All Forum Posts by: John Boonphitak

 Hey Edgar, just came across this 

could I get a copy or if you have any recent wholesale deals done on a trec contract with the assignment to my email please?

@Mike Sedlacek wow mike, very interesting and inspiring story there!

I wasn't sure what House Hacking meant but its such a coincidence that, that is what I am doing it right now by living in a SFH and having the remaining rooms rented out to tenants. Hopefully long enough to be able to help me get my second property in due time.

Hello Everyone,

I am new to RE investing in the San Antonio Area,

Just making this post to say hellos and would love making new friends in the surronding areas that are like minded into RE in our city!

Also, any Mentors I would love to dive deeper and gather knowledge from one!

Thanks for reading!

Hi All,

When it comes to Equity in Homes,

When is the best time to use them?

Can you use them right away if you actually have Equity?

I am just gonna put numbers in for an example and would like to know IF these things are possible to do.

Ex. 

I lived in this home for 4 years.

I have 80,000 in my mortgage to pay.

My current home's market value is 130,000

First, would my Equity be 50,000?

If not, please explain why? The calculation of subtracting MV with what I currently owe equals that.

If this was the amount you had, what would you do with it?

Other than "investing,"

Would it be smart for people to actually put this back into what they still owe on their mortgage to bring it down closer to paying it off?

When is it a good time as an investor to take our your Equity and putting it to use for yourself?  

@Nik Moushon Hey Nick, Thanks for that input.

I definitely can see where your point stands as I am one who firmly believes money involving friends & family don't stir up well either (experiences & observations from business)

@Scott Passman @Theresa Harris @Alan Grobmeier Hey All, First thing I want to say is thank you for the replies.

I am not sure about the exact numbers define but their home is basically payed off and it's one of those situations where they're passing it down to their kids, but in a sense not "for free"

I can't say where I will be sold the property but i have a strong consideration it is either going to be right there at MV or a little below...

My only concern and ideas is if I were to purchase...

1. I can put my current home into rental immediately.

2. I will be getting some type of cash flow from my parents renting it out from me. 

With those considerations, if things were to "hit the fan"

I don't want to be in a situation where I would be having to pay two mortgages at one time.

My parents are completely financially free. I think they're just doing the help of adding a contribution to the amount that I am paying for their home.

& If they can't keep up with rent, I will not evict them (lol)

This question is a little off the main topic, but for my main property (the one i am currently living in)

Is there any method or way to get this mortgage paid off faster? It is a two bed-room and I am currently getting income from a roomate.

My ideal timing of the "stars aligning" would like for me to be in a point where I would be able to purchase the house just in time when i have paid off my own.

That way I would only have to focus on one mortgage in the mean time

Thanks so much!!

Hi All,

This is my first post ever on BP, please bare with me as I break down the subject.

My parents have a home that they would like to sell to me. I have a home of my own and am currently paying the mortgage off of that one with the help of having some rental one of the bedrooms out.

I do not want to miss this oppurtunity as I can use my current home when I take over my parents as some kind of investing property (more or less, rental)

Although when this time comes around, I will still be paying my own house's mortgage, they essentially will be still living there paying me rent for the mean time as they wander to look for a smaller property for retirement.

Any advice on what I could do?

Thanks in Advance.