All Forum Posts by: Roy Langer

@Jonathan Klemm South Suburbs. Park Forest

@Tj Floros yeah  it's in the South suburbs. The houses around that area have some weird features, the interior doors are all metal. Like heavy metal.

A house that I own and will be renovating and renting out in the next few years has swirl textured ceilings in the bedrooms. I believe it's called artex. My question is, should I spend the time and money to remove the look? Not sure what it would cost to have the either sanded down or skim coated, to get them flat. Is it something that could keep renters out. The house is in a middle class to lower class neighborhood. 

@Paul De Luca the comps in the area are around 230k

@Paul De Luca  no. The house has been in my family since the late 60's and had been paid off for some time. 

My situation might be kind of different than most. This is all very morbid to me but I want to be prepared for the decisions I need to make in the future.

My grandmother passed away a few years ago and her house is in trust. I am currently the only person on the trust. My father wants me to have the house. I have an uncle who is in the later stages of a battle with cancer. I am the beneficiary of a life insurance policy that will pay $50,000. I currently have about $30,000 in credit card debt. My plan is to keep the house and to use this as my first rental. The house needs some work (probably $30,000) to renovate. That is a very rough estimate. I’ll know more when I get some bids. My question is should I pay off my credit card debt(which would leave me with a very nice credit score) and use cash to rehab? Or pay off debt and take a small mortgage out on house for repairs? House is probably worth around $160,000 as it sits now. Rental comps go for around $1800 in areas. Property taxes are 8k per year.