All Forum Posts by: Valerie Wright

Ok, I am going to try to keep it short so as to not confuse anyway. I had a house fire on my rental. The insurance company did not consider it a total loss. I hired a private adjuster company that worked with my insurance on my behalf. With that being said, i received the settlement check after the PA was paid. I still have a mortgage on the home and plan to rebuild. HOWEVER; after speaking with several contracts; it is not best for me to rebuild this home in this area for price of the rebuild. Another option I have is to replace the property with a modular home. I spoke with planning and building and they said that I could do this for the area as long as the home met the requirements regarding square feet and siding etc.

My questions what this mean for my mortgage and insurance for the property. I have not be able to find a clear answer regarding this. Do I need to ask permission to do this from my mortgage company; does this change the insurance policy.

Thanks in advance 

Hey everyone, just looking for some feedback and/ or options. One of my properties caught fire a few weeks ago. The tenants are ok but everything is destroyed. The insurance has offered me a cash pay out option if I don't rebuild. To be honest, I don't think I want to rebuild. My question is what  would  you do with the cash? I still have a mortgage on the property. My initial thought was to pay off mortgage and try to sell the home as is. Then I thought to keep mortgage and just pay on it until it sells and take the cash and put down payment on duplex and purchase some tax deed properties and invest in my other business. Just looking for some feedback from anyone that has been through this.

Thank you very much everyone!

@Daniel Holmlund Thank you so much!  @nicholas Covington Thank you so much!!

@Tarik I dont know what the actual appraised value of the duplex is just yet. Based off comps in the area I was willing to offer 120,000 I could put 10,000 down. The duplex has two long term tenants. It was recently renovated.  

I am trying to purchase my first duplex. I have 2 SFH by way of previous primary homes. I have a tax lien property that I purchased with a business credit card. Now I am ready to move on to bigger lol. I am confused about the financing part. How are you financing your real estate investments? I read several forms here and I am still not clear. The duplex I am looking at is 150,000. Do I just go through traditional funding? Can i get a mortgage loan with my LLC ? My personal credit is above 800 and my business paydex score is 92. Any advice is appreciated. Thanks in advance.

just ran across this post, followed your instructions, and my letters good great! Thanks 

Thank you guys! I appreciate it!

Good afternoon, I just had a question regarding purchasing foreclosures from the bank. My husband and I were looking at Auction.com. There is a property that we think is a GREAT deal. The bank wants 176,000; houses in the area are selling and have sold for 270,000. We just did a title search, and we really want to purchase in hopes to resell with 3 months. It is not vacant. Question is: what is the best route to get the money. We have excellent credit, my husband suggested taking out a traditional loan, but is that how you finance a foreclosure at this amount? If you could point me in the right direction, I would greatly appreciate it!