All Forum Posts by: Michael Hood

IMO they won't take 7,000 when they want 27,000. A little aggressive don't you think. What was the last offer for? Any idea...

IMO I don't believe another 2008 will happen. I would think the banks learned their lesson approving people for mortgages that shouldn't have been approved. I do think there will be an adjustment in the market though. Just not as bad as 2008. People right now see these rates and want to get in, not really paying attention that there bidding up properties that aren't worth the price there paying. Some people won't be to happy in a year or two I'm sure. 

Thanks for the advice, I think I'm going to try the refi at 50,000. My mom will be able to pay off her vehicle and credit card debt with the cash out which should lower her monthly bill amount. I will probably co-sign if needed... 

Hi! I was looking to help my retired mother save some money with her monthly bills. She has a 30yr mortgage on a Condo and has just under 15years left to pay it off. She is on a fixed income of 966.00 a month and paying 264.00 on her current mortgage. She owes just over 21,000 and was told that the amount to refinance is to low. The Condo is currently worth about 60,000 according to a couple recent sales of comps in the area. Just wondering what the best option would be for my mom? I was thinking of doing a HELOC to get the payment lower and have my mother pay me every month. Or I could do a refinance with cash out at closing I was told. She would need to increase the mortgage amount on the Condo to 50,000 to do that. The extra money could help pay off her car, and credit cards she has. I just don't know if adding 29,000 to the Condo mortgage would be a good idea. Please advise...

Thanks for the input Zac, I tend to think worst case scenarios also. Would rather protect myself in case of the what ifs...Appreciate your time.

Hey guy's! Just wanted to get some insight as to what I should do. I have been learning a lot for the past year... year and a half here on Bigger Pockets and will be looking to find a property for primary residence towards the end of the year and will be renting out the Condo I currently have a mortgage on. Was wondering if I should get a business license and put the unit under the business name or just keep it in my name? I do plan on having more units in the future. Financially now I could afford both, but at some point, once I accumulate more properties I'm assuming I will need an LLC? Thanks for your time everyone.

Hey Levi, Go ahead and say it..."What are you stupid"... Haha. I should have done some reading on short sale's before asking questions about it. Sorry for your time.

So the lender doesn't get the full amount left on the loan from the buyer? just an example here but if the property was worth ARV 100,000 and the seller owes 65,000 and cannot pay the loan. Me being the Buyer, wouldn't I have to pay 65,000 to buy the place? Or would/does the bank take less than what's owed?

I was wondering if the seller typically gets compensated from the buyer in a short sale? If so what is the usual amount that would be given? Is it a good idea to contact the seller in person, or have them contact you?

Thanks Brandon, 

I am currently talking to an agent in Syracuse I met here on BP. Not sure if the person you mentioned above would know a real estate attorney in my area. I will need someone eventually that I can talk to about lease agreements with future tenants and things of that nature. I appreciate your help. have a great day!

Mike Hood