All Forum Posts by: Roy So

I guess this should have gone into the "don't do it yourself" forum if there was one...

@Les Jean-Pierre Thank you. I do plan on using PM's in the future, this particular property is one I will be managing myself.

@Tzvi Balsam Thanks! Adjuster came by today, I should be getting some help with certain aspects of the repairs... I had to also add some due upgrades to the electrical system.

@Jeff Bridges Actually, now it's really easy to install that wire... :)
I had initially asked Verizon to install the new wire, but since it's not a new account they said it's not an option (I can write a whole post about the mistakes and misinformation I was given by their employees in the past week.

@Todd Plambeck Looking into that now, thanks.

In the Jewish faith we have a prayer recited by people who survive a dangerous situation (http://www.ritualwell.org/ritual/blessing-gomel ) I will be saying it shortly.

A couple of days after my first-ever tenant moved in, I was trying to run a TV cable wire into his unit... Seems I had drilled directly into the main power line coming into the house. The rest is history (lucky I am not).

You live and learn, this is one mistake I'll never make again.

Hi  @Ceasar Rosas,
I should be there +1

I'm very grateful to all of you for taking the time to help with this. I was sure I've replied but I guess I was wrong. I will update with what I end up doing.

Thank you everyone!

@Linda Weygant@Account Closed

I agree with Sue, sounds like you got lucky.. You could have gotten stuck with a tenant who suddenly couldn't afford the rent. 

Thank you @Account Closed,

I would love to refinance to a lower rate (while transferring the home to my name), my concern/thought was that I'm better off not having the debt on my name when I go out to buy my own home/investment in the near future... That's logical right?

Roy

Need a bit of advice on this... Here's the situation.

About 5 years ago I took over the mortgage payment for my mother's house ( I don't live there, currently renting an apartment with my wife). 

I never realized this was basically a seller financed deal until BP.

The house is on Long Island, and worth probably about $450k currently.
At the time I took over the payments there was about $200k still due for the mortgage. (now the balance on the mortgage is about $150k), payments are about $2,000 a month including taxes/insurance. I also pay her utilities.

The thought was that my mother (who's not working) will live in the house as long as she needs to and the house will be mine after that (my mother is 70).
I have 2 older siblings who are not involved in this situation, part of me is afraid there would be some animosity in terms of inheritance one day if we don't sit down and discuss this soon...(when I have the house and they don't).

Plus side: I didn't put anything down, and am just making the payments. My mother doesn't have to stress about payments every month out of her savings.

"Down Side": no income coming in for the (hopefully very long) foreseeable future.

My question... Is there any down side to changing the house deed to my name now? I used to be against that idea before I was on BP, thinking it may come in the way of me getting a mortgage one day for my own home/investment... but now I realize that as long as the mortgage for this house is not on my name then I should be fine since I'm not officially taking on the debt? does that sound right?

What would be the costs associated with changing the deed to my name? is it even doable?

The rate she has is about 5.8% (this was a no-doc mortgage) but I feel like I should be happy to have that rate considering it's not in my name.

I may be wrong about a lot here, please let me know.

Thanks in advance.

Roy