All Forum Posts by: Kaylyn T.

Hey guys I'm buying a property in mid coast Maine. I currently own a property there which I've had for 15 years, but this time around the inspector is asking if I want to do a Randon air and water test. I had no idea what he was talking about. I spoke with my contractor who said Radon is becoming more apparent in the region and according to the pamphlet the inspector sent it can cause cancer.

Does anyone have experience with this? If there is Radon in the air at the, should I back out of the deal or is this fixable? And if so, does anyone know how much it would cost to fix this? Having this in it's history would I need to disclose this in the future and could this possibly affect he resale value down the road?

Thanks for you!

Kaylyn

Hey Amy, thanks for starting this incredibly educational thread. Please report back and update us on how you decided to proceed. I'd also love to know how everything evolves.

Best of luck! Kaylyn

Thank you for responding Ellis. My bank will and have in fact agreed to give me the heloc - it's under my name only - but my co-owner does have to sign a document saying the bank will put a lien on the property in the event I forfeit payment on the heloc. My co-owner is willing to sign the a document, however in return they want some kind of guarantee that in the event something happens to me, someone like my family would have to repay the heloc that is in my name. The mortgage is only affected if the heloc is not repaid. I do have an attorney that I've spoken to about it, but they aren't sure there is a legal way to do it. He said he can draw up documents that say in the event I'm unable to pay that someone else would pay for me, but to legally bind that person to that agreement is difficult. Which is why I was wondering if anyone had a similar situation and knew of a fair way to make it work. 

Thank you! Kaylyn

I'm looking for any advice on how to use my equity from a property I co-own. It's a single family house, and I would like to use a HELOC for re-investing purposes but I do not want to have my co-owner be responsible for the loan. I can take out the heloc in just my name, but it ties up all of the equity in the property because only one line of credit can be taken on the house. My co-owner will also need to sign paperwork to put a lien on the house due to the Heloc and he will be responsible if for any reason I'm unable to pay it back, like I get hit by a bus and can't work or something. One never knows.

Is there anything I can do - create a contract for example - that would not hold my co-owner responsible if something did happen? Any way around this at all so that I might be able to use the equity? They are personally ok with me using it, but I need to make it clear that somehow he will be ok if something did happen.

Has anyone ever been in this situation? Any advice is greatly appreciated! Thank you, Kaylyn

Thanks Rick and Brian, that feedback is helpful and appreciated. Is there ever a time when seller financing looks more favorable than not? So is it more favorable to do seller financing at 5% for a few years so the seller can actually make more money off the deal and then refi? And if so, how would you present that? Thanks again

@Brian Gibbons, 

@Rick Harmon

 Kaylyn

Hey Thanks Rick and Brian, I really appreciate your feedback and opinions. Kaylyn

Hi Cynthia, I appreciate your feedback. I do have comps of  the area and own a house 2 houses down from this property, so I know what the property is worth, but most properties aren't water font in the area nor are they this large so it's a little different. 

I'm not sure what you're suggesting here with practicing law without a license? Can you expand on this, if you are in fact commenting on my post? Thanks!

Hey everyone, I am new to the forum and looking to get some advice on how to structure a seller financing deal. 

I'm looking at a rehab property ocean front in Maine. The property is where most of the value comes from, but it's also has somewhat historical significance because it is the original home of a pretty famous artist. The owner inherited it from his mother who recently passed away. He has no emotional ties to it and is looking to get the best offer. But it needs a lot of work - foundation issues, new roof, new siding, maybe mold and cosmetically it looks like the last time it was renovated was the 60s. 

It is huge, probably 3000 square feet. It can not be divided into apartments, but it has probably 7 bedrooms and 2 or 3 baths. One bathroom doesn't work. The kitchen needs a rehab.

It's an oil furnace which would have to be converted because I can only imagine the heating bills would be insane to heat the place.

A local realtor thinks 250 max for the property, but the seller wants 400. I do think the property alone is worth 250 if not more being that it's ocean front and in a great neighborhood within walking distance to town and the beach etc. But I see both the upsides and downsides of this house sitting on the property. The size being one of them for both resell and renting. 

However, I love this property and would look to try to rent it out probably as a vacation rental where it would bring in 2-4k weekly easily after all renovations are done. I currently own another property down the street so I am familiar with the rents in the area.

I'm guessing 150 in reno costs.

I offered 325 but the seller's brother thinks it's a lowball offer - and I was going to have to come up with some creative financing to make that happen. It hasn't gone on the market yet so the seller is thinking he can test the market at 400k for the summer or possibly sell it to a historical foundation which I think would take a year to deal with and probably won't fly.

I want to present a seller financing option considering that the brother's don't have a mortgage on the property. I think they see the complications in selling being that it is so huge so there is a limited market.  

What would be a good offer to present for seller financing this place? I was thinking 340 at 5% which in 5 years they would make more than their 400k and not have to deal with realtor fees. But would really appreciate anyone's advice on this as I have never put together a seller financing deal before.

Thanks! Kay