All Forum Posts by: Palmer Thomas

@Matt Devincenzo

@Ken M.

I have been making payments directly to the seller. The ex wife sent me a notice from a probate judge which is a "Certificate of Appointment" that names the son as the seller's "Personal Representative."  I have yet to receive any paperwork directing future payments and, as of now, the ex wife said to continue sending payments to the same name and address as always.

Does the "Personal Representative" have the authority to direct my payments or does there need to be a ruling from the probate judge to change things?

I purchased a house a couple of years ago and a portion of the purchase price was done with seller financing.  The seller holding the mortgage recently passed away.  I was contacted by his ex wife and son.  They are supposed to send me all the legal documents needed to transfer the payments to whomever is inheriting the mortgage.  Is there anything specific I need to be on the lookout for or anything I should do to make sure I'm legally covered?

Quote from @Account Closed:

Quote from @Palmer Thomas:

I have a paid off rental (approximate value $150k) that I was wanting to use the equity as a down payment on another rental house purchase ($200k purchase price). Is this a common thing most DSCR lenders can do? I do have the cash currently on hand for a down payment, but have future expenses I would like to keep if for. Would doing this basically double the lender fees since I would essentially be taking out two mortgages?

Also, if I was to take out $50k from the first property to put a 25% down payment on the second house, would there be an easy way to tap into the rest of the equity in the first house if I wanted to take another $50k to buy another house in the future?  I'm guessing it would be more fee friendly if I was to take out the full $100k from the property then only use half for the down payment and save the rest for a future purchase.  It's just that in this market deals are few and far between and I don't know when or even if I could find another deal soon.

You are putting both assets at risk for a very long time. I wouldn't do it.

Aside from that, Is your market landlord friendly enough to expand your risk? 
Does the total cashflow justify the risk? Are you substantially better off if you proceed? Are you protected if there is a correction in the market? 

 I have mortgages on almost all of my other rentals. I don't think that taking out another one would be excessively risky. The market I'm in, South Carolina, is one that is landlord friendly.  The total cash flow would be $3000 a month on a $200k mortgage. That gives me a nice buffer.

The house I would be buying is 3500+ Sq ft just about one block away from a college. I was planning on using it as a typical long term rental but it's size and location would give me other options if needed. 

I have a paid off rental (approximate value $150k) that I was wanting to use the equity as a down payment on another rental house purchase ($200k purchase price). Is this a common thing most DSCR lenders can do? I do have the cash currently on hand for a down payment, but have future expenses I would like to keep if for. Would doing this basically double the lender fees since I would essentially be taking out two mortgages?

Also, if I was to take out $50k from the first property to put a 25% down payment on the second house, would there be an easy way to tap into the rest of the equity in the first house if I wanted to take another $50k to buy another house in the future?  I'm guessing it would be more fee friendly if I was to take out the full $100k from the property then only use half for the down payment and save the rest for a future purchase.  It's just that in this market deals are few and far between and I don't know when or even if I could find another deal soon.

Didn't they already fail the criminal background check just by being an illegal immigrant?

Quote from @James Hamling:

Quote from @Palmer Thomas:

The solution is simple.  America just needs to enforce its existing laws.

We currently have over 10 million illegal immigrants living in the US.  These criminals are taking housing away from Americans and driving up prices.  We simply need to deport them and housing prices would become much more affordable.

For some reason this obvious solution is never even brought up as a possibility.

Because it's INSANE! 

Deporting 10 MILLION people.... ok "Mein Führer", exactly how do you propose to logistically do that? Squads roaming the street's, grabbing people, loading onto trains? 

Really?  I merely suggest that we enforce our existing laws and you call me Hitler.

You should apologize for making such a pathetically stupid and insulting comment.

Quote from @Carlos Ptriawan:

Quote from @Palmer Thomas:

Quote from @George Red:

@Palmer Thomas Reminds me of an old Native American proverb... "If we could just get rid of these immigrants everything would be better"...

Typically when someone tries to boil down a nationwide multi faceted problem down to "get rid of the immigrants" they're (in this case it applies to you) very wrong. It's complex and there are a lot of players and reasons. If it was easy someone would have solved it already. I suggest you do some basic internet searches as to the causes of the housing affordability crisis, it will include themes such as government policy, capitalism (who is often paying immigrants as cheaper labor), international unrest (which immigrants are often fleeing from), investors inflating prices, people looking for affordable housing not wanting to live where there actually is affordable housing), high interest rates, general inflation and more. All of those things blend together to provide the reasons why, it's not one thing. This guy with a bad comb over that was found to have commited fraud recently has a bad habit of trying to make complex things too simple, complexity is ok, it's part of life.

 Just because I offered only one potential solution doesn't mean I think the problem has just one cause.

But do you agree that if we deported the 10+ million people who are here illegally that it would help the problem of housing affordability?

You should remove everyone as everyone is immigrant, then you're left with the Indian, sorry, just saying.

I don't mind some of us going back to Nicaragua or Brazil, but then some of you leaving to Ireland or Australia too LOL

Lets start with the people here illegally and see how it goes from there.

Quote from @George Red:

@Palmer Thomas Reminds me of an old Native American proverb... "If we could just get rid of these immigrants everything would be better"...

Typically when someone tries to boil down a nationwide multi faceted problem down to "get rid of the immigrants" they're (in this case it applies to you) very wrong. It's complex and there are a lot of players and reasons. If it was easy someone would have solved it already. I suggest you do some basic internet searches as to the causes of the housing affordability crisis, it will include themes such as government policy, capitalism (who is often paying immigrants as cheaper labor), international unrest (which immigrants are often fleeing from), investors inflating prices, people looking for affordable housing not wanting to live where there actually is affordable housing), high interest rates, general inflation and more. All of those things blend together to provide the reasons why, it's not one thing. This guy with a bad comb over that was found to have commited fraud recently has a bad habit of trying to make complex things too simple, complexity is ok, it's part of life.

 Just because I offered only one potential solution doesn't mean I think the problem has just one cause.

But do you agree that if we deported the 10+ million people who are here illegally that it would help the problem of housing affordability?

Quote from @Bruce Woodruff:

Quote from @Palmer Thomas:

We have 10+ million people living here illegally.  The people need housing.  This demand for housing drives up the price.  

10 million? Almost 10 million have come in since Jan 2021. There were already many 10s of millions here. The affects of this cannot be underplayed.

You're wrong.

Not about the numbers, of course.  The estimate I used is most likely a gross undercount.

As previous replies have shown, the effects of illegal immigrants can and are very often underplayed.

I don't know the exact extent which deporting illegals would help, but since it's as simple a concept as "enforce our laws" I see it as an easy start to lowering housing prices.

And I agree that we ought to restrict certain foreign purchases of real estate as it not only drives up prices, but can also contribute to speculative bubbles which are unhealthy for the economy.

The good thing is that these two strategies can both be implemented at the same time.