All Forum Posts by: Lynn Wong

I am trying to get a quote from Mercury for our sister home not rental but Mercury seems to deny it because the home is old built in 1969 in Elk Grove, CA. They want new electric panel, this home has Zinsco and that is one of the thing that we are not eligible to be insured. Appreciate Any recommendations?  The house is closing next week. Thanks! 

@Noah Bacon my sister was the one put down over 250K down payment for the house, I had been helping paying their mortgage for most of the time because my nephew has no money since he is still in school, just his name is on the loan and title.  It’s totally not affected my nephew at all. I am just trying to help their family financially but at this point I think I should let them taking over their responsibilities. So, I am thinking selling the house will be the better option for my sister, myself and they still have smaller house to live together once they use the proceed to down for a small home and hopefully they can refinance next year or so when the interest is lower. 

@Connor Ryan: thanks Connor! I have HELOC on my own home and thought to use it to pay off my sister's debt, but it is just the trade off debt, instead of her , it's me now. If selling the home, my name will be off the current loan, my nephew can be on by himself when they buy a smaller home. I can continue my own investment and my sister has money to pay off her debt. The deed is under my nephew's name and he lives there for almost 5 years, he can claim that 250k tax exemption if we sell the home.

Should we sell the house for equity needed.

We are in CA, I am co-signing my nephew's home, currently paying $1500 mortgage monthly with 2.75% interest, it has 342K left on the loan. Equity is around 600K, We need 250K cash to help our sister. However, we can't afford to cash out refinance at this time. Also, if we do HELOC for $250K, monthly interest will be a lot. We want to downside the house to smaller home 3/2 instead of 6/4 right now. Is it better to sell, give my sis 250K and use 300-350K to get smaller home around 575K and restart mortgage 200-275K with current high interest with monthly mortgage probably the same as we are at now? Not sure what to do but we really need to help my sis. TIA!

Hello everyone, hope I can get some help regarding to transferring the deed. I am a co My nephew and I were on the deed from 2019-2022, then he transferred to me as sole owner as a “gift” since he doesn’t want to pay mortgage anymore. Now if I sold the property, am I paying capital gains of the whole amount (sold price) as if I inherited from him not sold price minus purchase price and fees. Thank you for reading!

I heard the ad by Steadily.com on The rookie podcast by BP. Hope someone here can give comments about it.

I know sec 8  always on the short here in CA because people don’t like to rent to Section 8.   SHRA (Sacramento housing) encourages landlords to rent to their clients and gives incentives for renting to the clients in the good neighborhoods (most owner occupied areas). 

@Jake Andronico can you pm me his name too, just to have it handy if I ever need. TY!

Welcome to BP! Thanks for a good info! That’s good rent by section 8.