All Forum Posts by: Joe Homs

@Rhe Cowee you do not have to be a veteran to assume a VA loan. Thank you for your service. You are probably better off getting a new loan, unless the assumable loan is at a really good interest rate. I would also pull a list of VA loans in the area that you are interested in buying to see what is out there. I use Propstream.

Good Investing...

@Jennifer Wong  I have changed my leases to 11 months to avoid locking them in as permanent tenants after 1 year.  If there are any issues with the tenant during this time you can evict easier.  Most tenants may not accept a month to month lease.

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@Jack Schwartz honestly the only ones who benefit are them.  However, if you have a distressed home, physically or financially, then they may be your best option for a quick close besides a flipper like me.

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@William Coet you can always insure it yourself.  Have you checked into a Life Estate, instead of a Reverse Mortgage?  Or is the Reverse Mortgage coming from a bank?

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@Kandarp Patel Have you tried the Big banks. Chase, Wells Fargo? Wells Fargo opened my last account with a Wyoming LLC from California.

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@Mario M. are you trying to wholesale deals to them? If not why would you let them buy a completely flipped property at a discount. The most powerful tool is the MLS and agents.

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@Suzanne Mortensen we use Propstream because it's countywide.

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@Lutfiyya Portier I hate to tell you this but, you have done everything you should NOT have done.  It looks like the sisters still own the property.  You would have to get in touch with one of them to resolve this, which may need a probate attorney to resolve, and you may not get anything after that.  You should ALWAYS get title insurance when buying or selling a home.  A quit claim deed is worthless.

Your recourse now would be to get money paid from your father, but I don't want to have that conversation.  He may have been unaware. Possession is 9/10 of the law so I would keep renting out the home until hopefully you have recouped your investment and more.

Good Investing...

@Jamie Powers you will need to check with the city for specific local laws, but you should be good with 60 days notice.

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@Rosanne Muschenheim I am not understanding all your information.  Is your "first house" your primary residence?  If so, you can use the 121 exclusion and save on capital gains taxes to sell the home.  If it's an investment, then you should do a 1031 exchange.  So, I suggest before you buy something else you need to figure that out.

Life is short for "senior investors" like us, so live your best life and buy wherever it makes you happy.  Make sure your financial situation is square and go for it.

Happy investing...