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View Poll Results: What should I do with "This Old House"

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  • Try to wait it out until spring, fix it up and try to sell (either 1/2 with my folks or refinanced)

    7 33.33%
  • Refinance the old place and rent it out the way it is

    2 9.52%
  • Just move in with DB and commute to my job and hold on to the house leaving it vaccant

    1 4.76%
  • Screw It: Sign over to mom and pop and start over with DB in his rental

    12 57.14%
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Thread: What would you recommend?

  1. "She who waits also serves"
    AirForceGirl's Avatar
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    #1

    What would you recommend?

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    Ok ladies DB and I were talking last night....again.... about what to do about our current predicament. We aren't in a "bad" situation or a good one, but it all really comes down to this darn house that I own.

    FACTS: Its an old old old farm house out on 2 acres that I've made "liveable" but still needs alot of work. I have my job here in ***tinytown, USA. DB is stationed at a base 2 hrs away from here. We very much want to move in together and feel like its our next step....but what to do about the house? Right now I own it 1/2 and 1/2 with my parents. They say I can either:

    A) Sign the other 1/2 over to them and they'll deal with it
    B) Refinance it and take their 1/2 (they don't really care)
    C) Leave things the way they are, but if I sell it then 1/2 of the proceeds go to them, they also don't really agree with renting it out.

    I created a poll above with a few of the ideas we've been batting around...I bought the house on a short sale over a year ago so I don't have a high payment or anything....if you have other questions I'll try to keep up with the thread...I just can't stand to make the wrong decision and its driving us both not having a good plan
    " Love that guy to the Moon and back! "


  2. Senior Member
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    #2
    What is the financing on this place like? Just because you sign it over to your parents does not mean that the finance company will not consider you still responsible for payments on it. And if you refinance it to rent it out, you will have to consider that mortgage rates are higher for rentals than they are for owner occupied houses.
  3. "She who waits also serves"
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    #3
    Quote Originally Posted by dekeoboe View Post
    What is the financing on this place like? Just because you sign it over to your parents does not mean that the finance company will not consider you still responsible for payments on it. And if you refinance it to rent it out, you will have to consider that mortgage rates are higher for rentals than they are for owner occupied houses.
    Great question....right now the house is financed in an unsecured loan in my parents name acutally. Technically there are no leans on the actual property itself and none of the debt is on my credit report. I have made ALL payments and improvements, they have not put a cent into it but hold all the risk, that is why it is 50-50.

    I would just refinance it as a primary residence and rent it privately with renters insurance on it. I don't believe my company has rates that vary for a rental vs. a owner-occupied home they DO have variations in rates for Second Mortgages vs. Primary mortgages, I would not own another home if I refinanced....I hope this clarifies things
    " Love that guy to the Moon and back! "


  4. Senior Member
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    #4
    To be perfectly honest, I don't have a clue. Good luck with your decision though
  5. "She who waits also serves"
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    #5
    Quote Originally Posted by HisGirl2010 View Post
    To be perfectly honest, I don't have a clue. Good luck with your decision though
    That's how I feel most of the time.....
    " Love that guy to the Moon and back! "


  6. Travel Junkie
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    #6
    Sounds to complicated to hang on to.... but home is home. I've been there! Good luck with your decision!
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    #7
    How much work is needed? Is the foundation a full basement, crawl space? Does that need repairs or is that in good shape? How much is the house worth compared to how much you would have to refinance?
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    #8
    I would ask them if they have interest in owning the entire house...if so, see if
    you can come to some sort of agreement.

    I personally would not let a house keep me from the love of my life. It sounds like
    you know what you want to do and I think it is time for you to GO DO IT!

    How exciting!!!!
  9. "She who waits also serves"
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    #9
    Quote Originally Posted by decks89 View Post
    I would ask them if they have interest in owning the entire house...if so, see if
    you can come to some sort of agreement.

    I personally would not let a house keep me from the love of my life. It sounds like
    you know what you want to do and I think it is time for you to GO DO IT!

    How exciting!!!!
    I know! That's what I feel like....its like the financial/logical side of me vs. the CRAZY in love side....its a battle royal to the death...just so everyone knows I actually stand to make about 10,000 to 20,000 or more on the house IF I was able to get it sold based on market values. I bought it for 57,000 and after the refinance it would be at around 65,000 I had a realtor estimate it sold at between 85,000-100,000 or more especially with some repairs.

    I estimate repairs at 5000 or so...which I could come up with if I had to...but it would take ALOT of work and time of course....
    " Love that guy to the Moon and back! "


  10. "She who waits also serves"
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    #10
    Quote Originally Posted by thenomad View Post
    How much work is needed? Is the foundation a full basement, crawl space? Does that need repairs or is that in good shape? How much is the house worth compared to how much you would have to refinance?
    OK repairs well its sort of more "heavy cosmetic" it has a regular foundation that is solid, and a decent crawl space...no basement or attic, it is 2 story and has an "upstairs" with 2 BR. The floors on the main need leveling (bad) which is a big one I think. The original hardwoods are in it. The kitchen is REALLY bad and has these horrible homeade cabinents that are falling apart and SUCK. Nothing is rotten in the place, I've already done a remodel on one of the bathrooms, all the windows are old and need to be redone...I mean EVERY single one is HORRIBLE. Some leak water and all of them leak air. The siding is old tin, and really hurts the curb appeal I think.....any other specific questions about repairs, I live there so I tend to just over look stuff lol??
    " Love that guy to the Moon and back! "


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