Melbourne, Australia 路 Member since 2018 路 22 posts 路 5 votes
Hi all, need a lender who will deal with a foreign investor for my property in San Antonio. Currently owe about 200k, property value I believe is around 350k. I also have a fourplex and two SFH in Detroit, although owned by another LLC (I'm the sole member) I can put up as collateral.
I had a look through the vendors on here but I'm in a weirdly specific situation that makes it hard to filter. Any advice would be greatly appreciated.
Hey there, when did you buy the property, is it rented? How much rehab did you do... What kind of issues are you having?
Bought just on 2 years ago. Approx 100k total spent on foundation work, new section of sewer line under the property and light cosmetic rehab.
Issue I'm currently facing is with the owner finance side of the deal, namely the actual bank who holds the mortgage has to have an insurance policy in the last owners name, even though I have my own policy, they will take MY money and go purchase another policy. They won't talk to me about it because I'm not the authorized person on the account. I can't get in contact with the last owner and bank have told me they will continue to do this every year. So they are essentially throwing away several thousand dollars of my money every year and will continue to do so and there's seemingly nothing I can do about it.