All Forum Posts by: Jairhad Hemmons

Hello, Long time lurker, first time posting... My grandfather recently passed, leaving his house to me. It’s completely paid off, just taxes due. Needs a ton of work, new furnace, interior, etc. Would I be better off selling for almost nothing, renovate then sell, or renovate then rent? I’m leaning towards renovate/rent option as if ultimately like to get into rental ownership. I feel as if this could be a low risk opportunity to get my feet wet in the business without putting myself in such financial vulnerability. Anyone have a similar situation or any advice? Thanks in advance for any responses.

Message me if you have any more questions about the area, maybe we can help each other.

The lower the address, the closer to Gary. For instance, 5200 is technically Merrillville, but closer to 8100 is near mall stores, etc.

I would like more information on meetings in Chicago as well.

Hello, I’m in Hammond and am considering the same plan. Good luck with your journey and keep us posted.

I'd assume there's already equity in the house, how much, I'm not sure. I've started to research zoning laws for my area. Again, thanks for the input and questions asked, it gives me a little more to consider. My grandmother was under the impression that her mortgage had a clause that allows it to be taken over. I'll have to further clarify with her.

Hello, Long time lurker, first time posting... My situation is an interesting one I believe. I have been offered the chance to take over the mortgage on my grandmother's house. It's a two flat with definite opportunity for rental income. Around 100k left at 4% interest on the mortgage. I can likely afford on my income alone, luckily there's already a tenant in one of the units that pays rent, I'm currently in the other unit. My question is this, is it worth it? There's a possibility of converting unfinished basement into a one bedroom apt as well so with some work, it could bring in more than the mortgage amount easily if all three units were occupied. Has anyone ever converted basement into living space? Goal overall is live here for about 3 more years, in that time, renovate the upstairs unit and transform basement. What kind of budget did you work with if you've done something similar? Thanks in advance for any responses.