All Forum Posts by: Michael C.

Bigger Pockets,

What a mess I’ll do my best to summarize . My wife and I obtained a refinance loan to pay off a reverse mortgage that my mother in law had taken out (She passed away a year ago). To safe the house from foreclosure. Home is in San Francisco.

Prior to mother in laws death ,bother was living in the downstairs in law unit an now has moved himself upstairs into the home. He has never had a written lease. We are having some issues with him regarding setting up a written lease agreement...among other things. He is not a beneficiary on the will and legally is just a tenant.

Brother is already giving us problems about paying the rent and trying to dictate how things are going to go. Since we don’t know if we will ever be able to get him out of the house, I think we might need to sell. The issue is when. We also need him to sign a contract. He has reneged on the verbal one we had after 1 month. Anybody have any suggestions about next steps?

Thanks

@Amit M.

Great suggestion thank you so much for the information. Very excited to know I have multiple options. I’ll have to keep my eye out on prices in the Bay Area over the next few months.

@Jason Wray

Thank you very much for your suggestions. Still early on in the process while I am learning about all this stuff. I have been trying to analyze the numbers to make sure it would work for me. It exciting to know I have some options for further investment or possibly to put down payment on my own home. Okay to reach out to you if I have any other questions?

Hello all,

I am new to real estate and was thrown into it after my father passed away and I inherited two high end condos in San Francisco. They are fully paid off with rents coming in total of $7950/month with cost of HOA fees and insurance with minimal repairs costs. Together they are worth approx 2million.

I have been trying to educate myself reading books and talking to others on best options especially with the market, Covid and how they could be lowering value of condos as people wanting to move to suburban areas.

It has been nice getting the extra cash flow and being a landlord has been fine however was considering taking some equity to get another property to generate more passive income and equity over long term. Not looking to build a massive real estate empire. With interested rates low thought could be a good idea. Also have goal to eventually buy my own home in the Bay Area but everything is so damn expensive.

Im not a vet but I work in healthcare at the Veterans Hospital and make a good salary. I max out my TSP and put some away in Roth so don't have much left from paycheck after monthly expenses. I also still have about $50000 left in student loan debt at 3%.

Any suggestions? Seems like I could have many options.

Thanks everybody!