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Updated over 7 years ago,
Tenant Disaster, Total Destruction, Rehab Financing Question
Hi all! So, long distance landlord, short story is my good paying 8 year tenants completely destroyed my house. This is because I failed in many ways. I did not check the interior regularly, I did not screen them properly, I did not make sure they got rid of the dogs they snuck in against the lease. I bought property to rent out that was a 2 day drive and I even let tenants do work on it sometimes. Total disaster. So now after an eviction I haven't even got a floor left. Pet urine was so bad it soaked the sub floor and rotted it. Nicotine on the walls can't be painted over. Refrigerator was left full of rotten food and had to be thrown out along with the broken stove. All windows are broken, all screens are missing. It needs everything. I am looking for financing ideas. This is a nice (it will be) permanent manufactured home with all the FHA guidelines. It is in a residential project community of the same, on over an acre of land. The house will be rehabbed and listed for sale. Are there investors who might be willing to take a nice rate for a rehab loan with a first lien?? Would I find these through brokers? I do not qualify for bank loans without a 9-5. PS. I already did the exterior and the tear out, texture and paint on the inside. I need sub floor, appliances, windows and small details, they even burned all the sinks with cigarettes. What are my hopes for getting this work financed? Thank you!