All Forum Posts by: Ruchit Patel

oh my god, @Damon Albers so sorry to hear that. I totally understand the excitement learning and dreaming of becoming rich one day, and you are left to regret that you would have been on top, if you never did the investment. 

I know the feeling, same happened to me. I lost money for many years in real estate, while my friends were enjoying life with their savings. I thought one day it will be justified, but nope, now I lost money and my time to enjoy both!! 

It's really unfortunate that people flash their wins on internet, and then other thousands of people naturally try to replicate that. But not all will win. Yes, there could have been many other things you could have done differently, but yes, you got quite unlucky. There is no denying that. 

May the luck be with you. 

House is free & clear. Seller is doing seller finance with me for 10% down. 

When title is transferred to my name, how much equity I have in the house from perspective of a bank? 10% or 100% or they don't know?

i am asking because I want or know if I can HELOC this seller finance deal. How much I can borrow?

 at 3% interest rate, that would be amazing. At 7% interest rate, doesn't work. Number won't add up. If you know something, let me know. Thanks. 

oK, let's talk. I sent you a message with my phone number. 

I am with you Richard. I agree with all the people here in this thread. 

I will learn more about reverse mortgages and propose to them. Also, I have heard about companies that give out cash for partial equity in the house, is that a property route to consider? 

 Thanks for sharing. Every penny draining your pocket for the things out of your control, sucks! absolutely sucks. I feel you. 

May the luck with me with you :) 

Great to see some progress finally! 

Did they tell you what is their estimated completion date and what was the price of your contract again? Do you also remember appraisal value?

From my 6 years of living in USA, my observation, I have realized that in American norms, parents' well-being in not their kids' responsibility. But yes, he has many kids and grand kids. Guy is 65 and he chopped woods for almost 50 years, still does.

He has been taking 14%+ hard money loan for last few years! Pretty insane, right!

One question to you all: He bought huge property, 3 lots, together, one title. On one lot, he has his house. Rest are empty. What is the legal way to separate out one lot, and sell it for $1M? 

Would wells-fargo allow it? he still has small debt left on the house. 

Worst case scenario, I can take control and sell one of his property to pay lender, right? I mean, if I co-sign, then does it give me any power to sell one of his land there to recoup money and rest goes to him? How does that work? 

or literally he can choose to never pay and my credit gets in trouble?

I hear you. Appreciate your insights. I will look more at the reverse mortgage on Google. 

The husband is a pretty emotional person, he kept saying that all the memories of his kids are in that house, and he would not be able to sell the place!! So, I am staying away from suggesting that, otherwise I will lose the friendship. 

Any other ideas are welcome. At least for now, I am trying to have him sell at least one of his land, also worth more than a million. At some point, I was willing to cosign for HELOC to have him some cash, but not sure, how much risk I would be talking on my name in return!