All Forum Posts by: Kerry Brooks

@Christian Wathne never thought about that, the trend has been to buy and tear down, then build bigger. Thought about doing that but that would be big risk and out of my comfort zone at this time. Newer homes are going for around 400k-500k but about 3x the sqft.

@Account Closed started at 279k dropped to 269k only one offer and at 250k and they backed out.

@Christian Wathne it will appraise for 265k, since I am beneficiary of the estate with my sister I could buy her out for 125k. It has been on the market for a year so I was just trying to see if it made since to buy her out and rent for a while.

SFH on Lake that is part of an estate that I am one of 2 beneficiaries of:

265k value (could buy for >50% probably 125k) would do 30yr conventional loan for purchase price and leave my equity in the home for now. The problem is it is outdated and sm for the area so it is not a very attractive sale at the appraised price  and rent would only fetch around 1200-1300 a month as a rental. When I run analysis on the numbers, because of low rent, it just does not look like a deal. I could do a major rehab but don't think the market is hot enough in the area for that right now. Have I missed anything or is this just not a good deal to buy and rent. I could always just wait for it to sell but would like to keep it if the numbers could work. Any advice?

Hi @Chris Mason,

Have not tried that route; not sure if my credit is strong enough for a cash out. Mainly just wanted to see if that was the best option available. Bigger Pockets has such a wealth of information that I wanted to see if there was something better that I did not know about. Thanks for taking the time to reply

@Neil Aggarwal Thanks for the reply I will look into that as well.

Hello all and thank you in advance for any help. My mother passed away last year and left a lake house to my sister and I. It is paid for and has been listed for sale but so far no offers. I want to buy my sister out and keep it for a rental for now then look at a rehab and flip in 3 or 4 years. It is appraised at 265k and I could buy her out for half. My question is what is the best financing method if I want to pull out enough cash to have down payment on another deal? She will want cash so creative will not work.