All Forum Posts by: Louis W.

Thanks for the reply everyone. Very Helpful.

I forgot to mention this extra piece of information. My house is duplex and my brother lives in the other units. He promised me to pay $1000 a month after my father passed, but he never paid me a penny and claim that he owns that unit now. I prefer him to neither pay me rent or leave, so I rent it at the market rate of $2500. I already willing to rent it for only $1000 to him so he won't be homeless. What should I do?

Hi all,

Not sure if this topic is at the right forum. Please forgive me if not. 

Currently, my sister and brother are claiming that they own part of my house. Two years ago, my father passed away, and he uses to live with me at my house. Many years ago, my father gave me money for half the down payment for the mortgage. My father didn't say that he is lending me the money, he just gave it to me and didn't put his name on the loan or the deed of the house. Now, my siblings claim that my father owns half the house and demand that I sell the house and give them half the money. My father didn't leave a will and we already split his bank account three ways after he passed. I don't know how to deal with my siblings making these new demands two years later. They also claim that my father helps me purchase another investment property oversea, which 10x in value and my father didn't give me any money for that purchase, and demand money for that too. What should I do about this? 

Have a strict standard process that makes decisions for you beforehand. No emotion. No Exception. No Special Treatment. 

Otherwise, you give yourself more stress than necessary as you feel emotionally responsible.

Your property is in Ohio? It shouldn't be hard to evict him. Don't talk to him anymore. Get an eviction lawyer to deal with him. Anything you say to the tenant can be used against you in the court of law. 

Most people are risk aversive. I had a friend who won't even download Robinhood app that I recommend even though he will get a free stock for just signing up for free because he is scared of getting hack or something. He won't ask a girl out romantically even though he knows and like her for 10 years. He never buys a car because he is scared of car accident. Telling him to buy a rental property is like telling us to climb Mount Everest in off season.

 Okay, you opened the door  . . . Here's sound advice. Marry the girl, finish your degree without adding more debt, save your money and buy a home. That has worked for millenia. 

 This. except for the marry part. That is your personal decision. Marriage can be a huge financial drain if done carelessly. While you are finishing school, spend some time daily to learn about Real Estate. Reading all the guide and top discussion on BP is a good start. Then, find some Real Estate professionals that you can meet in person to learn from. Avoid people that are trying to sell you stuff like Real Estate course and investment deal. Offer something of value to the gurus besides money. Eventually, you will have the knowledge and finance to do your first deal. Finally, great deal takes hard work to find, not something a random sale person brings to you.

Wow, this thread is 7 years old. He might need to replace that water heater second time by now. Whether you need a permit or not depend on your local regulation. Just ask your trusted professional contractors. If they all said that you should get a permit, then get one. If not, I would skip it. 

 Sounds like a professional squatter. They can be tricky to weed out. I would like to hear some advice on exposing them too. 

Did you screen this tenant? What is the credit score? 

Do the banks feel bad about forclosing your house because you don't have the rental income to pay the mortage?