All Forum Posts by: Jennifer Jones

@Robert Gilstrap Thank you for responding. Could I give you a call today if you're available? I'll inbox you.

Does anyone have experience with buying a house subject to and keeping the loan in the original buyers name? Would anyone in Nebraska be willing to point me in the right direction on what company to have do the closing and contracts?

@Shera Gregory have you ever done a subject to deal? I spoke to the seller and they are willing to go that route. I am wondering what documents you put in place? Do you have a title company do the closing or an attorney?

@Thomas S. I agree this house probably isn't something I want to get involved with. It seemed like an opportunity to buy and hold on to some equity. Too much hassle with the inherited tenants.

@Shera Gregory I never thought about doing a contract like that. Makes more sense though than paying for a new loan. Thanks for the advice.

@Shera Gregory Thank you for your response. Yes having a friend as a tenant isn't ideal. It's more my husband's friend so I'm not worried about ruining a friendship if they need to be evicted. (Technically husband's friend's ex-wife) Rentometer says average rents are $1,200 in that area. So that would only meet the 1% rule. I'm having a realtor runs comps...I looked up similar homes that recently sold in that area and they all seem to go from aprox 150k or higher. Seems like allot of money to tie up for only 1%. I'll check out the buy and hold calculator as well

@Rick Pozos. I would love to pick your brain on analyzing a possible deal. We have friends that are looking at a foreclosure and want to sell their house for the cost of the loan. Since it sounds like you do this primarily I would love to hear your opinion on this particular deal.

We have a friend who is behind on his mortgage and unable to catch back up. We have the opportunity to purchase the house he is living in for the amount owed to the bank $120,000 the house is worth approximately 150,000. Obviously we would have inherited tenants who are known for not paying their mortgage. Do you think it's worth it to buy the property since it has equity? What would the monthly rent need to be set at? Has anyone ever done this?

@Troy H. Those were the numbers from the owner. I will ask about a "rent roll". That is a new term to me. Heck it's all new to me but I'm learning so much :)

@Andrew Johnson I'm going to speak to a lender this week about calling it a 4 unit to get the longer term financing. We could call the upstairs 2 units a 2bd/2bath. I know dealing with that low price point can present it's challenges in tenants and it's definitely something I need to think about. It's a safe area, well maintained small town. I think the area is rebuilding slowly but surely. Great point about making an offer based on how it's performing today! Thankyou again for your insite.