I reside in a three-story house with a basement and an attic apartment that have been remodeled. The main floor, however, remains in disrepair and it’s not in the pictures of the house that’s up for sale. Two weeks ago, my landlord cousin informed my uncle that the property was up for sale unexpectedly. It was strange that she didn’t even mention it to me since I’m the one paying the rent. I’ve been complaining about numerous maintenance issues in the past six months. It appears that the landlord is reluctant to address these problems, as it took him an eternity to fix the hole in the wall caused by burst pipes in December. My landlord cousin, who is also a handyman, finally fixed it. She mentioned that the property has plumbing issues and that the pipes keep breaking during the winter, the owner, her cousin is too cheap. Now, all of a sudden, the property is up for sale. A few days after the property listing went live, the realtor had contacted me because the landlord cousin gave out...
Hello. I’ve been having issues selling my home as it is owner occupied, and I was looking into options to tap into my equity in order to move into a new home, leaving the one for sale vacant (+ making minor repairs). I’ve been looking into a HEI through Point. “ Point's Home Equity Investment (HEI) provides homeowners a lump sum of cash (typically $30,000 to $600,000) in exchange for a share of future home appreciation. It features zero monthly payments for up to 30 years, no income requirements, and accepts credit scores as low as 500” According to their calcs, if I were to borrow $40,000 of equity, as long as I sell my home within the year, at around the price of my current home value, my total repayment would be $47,590. This repayment remains $47,590 even if I sell it for a bit more. However, if the home did not sell and it were to take say, 3 years, I would owe north of $70k. Is there more to this? Does anyone have experience working with Point… Worth the risk if I am looki...