All Forum Posts by: Tiffany Bishop

This is probably a unique situation, but I'm hoping someone has experience or knowledge.  My late husband and I own three rental properties.  He passed away unexpectedly about a year and a half ago.  The titles of the three properties are all in the name of our trust, but the mortgages were solely in his name.  I haven't done anything about that for the past year+ for multiple reasons, I've just continued to pay them.  However, I'm thinking it's time to do something about them.  I called the lender and no one that I could get a hold of knew anything or would tell me anything about what my options are.  I was just told to send a lot of different documents via snail mail to their corporate offices.  Does anyone know if I have to refinance them under my name? Will I need to pay them off?  Can I just transfer them to my name?  I really have no idea what this will look like.  

@Aaron Farr I think you were the seller’s agent for the house we bought! Your name and profile picture look familiar. Thank you for the response.

Just moved to Spokane. The market was quite hot for purchasing our own personal home. What’s it like for investing? If you live in Spokane, what kind of investing do you do? We just moved from Utah but our rentals are all currently long distance so moving didn’t make much of a difference there.

I’m looking for CPA recommendations to help me with taxes this year. Specifically someone who is good with real estate. I’m located in Provo so somewhere in Utah County would be nice. Thanks!

Welcome! We’ve got 2 single family homes that we plan to buy and hold for a long time in North Carolina. They’re great properties!

@Lewis Christman I live in Utah but grew up in Indy so I was convinced that was where I was going to invest.  It's a great market to invest in and I knew the area!  But as I looked to make connections and build a team there, nothing was syncing the way I felt comfortable with.  

Fast forward to me meeting up with an old friend who sells out of state real estate investments to investors.  Her company is kind of a turn key company, kind of not.  It's also a smaller company so they have vetted the PMs they work with across the country very well.  She sent me a couple of possible investments that were scattered throughout the country.  From there I was able to narrow it down to which ones I liked the most and then do more research on the areas they were in.  For the first two OOS properties we bought, we went with North Carolina.  My friend/now agent also has her own investment properties in North Carolina and was using the PM she was recommending to me for her own properties.  As others have said, the PM is so important.  

Once we made those initial purchases, we feel a lot more comfortable with additional purchases.  We are working on purchasing a triplex in Florida right now.  

Good luck!

Thanks everyone!

I talked to the bank and it looks like adding my name to the title shouldn't affect the loan.

@Adam Schneider Here's our reasoning: My husband has a great w2 job, I stay at home with the kids.  We are currently buying properties in his name only and planning on going up to 10 conventional loans.  When he maxes out, unless I have gotten a job by then, we can't buy anymore.  His w2 job is good enough (and he enjoys it) that I don't need to get a job.  But if we add my name to the properties that he owns, then the income from those properties can count as my income in the future so that down the road we can buy more properties under just my name.  I think/hope I explained that correctly.  

Back in 2011 when my husband and o bought our first primary residence (which was a foreclosure) there were multiple offers. I can’t say for sure but our agent and us both thought that the fact we weren’t investors did play to our favor. We also offered a higher earnest money deposit. So while I don’t know for sure what made us get it, those were the two factors in our favor. Im sure every place does things differently though. Good luck!

My husband owns two SFHs in North Carolina. We would like to keep the loans in his name but add my name to the titles. Any recommendations on who we could contact to help us do this? This shouldn’t affect the loan, right?

@Brandon H. any updates on your experience with Suncoast PM?