Buying Grandma's House
Hi, My grandmother unfortunately is in a NH and we are going to buy her home to rent. We are going to pay 25000 for it, but it appraised for 38,000. I too purchased Carlton Sheets program, but it was about 15 years ago and cannot find it ( probably threw it away). Anyway, I dont know if the banks will lend us the appraised value or if we have to try other means of getting the full equity for the home. We would like to pay off one of our vehicles witht he extra cash. Thanks for any help.
Kim in PA : 
How much will you get for rent each month and what expenses will you have?
We can get about 450-500 a month. I have been looking at the classifieds in the area. A friend who has an apartment building (6 plex) said we should charge 700 and pay for the utilities ourselves, I dont know about that, gas prices are pretty high. The monthly payment for the appraisal price of 38000 would be around 210/month + insurance and taxes are 1400/year (116/mo).
On our own home we pay the taxes and insurance ourselves, no escrow.
Kim