All Forum Posts by: Jorge Morales

I am currently under contract on a property i plan on renting out long term. The property has electric baseboard heat in every room throughout the property. Yet in the dining room there is a pellet stove the previous owner used to use along with 4 huge pallets of pellets in the basement. I am unfamiliar with a pellet stove and i feel uncomfortable renting and having tenants use it since it may be a safety hazard also that seems like a fire hazard. Is it possible for me to remove it? If so, How much would that cost? Is it worth it to remove it? If anybody has had any experience with this i would like to hear about it and what is the best way to go about it. Thank you.

What are some creative ways i can get funding for a duplex that is already rehabbed? I’m looking to purchase a duplex for $330,000 but not much work is needed if any so is hard money not an option since i wont be able to add value? Can i possibly find a partner that can purchase it for 3.5% down as put the funding down and split the difference and make it still legally 50% mine ? Any other creative ways?

Since its month to month you should be able to. Check with state laws on the amount of time you need to notify them but i would draw up your own lease from 6 months to 1 year with your increased rent and give them the option to sign it or move. You might need to notify them 30-90 days prior depending on your state

I'm looking to help my parents when they retire in the next few months/years. I've been looking for creative ways that i can somehow get a duplex so they can live in one unit while i can rent the other out. I don't want to use a regular conventional loan myself and neither do they to avoid using a big chunk of money they want to save. They don't have too much saved for retirement which is why I believe this will help them and myself in the long run since i want to invest in real estate anyway. Is it possible for them to use an FHA loan and i can fund the deal? If we purchase it together can it still qualify as an FHA? I'm looking for some Creative Financing to get this done in a way it can benefit them for retirement

Does anybody rent to family? And if so how big was your portfolio before you can even consider this?

Sorry for any confusion but my mother did get pre approved, something happened a week prior to closing and that’s when she was denied. Which is why its a tough decision, If she wasn’t a week away from closing or just got denied in the beginning of the process I wouldn’t think twice about this deal. I did talk to her about it and of course she told me to buy it if I want it, or possibly rent it to her but I don’t want to mix family and business also  I feel the rent would be a little over her budget which will put me in a hole. So my only options are to rent the house she was a week away from buying and renting to someone else or just walk away.

My brother/agent flipped a house and it looks great. After running some numbers I think it would be a great investment. The only problem is my mother was in the process of buying it and unfortunately a week before closing the bank denied her. Now my brother/agent asked if I was interested  and I am but I feel as if that could rub my mother the wrong way since a would buy the house she wanted and rented it out to somebody else, especially since she has been living in the bad side of the city . I would love to buy it for her but then it would not be a great investment. Unfortunately I don’t have enough of a portfolio where this would actually work.