All Forum Posts by: Alexis Kennedy

She called the loan company. They told her to anticipate an adjustment to a 9% interest rate. She thought maybe it would be only a percent or two. WOW. Do you know if that is normal on a 5/1 arm?

She claims she is on the deeds. She's terrified to call and find out what her adjustable rate mortgage is going to do, now that the 5 years is up later this year. Her intro rate was 5 percent, and she has no idea what they will reset it to.
Thanks for your input.

Thank you Jon. I will have to ask her about the deed. She is listed as a co-owner on the loans. Does that necessarily put her on the deed also?

I have a question that I am afraid I know the answer to, but I am sure someone here on BiggerPockets may be able to enlighten me.

Over 4 years ago, a very close friend bought a rental property here in Reno. The rent does not come close to covering the costs of ownership, and she's due for an adjustment on the loan at 5 years. She seems to be paralyzed with fear on the next step, and here is another fly in the ointment. She co-signed on 2 of her kids homes about 5 years ago (I know--a big no no). Now she is afraid if the rental goes into foreclosure, that the bank will see her kid's homes as assets. Would you agree? Also, is there some way to "uncosign" on a property?

Thanks,
Alexis

Excellent point Will. I asked my friend, if the Investools people have the "secret", why don't they keep it to themselves and become Warren Buffett's new best friend? BTW, Can't imagine Mr. Buffett in Investools--lol.
There is so much you can learn about any investment without having to pay someone thousands of dollars. I have yet to read a review, where anyone got the price of the class back through their investools investments (30K for their Phd program--UHHHHHH)

Alexis

Anyone sign-on for Investools education? Personally, I think it is pretty much a scam and is very expensive. The information from Investools can be found for free in many places. Have a friend who is looking in to it. I know that seminar will be have very high-pressure sale's people. I have read many bad reviews on epinions,com about Investools and am curious to hear other's opinions.
Thank, Alexis

Anyone sign-on for Investools education". Personally, I think it is pretty much a scam and is very expensive. The information from Investools can be found for free in many places. Have friend who is looking it to it. I know that seminar will be have very high-pressure sale's people. I have read many bad reviews on epinions,com about Investools and am curious to hear other's opinions.
Thank, Alexis

Ingrid, You are fortunate. Christina is negatively cashflowing about 2K a month. She will need a bigger bubble than the last to gain appreciation.

I say sell now; take your losses or go bankrupt.

I have an acquaintance who recently inherited a nice piece of property in Hilton Head, SC. It's bare land in a development that gets a pretty penny even in this market. My friend is thinking about selling it, as he doesn't want to hold on to it, pay the taxes, HOAs and such. Since it was inherited, it's almost all profit for him anyway.

So here is what his son (who considers himself financially savvy) is suggesting Dad do with the property. Sell it and put the money into a nice Timeshare! If I had dentures, they would be on the floor.

Besides the fact that I strongly believe that Friend's don't let Friends buy Timeshares, this person is almost 75 who is selling the property!!! Oh Great idea! Exchange an equity property for a non-equity property, buy 30 years of a hotel room up front so you will have a place to go, when you are 105! Then pay the maintenance fees, renovation and capital expenditure assessments, while the owner of the hotel holds all the equity--dumb at any age. Then try to give the thing away in a few years or put it on Ebay for a $1 bid and see if anyone bites. Whomever thought up Timeshares, and figured out how to get people to actually buy into them was brilliant. They must serve some some wild kind of drinks at Timeshare presentations!

I am still recovering after hearing this.

Alexis

Hope your wife doesn't read the forum. :lol: I will be really nicenurse :mrgreen: , if someone answers this original post.