All Forum Posts by: Paul Farley

Yes, I would definitely do the repairs before renting out my home. Can I even do the refinancing option when there isn't a mortgage on the property? I understand the HEL part now. Do you guys really think this is the best way to go if she is willing to let me make monthly payments to her?

I was hoping to rent out the home for $1,000 per month. I would then take out the following a month:

-$125 taxes + sewer costs

-$100 Homeowners insurance

-$200 property management (basically paying myself this)

-$200 repairs

-$400 (her monthly payment)

If I took out $40,000 in the HEL method, do you guys think the payment would be under $400 a month? If it wouldn't be then it wouldn't really work. 

It would take 62 moths (a little over 5 years) to pay her off this way. Though, she would switch the title into my name fully upon us agreeing to this.

I am open to getting another property in addition to this, but I'm not sure if a bank would approve me right now. I literally am closing on a new house in two weeks.

What time are these meetings? I might stop by.

Thanks Aaron.

I think for now, unless highly suggested to go another route, I was going to rent out the home I posted in my initial post. The property is a residential home. The home will definitely need some work over the years, but for now a new replacement window and new shower surround in the basement for sure. It is also leaking some in the basement when it rains very heavy for days, so I would get that checked out. The rest could wait. Windows will probably need replaced in 3-4 years.

Another option I have is just for us to sell the house. This would net me around $50,000 to do whatever I wanted with and not having to worry about paying my sister off.

I'm not sure what HEL or HeLOC means to be honest. I own the home, but my sister owns 1/3 of it. She told me that I could rent it and pay off her interest in the house. This would take 3-4 years. The house does not have a mortgage. I also just purchased another home of my own, so new loans may be off the table for now.

Hi everyone. I think I am going to be making my first Real Estate investment. I currently own the home and I think rather than selling it, I will use it for investment purposes.

I was wondering/hoping if there was someone around the Canton/Massillon area that I could meet with or have a conversation with to see what I should set the price at and to see what my first steps would be...or if someone on here could help. The reason I would prefer in person is because the house needs some work and I was hoping for a recommendation of what I should fix.

The house's address: 173 Gnau Ave SW, Massillon, OH 44646

Thanks!

What does s/t mean? My current home appreciated in the sense of property taxes and the local market report has shown a bit of a climb. 

Any other opinions?

I'm not fully positive if the property values are increasing. I believe they are. I get a mark report email sent to me about once a month. The zip code is 44646.

I will most likely be moving to one of the following: Green, Jackson Twp, or Fairlawn. This area I am moving to doesn't need to be where I purchase a rental though.

The new home I am referring to would be a new home for myself to live in - that is the absolute. The variable (option 1) would be selling my current property without paying off my sister and using the $50,000 to either out right buy a property or get something in the $60,000 - $80,000 range (possibly a foreclosure).

 This would not be ideal for me. I am already in the dilemma on needing to move to a larger house, within a good neighborhood/school district for my children. 

My real dilemma now is:

1. Should I sell my current home, with my 62% interest/ownership and take what would be around $45 ,000- $50,000 and invest that into property to rent or even flip.

2. Save $30,000 and pay out my sister and then rent my current property - which would yield around $1,000 pr month gross. However, I would need to invest another $5,000 or so in renovations to attract occupants. The house is currently worth around $80,000 - $85,000.

Other than the multi-family home and living on the other side, is there an alternative option or does one of the above make more sense?

Anyone?

Thanks for the help Nicole.

I posted about this a while ago here - https://www.biggerpockets.com/forums/52/topics/617...

From the time I posted this to about now, I was heavily leaning towards paying off my student loans and my sister's share in the property to then rent out my home. I am having reservations now about doing this. The reason being is that it would take a minimum of two years and I don't know if I can live in this house for that long - it is way too small for my family. 

I didn't know if it would make more sense to sell the house, move now to a house I want and then use the money from the property sale to buy a less expensive home to rent or potentially flip. This way I wouldn't have to worry about coming up with $30,000 to buy out my sister's share.

I can give more information if needed, but if interested read the information in the link above.

Hi everyone.

I have been a member of this forum for quite some time, casually looking around and learning here and there. I am at a crossroads for a specific situation - sell my house or keep it and rent it out. I was wondering if anyone would be interested in helping me in this beginning stage. There are many variables to my situation now, so any help would be greatly appreciated. I am in the Canton area if anyone would want to meet.

Thanks

Thanks for the help!