All Forum Posts by: Nick Thurston

Chase Gochnauer That was my idea as well but you're right, he won't qualify for a large enough loan to allow his Dad to cash out all of it. That said, would a lender look at the fact that the house is a long time rental that brings in 8200/mo and use that towards his income in their consideration?

another tid bit is that the couple living in the main house is an older couple that has been there many years and has zero intention of ever leaving. 

I've got a friend in a potentially awesome situation that's looking for a win win scenario. Here's what's up.

Parents moved to Idaho and are renting out their old house. It's in a nicer part of a nicer town. Zestimate is 1.4M but who knows exact number. 

They rent it for $5,600/ month plus there is a separate 2/1 unit on the property that rents for an additional $2,275. Mortgage is currently around $400k but dad wants to cash out the equity. 

Dad doesn't want to be a landlord anymore and wants to sell the house. Problem is that my friend wants to keep it in the family because his grandfather built it and he grew up there but he doesn't have the money to buy it. He is active military so he could probably get good financing options but his monthly pay is not high enough to cover a million dollar mortgage or more.

Is there another option for him to take control of the house from his parents that allows his dad to cash out some equity, even if not all, and for my friend to assume the debt and and the income from it? He would keep it rented out and not live in it.

Thank you in advance for your input!

Peet's was packed. I've moved down a couple doors to Coffee Shop. Will be outside

Looks like it's going to be quite chilly tomorrow morning. Theres hardly any room inside peets so everyone dress warm! And hopefully it doesn't rain on us, as of now we're lookin good on that.

There is a coffee shop a few doors down with more outdoor space. It's called Coffee Shop, very original, very hipster. We can migrate there if need be. 

@Tom Sawatske @Andy A. @Wayne Fisher I will definitely be there. I have it set up for Peets Coffee in Walnut Creek. Address is up top in the details.

I'm glad to see there's so much interest. We may have to migrate to the coffee shop down the street a little bit for more room. We'll play it by ear. If anyone can't find the place or if we happen to move down the street a bit and you don't see us, feel free to reach out to me on my cell (925) 818 - 4806

Eric Upchurch Devon Vought Chukwuebuka Nweke hope to see you guys there! I'm looking forward to meeting some other newbies and bouncing around ideas.

very good stuff to know!

Thanks @Chris Mason

@Tom Sawatske I'll be there.

No one huh?

Next time I'll schedule an event over adult beverages, maybe that will draw more attention? Who's in?