All Forum Posts by: Xu Som

Hello,

I have a friend who bought his house earlier this year.  Over the course the of this year, he had plumbing issues that flooded the kitchen, garage foundation issues with cracked walls, and recently a furnace unit issue with a short circuit.  The electrician told him that the previous owners probably did something to it, by him observing at it.  The previous owners were most likely flippers who bought it off an older couple.  Is there a way to legally sue them? What would be the next approach?  

Thanks.

1. There is no occupancy owner requirements since we have lived there for 5 years now.

2. 5 years of residence doesn't build up much equity. I also used a conventional loan with a smaller downpayment. If I were to have the house appraised though, I would predict that the value would be much higher now since the house is still in good condition.

3. I would prefer not to take out cash from the equity if I have a choice since my family would still be paying for the house. If this is the case, I wonder if turning the property into a rental would be a better fit?

@ Brandon sturgill 

1. There is no occupancy owner requirements since we have lived there for 5 years now.

2. 5 years of residence doesn't build up much equity. I also used a conventional loan with a smaller downpayment. If I were to have the house appraised though, I would predict that the value would be much higher now since the house is still in good condition.

3. I would prefer not to take out cash from the equity if I have a choice since my family would still be paying for the house. If this is the case, I wonder if turning the property into a rental would be a better fit?

HI BG community,

I recently got married and me and my wife are searching for a house. We are currently living with my family and the house is under my name. 

Since I have a mortgage already, is there another way for me to obtain another mortgage if we do find a new house? Me and my wife plan to have our names under this new house when we find one. 

Would the family house have to be refinanced to take my name out and add in some of my family members instead? 

Can I list the family house as a rental?

Any other ways for me to qualify for a new house?

Thanks in advance!

Hello BP,

I have a friend who owns a house free and clear.  He wants to sell the house because the location isn't the best and he doesn't want to deal with the utility bills.  The house is in good condition and it was a family house passed down to him, so they spent some money to repair it in the past.  He would like to sell it at market value if possible.

What would be a good way, if any, for me to approach this kind of deal?  Since he wants to sell it at market value, there won't be much room for me to profit, if I decide to flip (which was my plan).  I could try to negotiate as well.  

Would Seller Financing be a possibility?  Or what other ways might there be?  I would like to reach a deal with him and hope to benefit both of us.  My plan is to flip the house eventually, but how can I reach a deal where both of us can come out satisfied?  Any advise or ideas will be greatly appreciated!

Thanks!

Hello BP,

I was wondering if there are ways to get rid of my name on the family house mortgage.  Currently me and another sibling have the name in there.  I want to invest in Real Estate, but my debt to ratio is too high due to the house.  I would have my other siblings put their names down on the family house instead if possible.  Is there any way for this to work?

Thanks!

Congrats on your first purchase.  Hope there are many more for you to invest in!

Hello BP,

I've been studying and listening to the podcasts for a couple months now.  I feel like taking action is the next step and I would like to learn from the more experienced investors.  I have a couple days of the week where I'm free and I would like to use those times to help fix houses, analyze properties, or any other things that might be of use to better learn.  If anyone would like for me to assist them, or talk about Real Estate in general, please feel free to let me know because taking action is the best plan of action than doing nothing.  

Hope to hear back from investors around Minnesota, especially around the Twin Cities, as that's where I reside.

Thanks!

@Dan Denton  Thanks for the tip.  I have a question about partnering up with other players.  What happens if one player is out of the rat race and the other is still in there, they partnered up on a deal and was finally able to sell the house after drawing a Market card.  The rules says players on the Fast Track can't work with players still inside the Rat Race, so who would get the money for the house sold?  Would it be the player who pitched in more money? Or can they still split the money according to what they negotiated?  How would that work?

Also, I never thought about borrowing loans from one another besides the bank, just like private investors, thanks a lot for the tip!

Hello BP,

I've been testing out the game and there are some questions I would like to know since the instructions weren't that specific.  If anyone knows or have any tips please do share as I would like to know as much as I can before I play with some friends.  

1.  Can we borrow the whole down payment loan or partial loan to pay for a down payment from the bank?

2.  I've heard of individuals playing and finishing the rat race in a couple rounds.  I may not have the most open imagination, but how is that done? I'm thinking that you'll have to borrow loans from the bank to work on deals right away to produce cash flow?

3.  Are there any additional tips when playing the game?  Any advise will be greatly appreciated as I would like to teach my friends on how to play it also.

Thanks.