All Forum Posts by: Thomas Lowe

I plan on renting the house to tenants. Primary owner has moved out. The title is still in primary home owners name. Mortgage is in his name as well. I am paying him directly the balance of the mortgage. Located in Indiana

Hello,

I recently acquired a property under a land contract. 6 year balloon. I'm taking over the mortgage with a 4.5 percent interest rate. I'm looking to cancel the primary home owners insurance, and get landlord insurance instead. My concern is that this will trigger a property tax increase? As I understand it, the taxes associated with the home are currently primary home taxes (i.e. lower than an investment property). Thanks in advance for your advice!

Tom

So I'm trying to get approved for a conventional loan for an investment property. My wife and I have a joint bank account, And she also has her own personal account. I'm trying to transfer money from my wife's personal account to our joint account, but the lender is saying that I'm not allowed to do that as it is considered "a gift." It seems like absolute insanity to me. Does this sound right to you guys? Any ideas as to how to get money for the down payment? I'm thinking HELOC or 401k loan? Thanks for your advice.



thanks everyone in advance for replies

I have a family friend who has inherited a very nice home in a nice area. Needs about 50k work, and could be sold for profit of probably 60k. This friend is the executor of the will, which states that all of the proceeds from the sale will be donated to a local university. My friend is concerned that he must do everything possible to sell the house fairly and at the highest bid (i.e. put it on the MLS), because the will is being overseen by the local county courts. I'm considering consulting a real estate attorney because I disagree. I think he can sell the house to whomever he chooses as long as all proceeds go to the university. What do you all think?

Thanks in advance.

@Charlie MacPherson Thank you for the advice that's very helpful. Part of my reasoning for submitting offer before walk through is to save everyone time, including myself. For example, I was looking at a quadplex listed for 300k - total rental income was 2200 a month. I already know based on my numbers that I cannot offer anything above 250k for the property, as anything higher than that will result in a negative cash flow purchase. So I can submit my best offer right up front, and if the seller does not like the offer, they can counter or we can all walk away, and not waste time with an onsite visit.

Thanks in advance for your advice!

How often do you guys write offers before doing a walk through, based on the numbers?

I’m looking at small multi family, and I’d like to increase my chances of getting an offer accepted by simply writing more offers. I’m wondering if maybe I should just start writing offers contingent upon satisfaction of a walk through.

I’m looking at a duplex in Michigan. Current rents are significantly under market. One side is updated with recent renovations. The other side is very crummy and currently rented month to month. How difficult is it to terminate a lease and get the current tenants out? My worry is that this will turn into an eviction type scenario. The tenants have been there for 14 years. I would like renovate this side and increase rents.

I also plan on consulting a real estate attorney but wanted to start here first.

Thank you in advance for your advice.

Thank you everyone for your advice!