All Forum Posts by: Janet Taylor

Hi,

I am moving to Austin, Tx. in the next few months and am looking for a realtor that is familiar with investing in distressed properties.  My house in Shreveport, La. goes on the market next week and I am wanting to have something in the works when it sells. I usually buy older distressed homes, live in it for two years or so and then sell.

I am leaning toward the Dripping Springs area and wonder what those of you investing in the Austin area think about Dripping Springs.

You are welcome to call me at [REMOVED]

Thanks,

Janet Taylor

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Thank you for this good info. I have contacted someone that is a RM specialist.

Thanks everyone!! This is the reason this website is so great. I am wanting to move to Austin where my brother lives. I would rather do this sooner than later. I have flipped five houses along the way and would like to continue doing so but closer to family. I know the market in Austin is tight so will probably have to go outside of Austin to do so. 

From what I read on a couple of sites today, including one on bigger pockets, you can now purchase using a reverse mortgage for up to half the price of home. This is pretty new so not many people are utilizing reverse mortgages in this way yet. This would allow those 62 and older to utilize a reverse mortgage instead of conventional mortgage. The income requirements and credit scores are less stringent and you don't have a mortgage payment.

This is my interpretation of what I read. I had never heard of this before. The blog on bigger pockets discussing this is entitled " Are reverse mortgages just for idiots?" by Alex.

Thanks for your input Wayne. I do not have a RM on the house I own now. I have been reading about using RM to purchase another home if you need to sell the home you are in. I would have $100,000 from sell of my home but do not have enough income or high enough credit to get a conventional loan so was considering a RM.

I am considering using a Reverse Mortgage with the house I am in or selling it and using a Reverse Mortgage tobuy my next house.  I need more information and a better understanding of Reverse Mortgages in order to make a good decision. 

Can I live in my garage apt and rent out my house and get a RM?

If I sell my house and used a RM to buy another house how much could I afford if my figures are as below?

Cash.    $100,000

Income $  24,000

Credit Score. 650

Thank you for your help. 

Hi Kendrick, 

I also live in Shreveport, La. This is off topic but I am currently renting my house to John Alexander, the art director for the Salem tv show. He is leaving at the end of May and was wondering if you knew of any other shows or movies that will be filming in Shreveport soon? I am considering  renting my house again and am wanting to connect with any new people needing furnished house.

Thanks,

Janet

I'm not doing a good job explaining the financials. Here we go again :-)

Both the house and garage apt include utilities. I have combined both of the renters utilities here.

Garage apt.               $500

House.                     $1700

Utilities,cable.          -$500

Taxes/Ins.                -$250

Net Profit.               $1450

I just realized I didn't explain that the renter wanted the rent to be all inclusive so I'm asking $1700/month but that includes the utilities etc which average $500/month. Taxes and ins are $250/month. I have no mortgage so my net profit is $1450/month.

Thank you for such quick responses. I am getting ,$1700 for my house. and $500 ,,for apt but this is all inclusive. The utilities,cable,ins,taxes cost me about ,$500/month.  I have no mortgage on this home so my profit is $1200/month.

Good to know about other loan options. That makes me feel better.

I am a 61 yr old woman who owns my home outright. I decided to rent my house and garage apt last Nov. for a combined $2200/ month while I visited relatives. Their contract will be up at the end of May. This has been my only income for the last few months due to health issues. 

My goal is to continue to be involved in real estate investing and am trying to decide what would be the best way to acheive that. I have bought and flipped five houses and have always done well. I just love doing this and can make so much more money than anything else I can do. As I've gotten older I have become more concerned about cash flow and want to make sure I make the best decision concerning this property.  

Issues that would affect my situation:

°Health issues that have prevented me from continuing my profession as a hairdresser.

°No savings other than equity in house. Market value of house is $130,000. I paid $44,000 cash plus $30,000 in rehab.

°650 credit score

Options that seem available to me:

°Find a another type of work for cashflow (seems pretty overwhelming) and live in house. Try to improve credit score during this time.

°Find another tenant to rent house and continue to use house for cashflow longterm. I would find cheap place to live, find a job, improve credit and then try to get loan to invest in another house. From what  I know it would take two years before I could use home as income to help with getting loan. 

°Sell house, get another job and try to get loan with my credit score. I obviously don't want to put so much cash down this time. 

The reason why I'm struggling so much with this is that it has turned out to be such a good rental property. I'm getting $500 for my tiny garage apt and $1200 for the house. I don't see this property growing that much in value because the neighborhood is a transitional one that doesn't seem to be swinging up. 

I apologize for the length of this post. I don't seem to have the wisdom I need to discern what is the best route to take. I appreciate any thoughts you have and words of wisdom.

Janet