All Forum Posts by: Adam Heseltine

@Dan Armich

Thank you.

I have located a SFH that I want to purchase for a fix & flip. The home is tennant occupied on a month to month term currently.

What are my options to purchase this home and make sure the tennant is out? Can we draft a PA which calls out the tennant to vacate the home prior to close? Giving the tennant reasonable time to do so (30 - 45 days).

My concern is closing on the property and having a challenge to get the tennant to vacate. I want my contractors in the house the day after I get the close - not spending my time trying to legally remove a tennant.

Would greatly appreciate any ideas or strategies for this.

Thank you BP community.

I have started doing some research into this and am curious if anyone has had success in removing hard inquiries from their credit score? Is this something I should so myself / use a service to do it (how much is that) ? I have several inquiries & will be applying for a loan in 60 days (BRRRR). Would love some direction from the BP community.

Thanks guys.

@Wayne Brooks thank you.

@Wayne Brooks

Thank you for the reply Wayne. So in terms of available amount it would not matter that the property was appraised at $115k; it is determined from the purchase price of 85500?

Back in May I put a SFH under land contract as an investment property (rental). I would like to do a payoff asap. I am also unsure of my options for this.

Here are the details of the property:

Purchase Price:  $85,500

Dwn Payment:  $40,000

Property Appraised Value:  $115,000

Property put on LC May 15th 2020.

1.  Can I take out a mortgage on this property for the amount owed on the LC so I can do a payoff?

2.  Could I take out more then what is owed on the LC to use for payoff and down payment on a future property?  

Would love to hear how the BP landlord community is showing houses right now that are in markets with very high demand.  My property is tenant occupied and will not be vacant until Aug 15th.  I would like to get a renter in there as soon as the other tenant leaves.  Typically I would coordinate with the existing tenant and have 1 or 2 open houses, however with social distancing and being respectful to hygiene practices that seems impossible.  Maybe setup virtual showings?  Maybe I should just wait until my tenant has vacated the house and try to show the house at a limited capacity (although that would cost me a couple weeks of rent).  Would love any and all feedback.  Thanks guys.

@Keith Kellermeyer

Thank you Keith. I appreciate the input. I dont have very much experience with land contracts or cash out refi's so this strategy is new to me.

I am working to aquire a property through a land contract. Once the contract has been executed I would like to do a cash-out refi and compete the payoff. Can I do this after 90 days (seasoning)?

Will lenders allow a cash out on an investment property?

Sale price: 85500

Appraisal: 115000

Dwn Payment: 40000

This property currently is Tennant occupied and I will continue to rent it as the market there is perfect for rentals. House is in great condition.

There seems to be a lot of moving parts in regards to information that is out there. I was hoping someone could clarify options or lack there of. I have an fixNflip that was just completed last month in downtown Northville - a very hot area. This property was financed through hard money and is extremely expensive. Making matters worse in these challenging times we are not able to hold open houses or get traffic to the house for showings. What would be very helpful is a low interest loan or perharps some relief in terms of holding costs. Does anyone know options that are available or something that State is doing to supports small businesses in a situation like this. Hope everyone is doing ok.