All Forum Posts by: Ciji McBride

@Laura Alamery Im not able to message you privately for some reason. But thank you for the advice. I will definitely speak to him about co wholesaling. And if you would please send me the information about the workshop, that'd be great! Thanks!

I'm going to be working with an investor/mentor "bird dogging" for him. Basically I'll be knocking on doors that have been sent a mailer and referring interested parties to the investor. I'm hoping to learn about the various markets in my city all to eventually do my own deals. What are some best practices I need to do to ensure I get the most out of this experience?

Hi Kysha! I can't find any info about a reverse mortgage "maturing". Can you pass along some resources on this. I want to speak with the lending agency Monday, and I wish to be prepared.

Yeah, she was 67 at the time.  Thanks for you response!

Hi Everyone, I hope this is in the right thread and not outside the parameters of this forum. I need some advice about my mother's reverse mortgage.

My mother and father secured a reverse mortgage on their home back in 2009 for about 450K. My father has since passed away, and my mother lives in the house.  The RM is now at about $670K. The last time the home was appraised was in 2013 and the appraisal was at around 950K. Houses on her block have been selling for upwards of 1mil. All the property taxes have been paid on time and she always keeps all the insurance current.

A few months ago, my mother got a letter saying her RM was sold to the FHA's company called Novad. Then she started getting calls saying that her RM was "due" and "ballooning" to "over 107%" . Then they offered her a chance to refinance the RM. Because my mom is older, of course these calls alarm her. I've done some digging and I can't find anywhere that states a RM comes due while the holder is alive and living in the property. I've looked at her statements and nowhere does it say anything is "due". Yes, the payment is going up every month (my mother does not get a monthly check from the mortgage, but does not have to pay anything but taxes and insurance). It seems to me that there is enough equity in the home for her to live there for several years with her RM as it is. But I wanted to ask this group of experts to be sure. Is this anything you've ever heard of?

Hi Everyone! I'm finally ready to jump into real estate investing. I want to buy a duplex, triplex, or 4-plex and house hack (live in one unit for 18-24 months). I figure since I'm a first time buyer this would be the best way to get financing (I'm thinking I'd probably qualify for an FHA loan). I also have the added benefit of currently living with family, so if I find a deal in a not-so-great area I won't have to live in it full time while I fix it up (because an FHA loan requires the property be owner occupied for 2 years). I have a plan but I'm foreseeing a few obstacles: first, I have a home business so my income is stated. Secondly, my credit score isn't great. Last time I was pre-qualified was about 5 years ago, and that amount was $200K, but that was for a personal property, not an investment. Next, If I house hack, the property needs to be at least a 2-3 hour drive from Los Angeles. I'm not finding any suitable multi-family properties in So Cal under $200K. The average here seems to be $500K. I haven't really spoken to a broker or mortgage lender about my current situation because quite honestly I'm worried I'll get laughed out the office.

I know there's a deal out there for me or maybe even a better strategy than house hacking. I can continue living with family for the next year if I must, but I wanted to invest in something before the end of this year (2017).  I'm sure there's an angle or resource I'm missing. Can anyone offer me any advice? Is there a better why to go about it? If there's a better investment strategy I could use, please let me know.
 

Thanks in advance for your help.

Hello! They said to type an intro/bio so here it is: I joined Bigger Pockets because I'm interested in real estate investment opportunities/deals. I'm totally new to REI and have no idea where to start. My goal is to create passive income from real estate to support my lifestyle. I currently work in direct sales. I'm glad to have found this site and I'm looking forward to meeting you all!