All Forum Posts by: Sherry Martin

I was trying to determine if cash in hand is better than just having a credit line..

I took out a loc on my primary home to buy a single family home for a rental. (My home is paid for) The term is ten years and the rate is variable, currently 3.4%.  Should I pay it off in ten years using the incoming rent or pay only the interest and instead save up the rent to help buy another rental property? I have $30k equity in the rental .  Thanks in advance. 

I have a young unmarried couple with average credit, no evictions, easily able to afford the rent of my house. AND I have three young women who are interested in splitting the rent with average or little credit. In either case,if one person leaves, the remaining tenant(s) would find it hard to make the rent payment. How do I determine the best risk?

I have an unmarried couple wanting to rent my house. If they break up, girlfriend can't pay the rent on her own. OR I have three single women who are friends wanting to rent. If one leaves, others would struggle to pay the rent. Which is a better risk?

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Buying & Selling

Real Estate Discussion165.7K Posts 22.8K Discussions

Sherry Martin Investor from Massillon, OH

posted about 10 hours ago

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I am an older newbie but was debt free and owned my house and a rental property. Because my divorce lawyer failed to put in my agreement about my ex refinancing our house, I signed off on the deed without knowing I am still on the loan. The bank refuses to take my name off after 11 years and ex can't refinance. Soooooo in order to obtain funds to buy another rental house, I took out a home equity loan and bought a house to flip. I can either sell outright at a profit of $15-$18k before taxes and use the money to help purchase another property or keep it and rent it out anticipating a yearly profit of $4200 a year. I would have $30-$35k equity in the house but no foreseeable way to get financing for other properties. Any suggestions or advice would be greatly appreciated! I am unable to get traditional financing because because I am still listed on my ex's loan and I do not qualify because of the amount outstanding

Thanks, Eric! Already talked to three attorneys and the head of the mortgage department of the bank! No go! Even though my ex has paid the mortgage for 11 years, he doesn't make enough to qualify on paper! All his income is going for the house! 

My goals are long term cash flow , but getting a nicer property with almost instant equity Is great too! .My last 3 out of 4 houses I purchased were foreclosures, so no owner financing there. Most of those houses offered with owner financing are out of my price range! Just not sure which is better long term for me! Sell or rent???

I am an older newbie but was debt free and owned my house and a rental property. Because my divorce lawyer failed to put in my agreement about my ex refinancing our house, I signed off on the deed without knowing I am still on the loan. The bank refuses to take my name off after 11 years and ex can't refinance. Soooooo in order to obtain funds to buy another rental house, I took out a home equity loan and bought a house to flip. I can either sell outright at a profit of $15-$18k before taxes and use the money to help purchase another property or keep it and rent it out anticipating a yearly profit of $4200 a year. I would have $30-$35k equity in the house but no foreseeable way to get financing for other properties. Any suggestions or advice would be greatly appreciated!   I am unable to get traditional financing because because I am still listed on my ex's loan and I do not qualify because of the amount outstanding. 

I bought a house with the intent of flipping for the cash. Paid $53k and spent $15k fixing it up. Financed 45k thru home equity loan. Now I am rethinking about whether to keep the property and rent it? I have a paid off rental and am debt free except for this house. The market value estimate is $105k and I am listing it for $90k. Rent in that area goes for $825 monthly. How do I determine which is the best decision? Flip or rent? Originally was flipping in order to generate more upfront cash to buy a rental. That's my ultimate goal. Thanks in advance!  Sherry

I have a paid off rental house and no mortgage on my modest bungalow. I recently bought a property from the VA for 52k, intending to use it as a rental for passive income. However, my son who has flipped two houses successfully asked if I wanted to flip it instead with him for more cash flow. I used a LOC on my primary residence to buy this house and have $20k in savings. Most of the work involved in this house is strictly cosmetic to the tune of $5-$7k. He wants me to hire him out as general contractor and he will pay for all rehab costs. He can get it completed in a month. Then we would split the profit after selling it. My question? Hold it for a year and then sell or immediately rent and sell down the road or use as a rental? My experienced real estate agent/investor said we could sell for 80-85k, county website estimates value at $94k. Houses in that area quickly rent for $700-$800 month. How do I determine the best avenue to take? I want to continue down this new journey of real estate investing a little more aggressively than I have been thus far. Thanks in advance for your wisdom!