Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I recently inherited 2 houses, both in Levittown. One house is the one in which I live and the other is a house that is used for rental. The rental house is really not in the best shape and could use a lot of work. Ive had to spend about 3 or 4k fixing small things at my tenants request. The money I make from that rental are just enough to pay for the taxes for both houses (which is about 20-22k). My mother and I are barely scraping by with the taxes and the house falling apart. Im young enough that I should be going to college, but I'm working fulltime as a receptionist to try to save some money. My father always told me "You're a fool if you sell the second house." Im trying so hard to keep it, but it seems I cant stay ahead. Keep the house? Or ditch it?
Thank you,
H
I recently inherited 2 houses, both in Levittown. One house is the one in which I live and the other is a house that is used for rental. The rental house is really not in the best shape and could use a lot of work. Ive had to spend about 3 or 4k fixing small things at my tenants request. The money I make from that rental are just enough to pay for the taxes for both houses (which is about 20-22k). My mother and I are barely scraping by with the taxes and the house falling apart. Im young enough that I should be going to college, but I'm working fulltime as a receptionist to try to save some money. My father always told me "You're a fool if you sell the second house." Im trying so hard to keep it, but it seems I cant stay ahead. Keep the house? Or ditch it?
Thank you,
H
Your thinking seems off. In theory you are making money on the rental. You shouldn't be comparing an asset that is generating income with an asset that is not. If the rental income from one home is generating 22K of which you can cover taxes plus make some $, then I would not sell my home but instead hold onto it. I think you may be in over your head.
I don't know if any of these will help you but it might be worth a try
HOUSING— Are you a homeowner on Long island? Have you
missed or are you likely to miss one or more mortgage payments
due to:
-financial hardship?
-unforseen life events, like sickness or divorce?
-an otherwise unaffordable mortgage?
Would you like to be able to talk to someone who is trained to
work with homeowners facing these challenges?
Resources that are available:
Suffolk County Office of Economic Development and Workforce
Housing 631-853-4800.
Economic Opportunity Council of Suffolk, 631-289-2124.
Community Development Corporation of Long Island, 631-471-
1215 ext.158; Spanish 631-471-1215 ext.166.
^^^
#1 ... Levittown is in Nassau, not Suffolk, so Suffolk County will not help them.
#2 ... Even if they would, they don't give that kind of financial assistance to landlords with cash flow problems on their investment property. It is not for investors, but for struggling homeowners living in their primary home.
^^^
#1 ... Levittown is in Nassau, not Suffolk, so Suffolk County will not help them.
#2 ... Even if they would, they don't give that kind of financial assistance to landlords with cash flow problems on their investment property.
#1 quite often when you call a number looking for help they will direct you to the correct resource for your location
#2 the last number is for all of Long Island
#3 You don't know whose name(s) the houses are in, if one is in their name and the other is in their mother's name, they could certainly qualify for assistance.
#1 quite often when you call a number looking for help they will direct you to the correct resource for your location
#2 the last number is for all of Long Island
#3 You don't know whose name(s) the houses are in, if one is in their name and the other is in their mother's name, they could certainly qualify for assistance.
She said:
Quote:
I recently inherited 2 houses, both in Levittown. One house is the one in which I live and the other is a house that is used for rental.
Seems like the assistance is geared towards counselling people who are having trouble paying their mortgage anyway, not towards someone wondering whether they should keep a rental property. She inherited the houses. When you inherit a house it doesn't come with a mortgage. (Although perhaps she took mortgages out on one or both, but she didn't mention that.)
I recently inherited 2 houses, both in Levittown. One house is the one in which I live and the other is a house that is used for rental. The rental house is really not in the best shape and could use a lot of work. Ive had to spend about 3 or 4k fixing small things at my tenants request. The money I make from that rental are just enough to pay for the taxes for both houses (which is about 20-22k). My mother and I are barely scraping by with the taxes and the house falling apart. Im young enough that I should be going to college, but I'm working fulltime as a receptionist to try to save some money. My father always told me "You're a fool if you sell the second house." Im trying so hard to keep it, but it seems I cant stay ahead. Keep the house? Or ditch it?
Thank you,
H
How much work do you think it would need before it can be sound enough to just generate rental income ... meaning just need occasional maintenance instead of always having the possibility of a large repair coming up suddenly hanging over your head?
Seems like the assistance is geared towards counselling people who are having trouble paying their mortgage anyway, not towards someone wondering whether they should keep a rental property. She inherited the houses. When you inherit a house it doesn't come with a mortgage. (Although perhaps she took mortgages out on one or both, but she didn't mention that.)
So if my mother dies and I inherit her house, I get it free and clear even if she owes $100,000 on it? Of course not.
You will get it after the existing mortgage is paid off one way or the other.
The estate may have enough to pay off the existing mortgage.
The house may be sold to pay off the existing mortgage and you would get the remaining proceeds.
You may elect to take a new mortgage to pay off the existing mortgage that was in the original homeowner's name.
You would not get the deed to the house put in your name while there is a mortgage on the home in a deceased person's name.
So you were wrong you can inherit a house with a mortgage.
Thank you
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
