Collecting Judgement
Hello everyone, I live in Tx I have a judgement for 2500 against an evicted tenant. I just found them after searching for 2 months. Is their anything I can do to get the money. Small claims court and garnishd wages. Or is this money possibly a hard lesson learned of being to nice???
I do not know the rules of the court in Texas but in general if you have a judgement and they have not paid you need to go back to the court clerk and find out what proceedure you need to follow to garnish wages and bank accounts...
Ok
Listen up
have your brother take out an eqity mortgage against the house for what he can get. 20% of 98600 is 19360 + 77000= 96360
which will be your purchase price.
30 year mort. at 7.5%=$541.47 but you are also going to have about $5000.00 in closing costs also.
Ed
Sorry didnt answer your full question. When you buy you would be paying off both his loans. The equity mortgage on his part would be your down payment.
Keep in mind, when you sign the loan papers, you will be signing under penalty of purgery (sp?) that you will move into the house (owner occupied). This will require homeowners insurance. Most homeowner insurance policies require owner occupied. If you keep the house vacant and something happens and the insurance company learns you never occupied you could have serious problems. If you rent it, that requires a LL type policy as opposed to traditional homeowners. Again, if something goes wrong, you could have problems.
I just now saw this thread. And unless I’m missing something, I don’t see why it has to be so convoluted.
If your brother is willing to sell for $96.8K, why not just buy it for $96.8K and use a lender that does 100% stated income on investment properties?
And if you want to cover closing costs, just up the price a bit and put a seller concession in your contract. Most of these lenders will allow 2%-3% of the selling price to be applied to your non-recurring closing costs.
This way you’re in with virtually no money out of pocket. And your brother is not carrying a note, or taking a loan, or gifting any money, or anything else.
Besides, even if you use one of the other suggested approaches, you would still have to use a lender that will allow 100% CLTV, or gifting. The only advantage I can see is that you would do better on the interest rate writing one loan at the 80% full value.
Just my thoughts.
Hi Mcole,
Thanks for your response. This IS getting a little convaluted eh? Well, I need an interest rate that will allow for a Principle and Interest payment of no more that $600.00 with a thirty year mortgage. That would mean my interest rate would have to be 6.3% and the quotes I have been getting have been higher than that AND I am having a hard time finding a 30 year investment mortgage.
Thanks
Hi JeanMarie,
You’re right, it would be tough to find a loan on an investment property at 6.3%. What are your long-term plans for this property? Depending on what you’re looking to do, one option might be to consider an ARM or interest only loan. That might get you close to your target payment for the short-term.
I have seen 70 in the day and 66 at night. 60 seems a little low, depending on the age of your tenants.
[addsig]
Make sure you verify if there are minimum temps for your area. In my county, the following applies...
When is it required for heat to be provided?
In Nassau County, the Nassau County Public Health Ordinance requires that heat be provided from October 1st through May 31st the following year, any time the outside temperature drops below 55 F. The required minimum temperature is 65 F between 10PM and 6 AM (overnight) and 68 F between 6AM and 10PM (during the day).