All Forum Posts by: Jared Miller

@Joe Splitrock it would likely appraise at 80k-85k after I clean it and paint it. the balance of mortgage is $61k so there is 20% equity. How do I purchase it with a conventional mortgage and use that equity? Will it be like a gift of equity then? Or are you saying refinance the FHA to conventional with me and current owner and then take current owner off conventional loan? I don't understand what you mean and how it would work?

 Owner occupying wouldn't be an option.  Can't move my family there.

@Joe Splitrock 

 Because I don't have 20% down for conventional mortgage and I thought this would be a good way to get around it.  

I planned to assume the FHA Mortgage and then rent it out. Going through the paperwork from Chase it says Investors are unable to assume FHA mortgages or it will be accelerated and the total amount will be due. Can I assume the mortgage and then refinance right away to a conventional loan to avoid any headache and heartache?

I planned to assume the FHA Mortgage and then rent it out. Going through the paperwork from Chase it says Investors are unable to assume FHA mortgages or it will be accelerated and the total amount will be due. Can I assume the mortgage and then refinance right away to a conventional loan to avoid any headache and heartache?

I purchased a duplex that came with tenants. Tenants I probably wouldn’t have approved. The neighbor is complaining of cigarette smoke coming thru the air ducts. I was just there to look At their fridge and found a cigarette butt under the fridge and didn’t say anything. How much proof of smoking do I need to say this is their last month and I will not renew their month to month lease? 

I'm a landlord of 2 weeks.  I bought a duplex - 1 side came with a tenant. Filling the other.  I have a guy that looks great on paper, but doesn't want to move in for 30 days because he needs to give his current landlord 30 days notice, which, I completely respect him for doing.  Here's what I was thinking...Can I ask him for a deposit to hold now that will then be used as his security deposit? Can I also say It's not refundable if you decide not to take it, but will be if you do move in and then will be used as a security deposit?  Is this legal and a good idea?  I just want to protect myself from holding a place empty for 30 days and then he change his mind.  

So it's only a decent deal if I use cash and not my HELOC.

A duplex I'm analyzing is for sale for $110k. Each side would rent for $660/mon so $1320 total. Mortgage would be $661/mon and this includes RE taxes and insurance. My down payment is from my HELOC and will need to start paying back right away. $300/month payment. I used $200/mon for cap x and vacancy (~15%). To figure my cash on cash return. Do I include my HELOC pmt in exp and my money invested is my HELOC amount? HELOC for down payment and closing costs comes to $30,815. or do I pretend the $30,815 is my cash and I don't have a monthly payment?

I found a land contract for sale.  The land itself is not for sale, the land contract is.  My guess is the owner of the contract needs a large sum fast.  They say the buyer never misses a payment, but I hope they do so I can foreclose.  The PV is $15,000.  Monthly payment is $500 and of that $500 about $50 is interest.  My question is, how does the transfer of the contract work tax and legal wise?  does my basis in the property become what I pay for it?  Would you offer lower than the PV of the cotract? if so how much?  is any of my thinking flawed about if the buyer fails to make payment, i can foreclose and the property is mine?  And if they do make payment, well then I just get my money back plus the interest?  Any other costs associated with the deal that I should know about? transfer costs etc?