All Forum Posts by: Jack Wyatt Jr

I appreciate your help Ned,

I will definitely check the link you provided.

Thank you 

Jack

Thanks for your input Joe.

Three of us are inheriting the property. The lawyer drew up the living trust and will. I went to them when she passed. 
We are in agreement on keeping the property. I just need to switch the automatic payments to another account. The bank notified me they are closing her account. I am hopeful this will not trigger anything with the lender.

Much appreciated 

Jack

Thank you everybody for your responses. Great information Ned I read through that link you gave me according to the link I think I am safe whether I notify the lender or not. Thank you so much for the information. If there’s anything I can do to help any of you feel free to DM me.

Jack

Thank you Minna and Mike for responding,

 It was not a reverse mortgage. I am not sure if you can keep the property in the trust. I have seen things saying some trust have a time limit. Thanks for your inputs 

Hello BP,

I am hoping you could help us. I am working on trying to keep the interest rate at 2.5% on my mom’s house that we are inheriting now. The property is in a trust but the loan was taken out in my mother’s name. I am the executor. The lawyer talked about notifying the lender about the passing. We are keeping the property. I am concerned that the lender will call the loan due or make us qualify for a new loan at today’s interest rate as non-owner occupied property. If anyone has gone through this or anyone knows what we should do, we appreciate anything you could help with.

Thank you,

Jack

Hello BP,

  I am hoping you could help us. I am working on trying to keep the interest rate at 2.5% on my mom’s house that we are inheriting now. The property is in a trust but the loan was taken out in my mother’s name. I am the executor. The lawyer talked about notifying the lender about the passing. We are keeping the property. I am concerned that the lender will call the loan due or make us qualify for a new loan at today’s interest rate as non-owner occupied property. If anyone has gone through this or anyone knows what we should do, we appreciate anything you could help with.

Thank you,

Jack

Investment Info:

Single-family residence buy & hold investment in Las Vegas.

Purchase price: $100,007
Cash invested: $70,000

2 story, 3 bed, 2.5bath
working on refi to finish BRRRR

How did you finance this deal?

We financed with cash for our home.

How did you add value to the deal?

We remodeled and up graded house.

Lessons learned? Challenges?

Start buying and ordering supplies asap. Waiting to finish increased holding cost. Have a plan for contractors to move forward with renovations while waiting for supplies.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We worked with Lantana Property Management. They were recommended by Eric Fernwood LV realtor. Eric was very helpful.
I recommend both.

Hello Craig,

 I have reached out to brokers and agents in Las Vegas. Eric Fernwood helped me out with property management companies and refi banks. He is really helpful and on BiggerPockets. Look him up.

I wish you well with Las Vegas.

Hello Catherine,

I have been looking at your posts. Are this deals you have done or is this your clients. 

Fantastic, looks beautiful. How were you able to keep your rehab cost so low? Did you do work yourself or did you use contractor.I have a property in Las Vegas and trying to keep my costs low.