All Forum Posts by: James Cargill

@Yan Katz thank you very much for that insight. Based on the wonderful folks that have taken their time to guide me, I think the best plan is to start by communicating my situation with the bank. I may be reaching out for additional support. Thank you very much for your help and guidance I greatly appreciate it.

@Oliver Carey thank you for letting me know this is some really great information. Thank you :) 

@Randy Rodenhouse thank you Randy! I will see what more info I can find you folks have all been tremendously helpful.

@Derek Dombeck

Thank you very much for the feedback! I read it a while back but I will take a closer look and it sounds like I should run it by our attorney. Greatly appreciate your feedback!!

Matt, that is tremendously helpful information thank you so much for taking the time to offer your feedback. I will absolutely look into those options and I love the 2 birds 1 stone option! Truly grateful for your time and thoughtful reply. :) 

Hello BP team,

Back in 2006, my mom passed away. She left the house to my sister (Jessica) and me. It was just us 3 growing up so there are no other names for consideration. Jess and I are listed as Joint Tenants on the Deed.

Last month, my sister passed away after a 4 year battle with ovarian cancer. 

In 2008-ish, we refinanced the house. The total amount we owe is slightly under $150,000. The property is worth $550,000 - $600,000 based on other recent sales of like-properties in the neighborhood. 

When we refinanced the house, we refinanced it under Jessica's name only (she was working full-time and I had a part-time job at the time). 

Due to Jess's declining health, I quit my full-time job in IT over one year ago and only recently started working part-time again. Now that she has passed, the logistics of the situation are hazy. Compounded by the struggle of losing her, I'm just not sure what my options are in terms of refinancing the home. I worry that the bank will call the loan due at some point and I'd rather get out in front. Plus I just sleep better at night if everything is clean.

There is a tenant in the unit that has been living there since 2006. His payment covers all expenses, including what we call our "Oh **** Account" for emergencies, and still gives us passive income of $700 per month.

One option is to not say anything as I've heard that folks have left the mortgage in its current state and continued paying without the banks knowledge. While this is fine for a period of time, I would like to figure out a longer term solution.

I've thought of getting a co-signer on the mortgage, as well. I'm just not sure if there are any other options that I'm unaware of that can resolve this concern.

One other note, I am also listed on a $400,000 mortgage where I did a deal with a friend. I provided the downpayment, he provided the monthly income. We're both listed on the mortgage and my rental income was used in the qualification for the loan. 

Any help is greatly appreciated, even if it's "there are no other options.." :)

Thank you so much in advance for your time.

Warmly,
James

Hi @Bryan Zuetel! Thank you so much for that feedback I didn't even think to use that tool. You're awesome! Even some old photos would be very helpful in my assessment. 

To answer your question, I used a 3rd party tool to find the property. The property hasn't been posted long (about 10 days). 

Thank you so much for taking the time to offer some alternative options for my analysis. Your help is greatly appreciated!

Warm regards,
James

@Brie Schmidt You are amazing thank you! Simple answer clearly a newbie here hah appreciate your help!

Hello BP community!

First and foremost, I'm loving this site and I'm ready to make my first deal as an investor. Those calculators.. wow! 

I found a deal that is very appealing in its numbers but there are not any pictures of the unit itself. What is your typical approach for this? In addition to driving by, I'm considering just asking about options for viewing the inside but if there are any ideas you have, I'm open to those, too. I'm in the southern California market if that info makes any difference :)

Thanks everybody!

James

Happy Friday, everybody! I hope your week has been a good one.

Quick question on etiquette. Are there any unwritten rules to follow for your first offer or do you just go ahead and buy a deal when you find one? The resources here have really simplified finding a deal. Almost too easy. I just want to ensure I'm not stepping on any toes as reputation is important if not crucial to long term success.

Thank you in advance for any knowledge! I'm just starting out and, similar to how I play softball, I want to be both aggressive and sportsmanlike :)

Warm regards,

James