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Month: February 2013

  • Buying commercial property for use as personal storage.

     Reader Question: I am buying a commercially zoned property for personal use. I will be storing personal items and not operating a business. The value of the property is $35,000 dollars. Will I be required to get a commercial mortgage? Also, would I be required to carry commercial property insurance or would regular property insurance be sufficient? Bob I. Monty’s Answer:…

  • Calculating the risk of owning two homes.

    Reader Question: My home is paid for and recently went up for sale (375k). I want to buy another home in the neighborhood (420k). How can I do this before my present home sells? I do not want to miss out on the other home. Thanks, Robyn. Monty’s Answer: Hello Robyn, thanks for your question.…

  • Evaluating an unsolicited proposal requires work.

    Reader Question: Hi Monty, My spouse and I live in a rental home that the current owners want to sell to us. They floated an idea in which they become the “lender”, sell us the home and we make payments to them. Is this a dumb idea? Is this possible with the real estate laws? If it can be done,…

  • Is your neighbor committing mortgage fraud?

    Reader Question: I am pretty sure my neighbor has committed mortgage fraud. She is a Realtor with a company in my state. She recently changed the title of her house from her and her mom’s name to only her mom. Then about two months after, did a short sale on the house, which she sold in five…