All Forum Posts by: Yashira Zavala

What about the "stainless steel look"? It looks like stainless and hold pretty well. 

@Nick L.We saw the current state of this house over the weekend and it needs some work before being able to rent it at its full potential. The owner wants the cash from his equity to invest outside US. 

Is it possible that the current owner refinance or take the equity out of his mortgage and the we take over it?

We are thinking about the option to do a Sub2 and live the house for 1 year while renovating it, then rent it and refinance.

Also,  We live/flip our current house (was a forclosure) and now is ready to be rented with good cash flow. 

Is this doable?

Thanks for the advice.

@Nick L.Thanks for your post! I will look more into these options and learn. We don't intend to occupy the property, we just want to rent/manage it. Is such a good area that is a shame that is currently vacant. 

Hi BP! Another question from this Newbie!

We have a friend very motivated in doing a creative deal with his house.  He is not in the US and had many problems in the past with different management companies, so he wants to be done with the nightmare. 

The house is a 3/2 in a hot growing market very easy to rent and don't need much work. He still has a mortgage on the house (he bought it ~12 years ago) and his PITI payments are ~1200. I estimate the house in this area would rent for 1600.

We just bought our first duplex so we are low in cash to do much, so conventional is not an option. I have been thinking more along the lines of offering him a "Rent/Lease Option or a Sub2 but I haven't done any deal like that and I'm not sure in how to proceed. What are your thoughts on this?

I think you would do the opposite. Have the bank give you the loan of 150K and have the seller finance 50K so at the end you owe the bank 100K.  Some banks would accept a second mortgage but not all, may need to find broker. 

Hi @Brian Klean! Greetings from Madison! Welcome to BP. Great resources here,I would suggest you to listen to the podcast! 

Talk to a Broker, traditional loans will not accept the seller financing but other would. The drawback is that often they do a balloon instead do to the "second mortgage" with the seller. 

@Mindy Jensen Thanks for the response! There are no major problems with the section 8 tenant but the rent is $200 below market. I am a UW grad student and the area is kind of far for undergrads, perhaps more suitable for grad students/post docs with family. 

@Michael Noto Thanks for your input. We din't think that the previous landlord screened the tenants well enough. 

@Kevin Kurt Great Suggestion! Thanks!! 

4 hours that's amazing! I hope ours goes that fast!

@Lois Ginter How is the Rockford area doing? We are interested in looking at nearby cities.