All Forum Posts by: Kathy Braschler

I agree with Steve. You need to start the eviction process. You can probably get the form and instructions for a 5 day notice for the county where your property is located by googling it. I had to evict my very first tenants too...it gets easier as you get better at picking tenants. Good luck.

Brian, I just refinanced a property plus my own home and the result was $775 more in my pocket every month. The one property was a rental with an FHA mortgage. The payment went to $1170 from $1600. I did this thru the lender who had my mortgage. I kept getting letters in the mail about doing a streamline refinance, so I called to find out what it was all about. I went from 6% to 3.75%. This was for people who took out their mortgages prior to a certain month in 2009 (you might have to google that). It didn't cost me anything....I actually got nearly $600 back after it was all said and done.

The potential problem with your aunt moving into the rental and renting out her own home is that the cost basis in Property A becomes the lower of the fair market value at the time she does the conversion or the price she paid for it, thus her capital gain could be huge when she goes to sell that property depending on how long she has had that property.

I presume she cannot rent out property B for more than the payment? I would definitely try to refinance B and lock in a lower current rate. That may be hard to do if it is not an FHA loan. Would that property qualify as a second home?

Since she has excellent credit and no late payments she should be able to accomplish something that will put her into a better cash flow situation...more details are needed though.

Thanks all for your comments. I'm just thoroughly confused. I just don't want to get into trouble. I don't understand why the bank cares when you sell it. I'm thinking I could use a partner who is more familiar with short sales and wholesaling. The property goes on the MLS tomorrow. When it's difficult enough to find a deal, then to have it slip away so easily is frustrating.

Thanks J. I'll have to look into that.

In a wholesale deal how does one get around the HAFA guideline that states "the buyer agrees not to resell the property before 90 days" (especially when you intend to use hard money)? Is this condition ever negotiable? :roll: