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All Forum Posts by: Scott Howell

Scott Howell has started 7 posts and replied 15 times.

@Kyle Eden not worth bringing up considering your circumstance. If they were moving out or renewing their lease, I’d say something Otherwise, its fortunately nearly not your house anymore.

Post: Try to solve this mixed bag!

Scott HowellPosted
  • Drums, PA
  • Posts 15
  • Votes 0

My father inherited my grandparents house after they passed away. The house is free and clear and worth about 70k. My cousin is renting it until my other cousin moves back and wants to buy it. This has already been arranged and agreed upon between the cousins. My main question.

If my cousin ultimately buys the house it needs to be split between 6 aunts and uncles. My dad and I wants to get into doing rentals. My main question is. If we take a home equity loan out on that house and my dad sells it, would the bank want to satisfy the equity loan with that money leaving us on the hook to pay our relatives or would we just have to pay the equity loan ourselves and splitting the money from the sale?

I definitely thought of that, but bc I haven't made any deals yet, it almost seems like a barrier of entry. They have been renting for years at the same place without incident. My wife's friend foreclosed once like 10 years ago and bc of that, they are having problems. Her husband never carried a loan and can finance with an FHA if needed. Because of their recent history of not having issues it seemed like a good idea. In typing this I realized it probably wasn't the best title to use. I guess they were cash strapped. I hadn't realized its been like 10 years already since the foreclosure. Thanks for the feedback!

I’m looking into seller financing. We have a few friends who are having trouble getting financing for a house. I am thinking about buying a house/fixing it up/and seller financing it to them. Due to the millions of opinions about seller financing I am having trouble answering my own question for my circumstance. When I have completed the renovation, can I pull the forced equity out and use it toward another home while collecting the monthly payment and putting toward the equity refinancing? Although there are a few extra components, seller financing to me feels more fulfilling.

Post: Flip property or rental property

Scott HowellPosted
  • Drums, PA
  • Posts 15
  • Votes 0
My main focus is going to be flipping for now. As I look for deals, my main issue is saying to myself, "would this be better off a rental?" What's the best metric for you in determining this?
Probably the most basic reply. If I was renting and the landlord raised my rent by $100, I would be moving out. That increased rent is not a small amount, to me anyway.

Post: Should I start out with a flip or buy and hold?

Scott HowellPosted
  • Drums, PA
  • Posts 15
  • Votes 0
Hi April, It would most likely be a mixture of funding. I am leaning more towards a flip but it's hard to tell how sales are going in my area and where they are selling the quickest. I read your profile and it shows that you have a realtors license. Do you believe it helps a lot and is it as expensive as people say it is. I read that it depends on where you live and bring you live in Pa, what is your take on that investment in a license. Thank you very much!

Post: What is you rehab sequence?

Scott HowellPosted
  • Drums, PA
  • Posts 15
  • Votes 0
There are few times when you can ask a question online a feel as though you're getting a creditable answer. This may be one of them. I actually bought your book a while ago then put it down because I am not a huge reader but I have picked it up again and have decided to dedicate at least a half hour a day of reading this book and the rehab book after this. As soon as I saw the picture you posted I remembered reading it. I like to ask open questions on this blog because I like to here what people have done themselves and learn from their mistakes. Thanks for taking the time to help me out! I actually just listened to your second podcast with bigger pockets last week. Very helpful as well!

Post: What is you rehab sequence?

Scott HowellPosted
  • Drums, PA
  • Posts 15
  • Votes 0
What is your rehab sequence? I'm looking for ideas to start a rehab checklist.

Post: Should I start out with a flip or buy and hold?

Scott HowellPosted
  • Drums, PA
  • Posts 15
  • Votes 0
What is everyone's opinion on what to start out with? I want to do both but I'm unsure about which one to start with.