All Forum Posts by: Chris Szepessy

This is a little confusing. Are they just looking to get the $200k or so in equity as their "retirement" money and then continue to pay the mortgage for another 30 years? Or are they selling the home to you or someone else? If they were able to get a mortgage w/o a SS number before, I don't see why there isn't a way to do it now.

If they're just looking to refinance and get the money, I think it would be a better idea if they just paid their home off and didn't have a mortgage payment anymore.

Almost nothing good comes out of California these days. Anytime the government tries to help, they just make things worse. My guess is this will be no different. It’s usually more the poor implementation of it than it is the actual idea. Or the cost in relation to the benefit. 

Turn your property over to a property manager and let them handle her or give her a notice to vacate. Not sure what your local laws are on it, but with a month to month lease it's usually pretty easy to get a tenant out. 

@Matt Wells We have 2 seller financed mortgages and my bank counts them towards my DTI. Even if they aren't on your credit report, they will be on your tax returns, assuming you are claiming the income….which you should be.

A while back when I worked for a PM company, every so often a guy would do the same thing. He'd sell his house and just need a place to stay for a 6 months to a year and would offer to pay it all up front. We knew him, so it always worked out, but I also can't remember if we actually collected it all at once. Her story may be true, but certainly do all the required screening. As stated before, people will offer more per month or a year in advance to skate around background checks. I had a guy offer to pay $100/month more and gave me a sob story about needing a place to live w/ his son. Turns out he spent most of the last 20 years in jail, on and off, for drug sales, and he was only out for about 2 months prior to trying to rent from me.

Have you started another job yet? That would be the first thing I would do, then yes, I would most likely sell the house and use any equity you have to pay off your remaining debt and then rent for a while until you get back on your feet. Trading stocks is a risky game to play where I think most people lose money, but you usually don't hear those stories.

@Josh Childress if you can afford the land, the piece of mind of not having potential terrible neighbors is worth the $15-20k. I personally wouldn’t care if the land didn’t go up in value or add to the value of my personal home.

I find it sort of comical how the article makes is sound like the tenants were mad about the eviction notice. I would've been out of there long before I could've been served. Hard to believe they didn't notice some of these "infestations" prior to moving in. I feel like they could handle/deal with everything else, but the snakes were the last straw. lol

I don't know if you've gotten estimates or not, but at one of my rentals, they (town) were putting in town water/sewer and requiring all owners to hook up to the new connections. It cost us $2500, which is a lot of money, but it may be less than what you think it will cost. That $2500 also included removal of the septic tank. 

I have to agree that the officer/neighbor seems to be right. I will say that he probably should've talked to you first before going to the neighbor and guests who were staying there. That said, if you can buy a lake house, go do it! Seems like a win-win...the neighbor gets rid of the STR next to him and you get a lake house that you can use and make money from.