All Forum Posts by: Marnie L.

I'd like to rent it out for now and hold it. I would prefer to have it as a vacation property or a place to retire but I'm still probably 20 years out from retiring. Long term, I don't know what will happen, of course. 

Thanks for answering so quickly. I appreciate it, Thomas and Corey.

Because the house is small, it would probably rent for around  800-900 monthly. I already had some quotes done by some local property managers in the area over the summer. 

Hi everyone,

I own a small house with my brother in western NC. The small house and property are worth about 160K. The deed has been in our names over a year. If I were to do a cash out to pay brother his equal half, what time frame is there to get this to close? There is no mortgage on the property. I live in neighboring GA.

I know I would need to do a claim deed to remove my brother's name. There has been no appraisal yet done. I would need to rent the house out to pay the loan back. The house is in decent shape to rent out. My credit is in good shape.

Has anyone have had a similar situation in buying out relatives on inherited property?

I'm not able to attend. I hope to go next time.

I look forward to attending this meeting and meeting everyone. Thank you for taking the time to reorganize the group.

Thanks, Curtis, on some tips on how to get your credit score up, excellent to hear. Unfortunately, I carry too much credit card debt and realize that. I've been trying to pay mine down. It's the debt ratios that matter like some others here have posted regarding credit scores. Thanks for the tips with getting your FICO up, I may be looking for another mortgage/refi within 2 years myself. I'm definitely on the borrowing side for now and am still researching my options. 

Answering Koritas' question, I have never used a Peer-to-Peer lending service (P2P) such as LendingClub but I'm familiar with how they work and others I know who have used LendingClub like their service overall. And I know they are quick to loan, once you are approved. I know we now have a lot of P2P lenders to choose from in the 2010s or so. I think I only learned about P2P lending as a term within the past 2 years or 3 years. As an example with Lending Club, you could use them as a lender yourself to lend money in transactions.  

Lending Club offers more with personal loans or auto loans (borrowing up to 40K), whereas Lending Tree is geared towards a borrower shopping around for a mortgage. I personally haven't used Lending Tree in a very long time, so I don't know more about the good and bad with it recently.

Thanks for sharing, Curtis.

That's good you have a renter. I hope the person checked out well. Definitely do not rush and hastily accept a prospective tenant without a thorough background check. 

I have had some of my rentals rented in just a few days and then for others a few months (longest wait was over 4 months). I personally found where I could put a sign out "For Rent" usually was a quicker way to rent a place out than just having rental ads online. I think on average after having a few rentals over the years, we could get a place reasonably rented within a month.

Sometimes there are just other factors that matter. I once had a condo in an HOA that did not allow exterior signs, so renting it out was much more of a hassle and would take much longer. It would often take over 3 months or longer in between tenants to rent out. Another reason people did not like the condo was because it was a third floor condo, where you had to hike flights of stairs to get to the unit door. I know some people did not want to deal with that many stairs at all. For this condo rental, I could only advertise it online. I also had another townhome rental that was only 1 bedroom. That would take longer to rent out as well. Sometimes that one took over a month or 2 to rent out in between tenants.

Anyway, variables from what your rent is, location, the condition of the place, price and timing. I know where I live in metro Atlanta, renting out would take longer between Nov-Feb when it's the coldest (winter). Other times of the year (outside of major holiday weeks) are usually better times when people seek rentals where I live in Georgia.

Hello, Ben. Congrats on making a lot of equity at a young age on your first condo purchase. I am still new here to BP myself, but have had some experience in real estate (renting and holding long term). I don't know your area of the country very well. 

Before you decide to take some big steps, I think you need to talk more to your wife and be on the same page with your strategy to buy real estate. These are very expensive decisions to make and you want to make sure your partner in life is with you every step of the way.

I know very little about Oregon, so I will give you a general opinion. Keep in mind condos and townhomes tend not to appreciate as well as single detached homes. I have had a condo and a townhome and lost a lot of money due to timing of the market (08' crash). If I had sold them at an earlier time, I could have made some money, but I did not. Outside of a few metro areas, condos generally do not gain as much appreciation and they do have limitations in renting out. I'm sure you have checked with your HOA rules about potential rentals.

Based on your post, I'm leaning towards you cashing out and refiing your current condo property to invest, but there are probably some other ideas out there that might be more advantageous to you in growing wealth in real estate.

I think if you posted this question in general real estate investing, you would have gotten more replies. :) Either way, good luck.

Yikes, some people are crazy, and it was definitely best to leave pronto. When I was much younger, I used to sell newspaper subscriptions door-to-door. I had 2 people pull out a gun on me after answering the door. 

Hi Sean. Welcome to BP. I'm looking to make the best of my current rentals, mostly located in GA. I am also interested in hard money lending. I'm new here and still trying to read as much as I can. All the best.