Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Connie Mandani

Connie Mandani has started 1 posts and replied 2 times.

Post: Buying 2nd house

Connie MandaniPosted
  • Dededo
  • Posts 2
  • Votes 0

thank you all for your reply. Here's more facts: The seller's bank does not offer assumable mortgage. As stated earlier, I could get a HELOC or HEL on my primary residence so I could purchase this 2nd house. As far as repair, I could do it slowly since it is currently being rented. The seller is planning on not paying her mortgage starting next month and is willing to foreclose. I would like to offer to pay her mortgage while it is still on her name but what do I need to protect myself with this kind of deal. By the way, the owner lives out of state.

Post: Buying 2nd house

Connie MandaniPosted
  • Dededo
  • Posts 2
  • Votes 0

Please help! A family friend is offering to sell their house to us. All she wants is to pay the balance of the the loan. It's a fixer upper but based on current market, the balance of the loan is about 60% of the value. Since it's a fixer upper, I would need money to fix it plus 20% down payment. This will drain my emergency fund. The solution I could think of is to obtain a HEL or HELOC for the house I am currently staying right now which we just paid off last month. Is this a good idea? If so, could you point me on how I could make this happen wherein I am protected? The fixer upper is mortgaged with the same bank I plan on getting my HEL/HELOC.