All Forum Posts by: Wayne Szehner

Hello to All,

Background: I am looking to increase my portfolio. I currently have one condo that I enjoy living in. I would like to buy a second property to rent out, however, I do not have 20% for a downpayment to make it a rental. I could use a VA/FHA loan and live in the new place for 1 year, then move back to my condo and rent the other out.... So that is when I started looking at other options.

Idea: My co-worker in the military is being re-stationed over seas. He has a VA Loan on his house. Could I "Assume the Loan" and pay it for him so he does not have to worry about selling it and paying closing costs? I am still learning this whole process of assuming someones loan.... What are the stipulations? Is it true that if he has equity in the property; that I can use that as the downpayment? Is he still on the loan and we split the equity when I decide to sell the property? Is he removed from the loan? I am a little confused.. Any pointers to the right direction?

What are the pros and cons?

Thank you, Wayne

Hello To All,

After doing lots of reading and listening to pockets, I thought I would finally make my first post and ask for some recommendations or advice on some options with a family property in Walnut Creek, Ca. With this property in such a prime real estate location, I would like to hear some of your thoughts on selling, investing, flipping, HUD sale, etc. Another thing to keep in mind from investing or making a deal with an investor is, since I am family, I would get the property tax percentage from 1979 which is huge. If I am wrong there, please advise.

Property:

4bed, 3bath, 12,100sq ft lot

Background, In the near future; a decision my family will have to go through is either keeping or selling my Grandfathers house. Right now, the understanding is it would be split between his 3 kids. My father one of them, has passed away. So myself, my two brothers, would split my dads 1/3. We are all fairly close and live in the same town, so I'm just trying to figure out some routes we can go.

Hope to hear from you all and get some ideas flowing. Cheers.