Accidental land lord

[Colby Fuller]

Hi everyone, I became interested in real estate kind of by accident. My mother very unfortunately and unexpectedly past away in April of last year with a mortgage and a HILOC still on her house, the house I grew up in. The amount owed totaled $134,000. Since I'm in the Air Force currently serving in Japan, I only had a short amount of time to get home and take care of some of her affairs and prepare the house to be empty for a while. A few months later I faced reality and realized I had to allow it to be rented to help pay the Mortgage and line of credit. My tenant has been great and haven't had any major problems. With the help of the monthly rent payments and me throwing big chunks of money at the mortgages each month, I calculated I should have them both paid off in 8 years, just in time for me to retire from the military and move back into my paid off house. In the mean time, i'm about to be stationed in Utah and was considering buying a house or a multi family building and renting out the other units. The VA loan can help me get the property since I don't have really anything to put down. I've listened to a few pod casts and am currently listening to a first time land lord book on tape. I would really love to increase my passive income and eventually my net worth so I can be financially free living off my stocks or real estate income. Looking forward to connecting and networking with you all, take care:)

[Tim Trumble]

Hello @Coby Fuller,

Unfortunately, NACA isn't going to be able to help you. One of our restrictions is that no member of the household may have an ownership interest in any other property. We would be happy to work with you, but I'm aftraid inheriting your mom's house is going to stop you cold.

I'm sorry we can't be of help to you.

Tim Trumble

Online Operations, NACA