BK, Inheiritance and 640--Radioactive
Ready for this one? :D I'll try to make this as short as possible, but not leave key items out.
A couple of years ago, we filed chapter 7, in October 2005. That was embarrasing enough. A month later, my father passed away and left a nice inheiritance. We tried to back out of it and pay it all off, but it was too late, we were in the system. It was discharged in April 2006. since then everything has been in cash everything on time or better. We have 2 credit cards, both with 0 balances, other than to buy gas, and pay it off in advance of the due date. We have a house payment, and a truck payment. Thats it.
We just refied the house, and that went fairly well, but trying to get a loan on "investment property" is nothing but brick walls for us. We put in an offer, was accepted, and now looking for a loan. Or are we? Its an SFR, 3/2, 2 level. Pretty much ready to rent when the current owner is out.
House $20,000
Taxes $340
Ins $ 800
Garbage $50
Add in your own misc maintenance.
Rent goes $550. If I stuck that $20k into a CD, it would never earn that return. Why not buy the property outright? The bad thing is that I won't be able to get a loan or line of credit until 2 years after the dischage date. Any helpful info out there? Pros and cons to cash sale? I won't get the interest writeoff, but the income makes up for that, or it should.