All Forum Posts by: Angelica Valde
Angelica Valde has started 2 posts and replied 7 times.
Post: Louisiana - Purchased property with half owned by deceased man
- Posts 7
- Votes 1
Monroe, Louisiana
Post: Louisiana - Purchased property with half owned by deceased man
- Posts 7
- Votes 1
I only see wife as seller. I was told by title company earlier today that they will handle it. I will call on Wednesday to get an update. Thank you! I did not know it would be that easy. Although title company is working on it, I like to be in the background assessing the moving parts.
I posted about another property. My plan is to rehab this residential home I recently purchased, cash out refi- then use the profit from that home to finish up the church property that I acquired and run a business out of that property. I want to have one mortgage only. Pay off that mortgage with a renter and then profits from the business I plan to open. This is my first time ever doing any of this. I know there are multiple methods.
Church Property (zoned residential home) ARV 420,000 Rehab Costs $80K
Single Residential Home ARV 120,000. Rehab costs $50K
Post: Will cash-out refinance affect rezoning property from residential to commercial
- Posts 7
- Votes 1
I have not done anything yet. I did however purchase another property and i am rehabbing this new one. Hit a snag but hoping to get it cleared up soon.
Post: Will cash-out refinance affect rezoning property from residential to commercial
- Posts 7
- Votes 1
Quote from @Andrew Postell:
@Angelica Valde let's assume for a moment that the loan won't care if you re-zone it after closing (which is the most likely scenario)...how would you qualify for the loan when you refinanced? Most loans will require that if it's an investment property that the property is rented with a lease. So, there's some things that might need to happen to get the loan in the first place. I would certainly recommend reaching out to some good loan officers in your area on how you can refinance currently first.
Thanks!!
Post: Louisiana - Purchased property with half owned by deceased man
- Posts 7
- Votes 1
Hello, I purchased a property and a title company closed for us. I noticed when looking at the local tax assessor that my name (purchaser) was listed as 50% while someone else was listed as the other 50%. Long story short, the other 50% was the now deceased husband of the wife I bought the property from.
Wife was 50% owner
Husband was 50% owner. I bought the wife's part I guess. I was a bit frustrated with this after ward. I have contacted the company I used that closed and I wanted to get insight from yall and ask for your expertise. I have paused all renovations until I can get this cleared.
Has anyone else dealt with this or have any suggestions?
Location: Louisiana
Post: Will cash-out refinance affect rezoning property from residential to commercial
- Posts 7
- Votes 1
I currently own a property with no mortgage. Purchased from a church that use to use it as a daycare facility. It is currently zoned residential single family. I am wanting to cash-out refinance. I wanted to apply for a conditional use of permit for the property to run a daycare facility out of it.
I was told by zoning that it can not be used as that without re-zoning it as commercial use. If I was to accept this cash out refinance offer, then rezone the property as commercial, is that allowed?