All Forum Posts by: Steve Smithy

Any more details about the property?  Cashflow/etc?

Unfortunately if you can't get a notary it sounds like you might lose the property.  My only idea is to assign the property to someone else if you can transfer the funding too.

Sounds like you have your answer, you can try messaging @Marina Draper from Real Estate Accounting Pro and see if she knows.

My first impression is that with 3 separate parties involved a renovation isn't worth it.  Just do the basic cosmetic things, then sell.  You can paint the interior, put drywall over the holes, etc.

I've had mixed results with home inspectors.  Overall they check for things, but their report isn't something I would use to check construction progress.  Personally, I'd learn as much as I could so that I could check progress myself!

What is your question about the deal?  At first glance it looks ok, but I would be wary of the repair costs.  I'd get a 2nd opinion first.

This is for their insurance, it would be up to their insurance to contact your insurance company.

Well I don't know that the visa status affects owning property necessarily, however I don't think a bank would give a loan to someone that doesn't have permanent residence or work status.  If you leave, then they have to seize the property and that likely makes it harder.  I would think that if you have a large enough down payment then you ought to be able to find a bank that would do it though, as that would minimize their risk but the amount is likely enormous. 

I would definitely setup a separate entity to put money related to the property into if it goes that far.  I would also get pre-approved before making offers so you don't waste anyone's time.

When you apply for the loan the bank will look at your monthly cashflow.  So if you have an extra $500/mo loan for the vehicle they are going to figure that translates to something like $75,000 less purchase power for the house.

That's why your friends say to not have a vehicle loan, because it lowers your purchasing power towards a mortgage.

Run from that shady deal.  So many red flags, I don't even want you to waste time thinking about it!