All Forum Posts by: Aaron K.

Not sure how it would affect their formula, but usually you should be able to sell your flip fast enough that refinancing would not be worth the time.  If you are rehabbing and then renting the property then I would say absolutely go for it and refinance.

If you have credit card debt I would recommend paying that off first, most credit cards charge 17% plus in interest and paying them off basically gives you a guaranteed 17% return which is very difficult to find in any other investment, at least that I have seen.  If your flips aren't returning significantly more than that I would pay off the CC debt.

My guess would be it may need more rehab (never trust the listing agent's number always do your own) and maybe the seller isn't motivated enough to sell for almost half of their list price.

Find a lender you trust and who trusts you.  That will make your life so much easier if you have a good long term working relationship with a lender, as they may waive fees that a stranger would not.

You would have a first mortgage and a second mortgage with the first to be paid back first in the event of default, it shouldn't be an issue as long as everyone knows where they stand, but make sure you consult with an attorney especially if there are investors and not just lenders involved as there are more regulations in that realm.

If the applicant did not complete the application you can either ask them to complete it or move on, if you want to give her a chance there should be an employer phone number that you could call to verify her employment.  In California most applications require an employer phone number and two months of pay stubs or two years of tax returns if self employed.

As long as you are respectful with your follow up you shouldn't scare them off, they may just be consulting with an attorney to make sure they are doing everything legally.

I would only buy if the cost of filling in the pool didn't price me out of the deal I estimate about $7,500 for a project like that depending on the size of the pool.

Every county will be different in terms of the assessor website, but if you are working with a realtor they should have access to this information for specific properties.

As long as you have liability insurance you should be alright, and unless the property was not properly maintained or you did something negligent it should not be an issue.  You cannot deny her application or evict her due to her age so why worry about something beyond your control.  Depending on the laws in Florida if she did pass away in the home you may have to disclose that if you ever intend to sell the home.