All Forum Posts by: Sergio Rios

Figured it out. We all went to the title company and he added my name to the title. We’re going to wait 6 months and then I’ll do a cash out refinance for the $100,000 or so. I will give him what I owe him, the down payment of $20,000ish. House is in my name. I claim homestead so my taxes drop. My interest rate drops. So my not doesn’t change very much at all. Everyone is happy

I’m new so forgive my ignorance. Client bought a house several years ago. Lived in it for a few years, mother got sick so he moved in with his mother to help her. The property in question has been paid off for years and vacant. No renters nothing. He just got married, mother is well life is great so he bought a new home two weeks ago. We discussed him renting out the old house. Cash out refinance. Market value is $100,000. Take $80,000 and buy another one in the same street. Questions: In Texas can you get 80% on a non-owner occupied property? Should he wait until he has a renter to do the refinance?

While I was house hunting my dad bought a house he intended to rent but we liked it so we moved in.

he paid $100k with a 20k down payment that left me with an 80k mortgage balance.

The house was a foreclosure and is now appraised at 135k.

He considers the house mine. I pay the mortgage, maintenance and all the fun stuff required with homeownership.

He needs the 20k back for my sisters college tuition in 4-5yrs.

I think it's as easy as me qualifying for a loan for 20k+ mortgage balance (70 something) and any closing costs/fees...

or am I wrong?

he won't care about the accrued equity or anything in the property, he just wants his down payment back.

Does the equity affect this seemingly simple transaction?

he doesn't GAIN any profits so that should eliminate any taxes paid...right?

Great! Thanks for the reply Dan.

He considers it to be MY house for all intents and purposes.

The house recently appraised for 130k. 

I think he got a good deal on it, and i'm hoping i can leverage that into it being a good deal for me too.

EDIT*** Besides straight up refinancing it under my name, is there a more economical way? Can i avoid some of the fees associated buying it I.E. appraisal, inspection, realtor fee etc.?

could we just settle on a price and go to the title company?

soo..

my dad bought a rental property 3yrs ago and i liked it so he let me move in and pay the mortgage along with the other obligations.

it was 100k, he put down 20k and the rest is history.

My wife recently started working as a registered nurse and has given us an income boost.

we want to buy a bigger house in 2yrs and keep this house as a rental property.

we want ownership of the house also incase my dad gets divorced from his wife or he kicks the bucket.

my question: Is refinancing for the remaining balance + my dads 20k my best option?

open to any advice or suggestions.

i don't think a quit claim deed would work because it would give me ownership while my old man still could be potentially left holding the bag in case we flaked.