All Forum Posts by: Account Closed

@Carlos Silva I turned my 401k into a SDIRA, bought many rental properties, created a good rental income and will just draw part of that rental income when necessary. That way my 401k keeps growing and my tenants are paying all of the taxes on my withdrawals and I'm beating the stock market in returns and don't have to rely on the market. Best of luck.

@Michael King My 82 year mother in law who is in a nursing home with dementia and doesn’t know who her daughter is got $1,200. My buddy and his wife who are retired multimillionaire’s got $2,400. Doesn’t make sense in so many ways.

@Sarah Latif Looks like a house I bought at a tax sale a few years ago. One of the best investments I’ve ever made. It took a lot of $$ to fix it right, total gut, ceiling and walls all came out, new electrical, new HVAC, added a 2nd bathroom, new flooring down to the joists. Worth every penny after it was done. Long term rental property for my grandkids to own someday. Good luck!

@Shiloh Lundahl  Time to talk to an attorney. I doubt that anybody that hadn't been paying rent before this all started is going to start paying now. I personally would treat the ones not paying rent as squatters and evict as soon as legally/morally possible. It's hard for me to consider evicting at this time even though I'm in a similar situation. I bought a house at the tax sale on March 3rd in Guadalupe county. There are people living in it that haven't paid rent for 4 years that are not the legal heirs. I couldn't start the eviction process until 22 days after the sheriff's deed was signed so I hadn't started the process before covid-19 shut down the eviction process here. The sheriff's deed was signed on March 19th but I'm not going to contact the people living there until things get better. I just can't bring myself to start an eviction now even if I could. 

@Nick Seginowich I'm in a similar situation. My lawyer works for a title company and he knows how to deal with this from both sides of the deal. I recommend you find a lawyer in the area where the house is located that works for a title company. They should be able to guide her and any other heirs the best and assure you that you have a clean title upon closing. 

@Xavian Rimmer

It means the property is worth $107,807 in their mind. Not necessarily true. It could be worth more or less.

@Herve Francois

NASB might do it. They do non-recourse loans. The DSCR will have to be above 1.2 and they will only do LTV of 50 to 60%.

@Shiloh Lundahl

Thanks. I bought a 2012 2 bedroom/2 bath mobile home from the oilfield guys when they went bust in South Texas for $15,000 that was 876 sq ft and added a 500 sq ft living room to it. All in cost was $63,000 with the lot that I already owned here in New Braunfels. I"ve been getting $1,150 a month rent on it for 2 years now. It's worth about $130,000 and I would like to use that equity but I'm having a hard time finding any banks that will cash out/refi mobile homes. 

@Shiloh Lundahl

Can you share the name of the bank that will give you a loan on investment property mobile homes please?

@Russell Brazil

I wanted to do two votes but it wouldn’t let me.