All Forum Posts by: Richard Sherman

test it,....but what is over that cable?  It almost looks like brush strokes like it is primer or something..hard to tell.

@Jim Morris any of those options are fine.  I can tell you what I would do is to take out a normal 30 year owner-occupied mortgage on house B for as much as I could (fixed rate) or maybe 15 year if you want.  Pay off the Heloc and then use any extra to work on house #3.

@Joshua D Enos Combine the two and get a multi-unit (ideally a 4 plex) and live in one unit.  You get the best of both worlds.  This is my #1 recommendation for someone looking to get into rentals.  You get preferential loan terms that are simply not available for investment properties.

Awesome work man!  How are the utility setup?  City or private?  We just purchased on as well and excited to get it turned around!  How did you find this one and what state is it in?

@Wesley Piard this comment is not to be morbid, but it should be something to think about as well.  When she passes, whoever inherits any property that she owns will get a stepped-up basis.  So the value for a tax standpoint will be the value on the day that she passed away.    Clearly, we hope she lives a very long time, but all of us will die someday and taking that into account with our plans is important.  

Remember if she does a 1031, then it could not be rolled into a primary residence.  Possibly do a 1031 into a multi-unit and live in one unit?  It is possible but does require a bit of planning.

Hell, you should be "dating" several brokers..be a free agent just be clear with them about what you want to do.

Yes and the bank may not allow it.  You have a 203k loan with the existing bank correct?  Are they not willing to bump up the estimates due to the increased rehab costs?

@Saul Potts nope, no need to tell the tenant.

@Wesley Piard what does your grandma want to do with the home?  Does she want to keep it or is she wanting to get rid of it?

@Joey Ly Small claims court.  I would do that ASAP.