All Forum Posts by: Yangjee Sherpa

@Alexander Felice Thank you so much for your reply. I have one more question if you don't mind. I have been debating whether I should just go ahead and sell the property, to another buyer instead of selling it to myself, which would probably sell for 30 to 35k more than what we have bought last April 2018. This way I don't have to pay closing cost and other cost again as a buyer (yes we did divide all the cost when we first bought this property), and on top I have to pay part of what seller's expenses are being a partner if I sell it to myself. And I guess there will be capital gain tax on any profit we make because we are selling before 1 year period even though the property value is below 250 k.     

Hello Everyone!

My partner ( who is my own cousin) wants to get out of mortgage and move on to different state with her husband. I do not have my name on the mortgage but just a deed was made separately to be as a partner. So my question is there a way to move the mortgage on me without paying any additional cost like closing cost and gross receipt which usually paid by sellers? Is there anything I need to keep an eye on? We did 25% down when we bought it and we are currently living in this house together. Any thoughts and ideas will be appreciated.  

@Dennis M. My business partner. Sorry for the confusion.

So...the story is, not gonna be long :) I and my partner recently bought this house but the mortgage is only under my partner's name ( I currently live in the house with my partner) . We recently made a document called "Tenants in common" deed to have as a proof that I have 50% ownership. We have to live at least a year to be able to give for a rent.

Now we are thinking of going different direction. Is there any way I can transfer the whole property under my name and even the mortgage so my partner can go ahead and look for another property. I am trying to find a way so that I do not have to pay another closing fee and my partner can able to buy another house without showing any obligation to current property mortgage.  

Thanks in advance. 

@Jack V. Ospina Thank you so much..... 

I found a rental application form here in BP, just wondering if I am allowed to use it legally as it has the following sign and I am

not a realtor.

Thank you.

Thank you Justin. Yes, your reply really did help. Thank you to Russell too.

Hello Biggerpockets!

I am looking for a second home as an investment property with my partner. I already have my own home purchased in June 2016 and living in it ever since. The bank says we have to do at least 20% down and the interest will be up to 6% although market rate is between 3.5% to 4% due to an investment prpperty. We got the approval letter anyway for that high interest. My question is do you guys think I should go ahead for this rate, or I could buy the second house and live in there and rent my old house. Thank you in advance.

@Steve Vaughan Thank you for your inputs. I am thinking of just wrap it up using homewise. 

@David TorresThis is my first investment. I am thinking of living in it for at least two years and renting rooms to my friends. Eventually rent the whole house and buy another one.  

@Rocky V.