All Forum Posts by: Lana Lee

The ugly narrative about the fans is 100% true.  There are many videos of vikings fans walking to the game and getting full beer cans thrown at them.  Same thing happening at the game with people getting spit on and various levels of disgust. 

I’m halfway upset that the Vikings lost but half excited that a non-MN team won so I can Airbnb my primary residence.

I believe you mean *clears throat*  Go Patriots! 

Can't wait! 

;) 

So the unique thing here is OP wants the tenants gone at closing, whereas ordinarily you would want them continuing to pay rent and utilities. Request a final reading/bill and allocate to the seller... let seller collect from the tenants.

You are correct - the lien without notice was declared to be unconstitutional. But I have not heard of any changes in PA legislation to address this. And it is PA state law that grants municipalities the power to lien for unpaid utilities, and that law as far as I know does not require notice to a property owner. 

PGW has a Landlord Cooperation Program (LCP) that was in place prior to that court ruling; landlords must enroll in LCP to receive the lien protections, and it is recommended that the lease addresses the LCP with tenants. If a landlord has not enrolled in the LCP, as I stated in an earlier post many do not, then the protection from a gas lien is not there. And landlords that have enrolled must also cooperate (the C in the middle) when PGW seeks a shut off - and that won't happen until April 1 due to PA PUC shut off moratorium over winter. So still some risk if gas goes unpaid, and the new owner would still have to enroll in LCP - it isn't automatic.

Maybe @Chris K. has something to add here.

Hello!!

I have a family member who paid cash for a house in Miami for 70k. The house is now worth about 250K.

I've never owned a home before and I'm trying to figure out the best way to use the equity in the home. This family member in particular is interested in real estate.

I was wondering if doing a HELOC would be the best way to use the equity in the home to purchase an investment propriety. (thinking more of Flips and BRRR).

These questions might sound silly but please bear with me as I'm trying to have all my ducks in the row.

I know a HELOC is about 80% of the value and they will have to show proof of income that they will be able to cover payments to qualify.

Since the house was purchased cash, does that mean they will have to go to a bank to get a HELOC? Will they now have a mortgage payment and then any interest payments for any money used for the HELOC?

If there is more then one person name on the house will both have to show income to pay the interest payments?

Has anyone invested with HELOC willing to share their experience?

Thank you!!

Neph

@Matt H. I am using the same lender that I used for my duplex back in September so he has all of the information.  We talked about this strategy before purchasing and he assured me that it would be no problem and he's done this before.  For whatever reason, the underwriter caught this at the last minute.  

@Bob Green how do 1st lien HELOC interest rates compare to regular mortgage rates? I'd also be hesitant to do this b/c interest on HELOC payments aren't tax deductible anymore (I think).

Lana Lee
Yes but the requirements for membership are pretty silly. I just had to have previously given blood to the Red Cross 😁. And open an account with a $5 minimum balance......