All Forum Posts by: Kay Na

how does that work legally? i feel weird putting my cousin on a contract but that's why my mom stayed out of this 'house situation' and made me stay out of it. She knows i'm going to pay the bill and my cousin does nothing. But i'm not from the old school; I will make him sign a contract if it doesn't help with anything legal, rehab, property tax expense than he has to go.

I can't sell any of them; sorry let me provide  more details they are all in a row;  Its alot of land around them so I was thinking maybe see what can be salvaged and try to add to the portfolio might can squeeze  two more 1-2 bedroom houses on the land 

@jeff B. ok i been using the Maryland government Dept of Assessment & Taxation to gain values

in total the homes are worth $330k. How does that differ from the market value?

I want to save and/or borrow to rehab each so they can be rental income.

I don't live in the maryland area I'm 35 and if I can retire around 55 I can stay in one of these

or if I can make enough retire in Hawaii :)

hello all!

big forum, reddit, irc, twitter user here.. so aware of the powerful information on discussion sites.

My first post was over in starting out.. as I'm excited to learn what others have been doing and hopefully crack the code on owning my own house in DC where the real estate market is bananas.

Background: I work in technology security and doing well as the DC Area economy is great. I'm preparing the receive inheritance properties from my family and have no clue what to do with them. I'm only child very small family so this is like the biggest life project to date.

All i know is everyone around me is using real estate to acquire wealth achieve financial freedom & retire early ...I'm ready to do all 3.

Anyway greetings to all hope your having super fabulous & productive week :)

hello new (first message) hope i'm posting in the correct place, apologies if not.

So here's my situation...I'm 35 (only child/no kids, renter, total debt 60K -primary student loans, good job in tech) I have small family and all my relatives are 75+..its become apparent but very emotional as they need me to step up on inheritance, estate planning stuff. The bottom line is inheritance falls to me (age 35) & my cousin (age 55+) he made it clear he doesn't care about any of this; my aunt will probably leave him another home to manage; so I'm going at this alone. My family owns 4 debt free home in a part of maryland near the bay (not waterfront property but in a small tourist town). 

Everyone keeps saying i'm sitting on a gold mine aka retirement plan I finally had to work past the emotions of losing my family and recognizing how lucrative rental property can be. So right now while everyone is alive in well I’m trying to work with a lawyer to do a quit claim deed; the family is willing to sign and add my name to the deed asap. The property taxes are very easy to manage they pay that themselves. 

Out of these 5 homes; right now 2 are occupied; 2 are dilapidated; oh and this is kinda major problem one property has lien of 40k I had to call the court of Maryland to match the story my aunts kept telling (can't verify this online) so that's last on the list to be fixed. Also that heir property belongs to great-grand parents so lawyers say I may have to see if living kids of my deceased uncles want input as they have rights.

Anyway right now I'm overwhelmed and lost as I just started listening to passive real estate podcast but we are not there yet; I need to continue to save and pay down my personal debt so I can get a loan to do some renovation work AFTER I can get my name legally on things.

thoughts? ideas? i'ma tech nerd and Real Estate is way outside my area of expertise but I'm willing to learn. I'm super motivated bc if I can flip this project the right way I want to retire at 50/55 and live off the rental income