All Forum Posts by: Ron K.

Hello everyone,

Here's my dilemma.  I own this nice 3/2 SF, it's in a very nice neighborhood.  House worth about 450 and my mtg bal is at 95 so there is a nice size equity here.  My tenant just left $2,300 a month and I could probably rent it for $2,500 - $2,700.  I know that rule of thumb saying if rent is 0.5% of house value it's time to sell.  I'm interested in building up my cash reserve for new opportunities rather than the monthly income.  Would like to sell and wonder if that's the right thing to do.   

Thanks,

Ron

You are a wealth of knowledge and I thank you for that! I have the last statement and it does say line of credit so it's reverse line of credit. I understand know that I might be wasting my time and money on this property. I should probably just wait and try buying it at a foreclosure. It's a shame that the house will have to be run down and get code violation before lender will do something.

Yes, FHA but house considered abandoned, I can't finish the probate because of lack of corporation from one brother. House is not on the market.

Just saw your website! very nice.  Being creative I started a probate on this property, only relatives are a sister and a brother both in their 90's, the sister agreed to work with me but the brother did not.  Any ideas? I'll buy you a year supply of coffee... :)  Thanks.   

So only scenario is lender foreclosing? 

Original owners passed away, house been abandoned for two years, some code violations. 

I would like to buy the property.  Is it feasible to offer the bank to buy the note at full price (not short sale) so I could foreclosed and own the property? 

Thanks Jhon!!! Make perfectly sense.

Thank you guys, I see it's not that simple. Maybe I'll add in smaller print " we are investors not a licensed real estate company"

Taxes to be at 1.5-2% rule work for the 200 * purchase price.

Thanks Wayne, read but couldn't find anything re Realty.