Who here is a real estate expert?

[Maschine_Man]

On


I have no clue about any of that. All I can say is another house can fit on the land and still have room.

I think she paid over 300k in the 90s to buy it.

was the house worth 300k in the 90's? or was she amortized that amount?

in the 90's interest rates were a lot higher than they are now.

still, 300K in the 90's is quite a bit. you may be undervaluing the home if that is the case.

also,
if she bought it in the 90's....how much is actually left on the mortgage?

 

[GnauzBookOfRhymes]

I've seen her mortgage, she pays under 2k monthly. Not bad imo. Her kids seem to think the house is valued over 200k. I still think she owes more than the house is worth. Definitely need to get a professional to assess the value.

Good lookin on the advice breh.

might be worth while to get it professionally appraised. will run you $500 but in this case I would do it.

 

[Meta Reign]

I've seen her mortgage, she pays under 2k monthly. Not bad imo. Her kids seem to think the house is valued over 200k. I still think she owes more than the house is worth. Definitely need to get a professional to assess the value.

Good lookin on the advice breh.

What kind of interest rates?!

Have you checked the comps? The home has to be worth more than 100K.

Either way I'll tell you what I would do if I were under water like that. . . I'd call the bank and short sell the property. The only issue with that the second mortgage because the primary won't give yhem a dime from the sale. She would probably have to sign a promissary note for the 2nd mortgage in that case. which would suck.

 

[Tony D'Amato]

What kind of interest rates?!

Have you checked the comps? The home has to be worth more than 100K.

Either way I'll tell you what I would do if I were under water like that. . . I'd call the bank and short sell the property. The only issue with that the second mortgage because the primary won't give yhem a dime from the sale. She would probably have to sign a promissary note for the 2nd mortgage in that case. which would suck.

I have no clue about the rates.

 

[hashmander]

so at one point in time this house was worth a lot of money because she was able to take a lot of equity out of the first mortgage and get a second one. and in 2017 this house in LA of all places is worth less now than back then? also, the house is on enough land for two houses? what in the fukk?

 

[Tony D'Amato]

so at one point in time this house was worth a lot of money because she was able to take a lot of equity out of the first mortgage and get a second one. and in 2017 this house in LA of all places is worth less now than back then? also, the house is on enough land for two houses? what in the fukk?

Its in LA county, but not the city. And it has to be worth less now. I refuse to believe its worth anything more than 200k. As someone suggested, an appraiser is needed.

 

[hashmander]

Its in LA county, but not the city. And it has to be worth less now. I refuse to believe its worth anything more than 200k. As someone suggested, an appraiser is needed.

how about just go to zillow.com and report back the zestimate?

 

[Tony D'Amato]

how about just go to zillow.com and report back the zestimate?

417k

is that site? Is it popular?

 

[NkrumahWasRight Is Wrong]

417k

is that site? Is it popular?

Very popular but the zestimates always run a little high.

With that said, it has to be worth more than 100k with that mortgage, otherwise it's rape. Her mortgage should be pretty well under 1k for 100k house. It's probably worth no less than 200k

 

[Meta Reign]

417k

is that site? Is it popular?

Bro she's probably not even under water! Sell that thing. Go to property shark amd spend a few dollars to see some real comps.

 

[I_Got_Da_Burna]

Get a real estate to do comps for you for free, you dumb ass nikka

 

[Tony D'Amato]

Get a real estate to do comps for you for free, you dumb ass nikka

Can someone translate this hoe n1gga for me

 

[Cynic]

Can someone translate this hoe n1gga for me

lol, just email some agents i your area and say you are looking for representation on your house.

Reveal nothing about the mortgage ...and see what they come up with

Let us know once you've had an appraisal

 

[waltthizzney]

you cant just randomly put 4 living units on a property. You need to check the zoning to see if that is even allowed

 

[waltthizzney]

also figure out the cap rate