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All Forum Posts by: Mary lou L.

Mary lou L. has started 66 posts and replied 360 times.

Originally posted by @Jered Sturm:

UPDATE!

@Joel Owens Thank you for all your advice. 

@David DuCille  Thank you for Jumping in on this forum. 

So I am legally able to sell. we have been negotiating for about 2 weeks I currently have an offer at 180,000 from the buyer.  I have countered at 190,000.  I decided to chase the gain. At 24 years old the large splash of $105,000-$115,000 gain  will have massive ripples through my life. I can take that money and turn it into 1,000,000 in 5-10 years. 

I will let everyone know the final result. 

Curious minds want to know! How did it turn out?

Post: Gift of Equity proposal- Has anyone done this?

Mary lou L.Posted
  • Investor
  • Wichita Falls, TX
  • Posts 382
  • Votes 123

I want to purchase my dad's house.

He talked to a lender (he went through them to buy his last home a few months ago) and this is what he said:

"Because you would be selling your home to a family member you can do something called a “Gift of Equity”. Here is how it would work…

1.You sell the home to your daughter for $100,000 purchase price.

2.Daughter gets a loan from *** for 65,000. You gift her 40,000 in equity. That means that once we close she will have a loan for $65,000 and you would have $60,000 in cash. The extra $5000 is used to pay closing costs and pre-paid items like insurance and taxes.

*** There is no money needed in the transaction except a $500 application fee. This can be put on a credit card and paid with the proceeds of $60K

*** There is no Mortgage Insurance for your daughter because her loan to value is under 80%. It is actually 65%

*** Payment would be approx. $348 for the loan. $100 for taxes. $50 insurance. Total $498/month

If you have other questions please let me know.

Thank you,"

Has anyone ever done this? I find it hard to believe its only 500.00. Will they run my credit for the loan? Or will the house still be in my dad's name? The house is free and clear.

Thank you all for your responses!!

Post: If you were going to drop 5k on a car what would it be?

Mary lou L.Posted
  • Investor
  • Wichita Falls, TX
  • Posts 382
  • Votes 123
Originally posted by @Tony Farese:
Originally posted by @Jean Bolger:

@Tony Farese

Plus, the "third world dictator" look (while awesome for some purposes) drew awkward attention when driving around el-cheapo neighborhoods looking at houses!

That's funny! Makes me want one just for that purpose.  

The Official Car Of Bigger Pockets! With the little "I Buy Houses" flags in the front and everything!

Post: Merced Meet up?

Mary lou L.Posted
  • Investor
  • Wichita Falls, TX
  • Posts 382
  • Votes 123

Looking for a meet up! Merced, Stanislaus counties! Lets get this going!

Post: Another North Texas new member

Mary lou L.Posted
  • Investor
  • Wichita Falls, TX
  • Posts 382
  • Votes 123

I own a home near Witchia Falls, I bought it while stationed there in the 90's. I live in California now and manage it from here.

I would love to connect!

Post: Estimate for clean-out, clean up South San Fransico

Mary lou L.Posted
  • Investor
  • Wichita Falls, TX
  • Posts 382
  • Votes 123

I don't know but if you call the good will or another charity Im  sure they would be happy to take the furniture for free! Some really nice pieces there!

Just looking at the pics it seems like it would go pretty fast!

Post: If you were going to drop 5k on a car what would it be?

Mary lou L.Posted
  • Investor
  • Wichita Falls, TX
  • Posts 382
  • Votes 123

Just to add to car thread, I bought a used 2000 Dodge Stratus for 900 needed a new timing belt (it was broke) If you buy a car with a broken timing belt make sure it is a non interference engine if it is interference then I believe the valves may be bent and lots and lots of $$$$$. I bought the car and took it to the shop and 450  later had a new belt and water pump installed. That car was a tank!  I used to say its like driving a couch!!

Sold it to a family member.

I would totally buy that car again If I came across one! I call them ATT cars. Around The Town Cars.

 I would also rent cars if I needed to go on a trip. I loved the flexibility  of that!!

P.S. And get a car fax totally worth it! One car we looked at had a couple of accidents. The guy selling it had an uncle who bought cars and sold them and had really no idea of the car history. We did a car fax and found a few accidents and such and passed on the car.

Get the car fax!!

Post: If you were going to drop 5k on a car what would it be?

Mary lou L.Posted
  • Investor
  • Wichita Falls, TX
  • Posts 382
  • Votes 123

We just had a 2001 Honda Accord totaled in an accident. It was purchased in 2003 used with 40000 miles. It had 257000 on it when it was rear ended. Other insurance paid out almost 5000 on it. 

We found a 2002 with 140000 for 4200. Great condition no accidents clean car!

If the original car had not been totaled I'm sure it would have gone to 300000! 

We kept up oil changes I don't care that they say to go longer we did ours every 3000 miles. Engine mounts two timing belt water pump, replaced radiator brakes tires when needed. 

We had the V6 EX leather moonroof alloy wheels. Great car! 

Post: Nightmare tenant is leaving, but....

Mary lou L.Posted
  • Investor
  • Wichita Falls, TX
  • Posts 382
  • Votes 123

I also agree waiting until the house is empty.  If they already make threats to sue for normal maintenance,  its not a stretch that they would just make more noise about having people walk through their house.

Even if they never sue, having the possibility of prospective tenants hear them rant about it doesn't reflect well.

I had a tenant that had no problems voicing his "opinions", even when I had the pest control guy there spraying. It was very embarrassing to say the least.

And as others have said who knows what the condition of the house may be!

Put your best foot forward, and show a clean empty house.

Post: Books from Bigger Pockets for Kids/Teens?

Mary lou L.Posted
  • Investor
  • Wichita Falls, TX
  • Posts 382
  • Votes 123

@Allison Karrels We have played that game. We enjoyed it and it gave the kids exposure to different ways of making money!

We need the Landlording game! Have cards that say your tenants skipped out and left you with a 2500 clean up bill! Go back three spaces! LOL !