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All Forum Posts by: Jonathan Measor

Jonathan Measor has started 3 posts and replied 13 times.

Post: Gifted a house with a mortgage... What to do?

Jonathan MeasorPosted
  • Rental Property Investor
  • New York, NY
  • Posts 13
  • Votes 3

@Mike M. Wow! Great response, thank you for sweet words and the knowledge you’ve passed along here. So many new terms I was unaware of and so many more riches beyond them.

Although, I’m not clear about an equity loan to update the property. Ive already gotten some estimates for repairs and we’d need to pull out about $30k to do so. Would my in-laws be required to draw the loan and the liability? They’re not in a position to privately loan to us any funds, but also they may not even have the credit parameters required by a bank to obtain a loan.

Thanks, Mike!

Post: Gifted a house with a mortgage... What to do?

Jonathan MeasorPosted
  • Rental Property Investor
  • New York, NY
  • Posts 13
  • Votes 3

My wife and I were married last year, in June. We were gifted a house in Myrtle Beach by her parents. Since they themselves bought the property, deciding instead to remain in Philadelphia, nothing but a HARP Loan has happened. This morning I woke up, after last night's webinar, with fresh ideas in my head.

Please, tell me if I'm right or wrong, or if you have other ideas of "how to" or "not to." 

So the gift is the equity, we have to buy out the current loan to allow the transfer. Or we're buying them out at the payoff amount. We want to balloon the offer to capture that equity and rehab the place. Is this all the same as BRRRR, so far? Next, rent it at a higher price, and put the remainder back into the equity under our name. Then in some time, maybe six months or a year, refinance, repay the direct lender, and pick up something else. Is this the right idea? What am I leaving out? What might I be missing? What more or other stuff can I do?

Thank y'all!

Post: Best Listen for Newbies

Jonathan MeasorPosted
  • Rental Property Investor
  • New York, NY
  • Posts 13
  • Votes 3

I think the two with Grant Cardone, or more recently, #325. It was SO packed with info. Really eye-opening stuff, hand in hand with Rich Dad, Poor Dad.