for your advice.

I have an opportunity to buy my parents house and make payments without a mortgage. Their home is completely upgraded and I plan to use as primary residence. There are a few things it lacks that I can add as I go. They want 15 yr payments so I can't afford to keep paying both house payments. My current house is 5 mins away and in good shape. If I sell I would refinish the wood floors and not much more is needed. I could probably get a $30-40k over what I owe. It's a desirable area with good schools. If I rent it out I could probably get $200-400 a month over the current payment due. I'm thinking renting it out would be a good choice so I could pay it down more quickly. We just put in a pool this summer. I want to makes sure that if we get a good lease drawn up, would there be any way that we could have liability if something were to happen in regards to injury with the pool. The yard has a 6 ft privacy fence. There is a gate on the pool deck. It is semi inground, so I can literally throw my leg over any point and climb in. I'm assuming any renter would mist likely have kids as it is a 3 bedroom. I would sell if the liability were to high to rent. I just spent $20k on the pool so don't want to take it out. Thanks in advance for your advice.

ok. Thanks. I'll look into this. 

The first mortgage we got was in my husband's name only, I was in college and not working. Then after I graduated, I took about 9 months and built up my credit and saved up a down payment. We bought another house FHA in my name only and we rent out the house in his name. I also have $130,000 in student loans but their up to date as I'm currently in grad school.

When my grandparents passed away, my mom and 2 uncles inherited their house. I had it appraised and got an FHA loan for the house and then they split the money. I would think of he could get a loan like that and then the loan can be used pay off what's owed on it and buy out your half, then use remaining to update the house. Not sure f that helps.

I can say a few years ago I never checked my credit score. This was before credit karma and such. At one time, I had no credit cards, car was bought cash as well as any other purchases (before I bought my house). So I would have had a low or no credit score. But I always paid my bills on time. Sometimes credit score is not accurate. I think looking at references, how long they've been at their current job etc and maybe talk to last landlord. That may be more accurate. 

I'm thinking of buying a cheap house that needs alot of tlc, nothing specific in my mind yet, and throwing in time and money to fix up and rent. I'm thinking if I screen tenants and accept section 8 then I should potentially get my money back in a few years and be able to start again without having to take out any mortgages. My husband and I have done alot of remodeling ourselves in our own house. So most of the work we could do, except structural or major electrical work. I was just looking for any insight on whether this seems like a good idea or what suggestions you may have. Thanks

She may be better off just getting a credit card and using it occasionally and paying it off right away so as to not have to pay interest but it'll report to the credit bureaus. Capital one is pretty easy to get and she apply for pre qualification first so it doesn't affect her credit score and then apply for the card they pre qualify her for. I'm not sure if there's more of a reason for not wanting a credit card.