All Forum Posts by: Alison Rauch

We are closing on a foreclosure that we are buying through a wholesaler. The “owners” of the house claim that they were not aware that they had to move out and say they made an agreement with the wholesaler (who he thought was the purchaser) to rent the house until he found something, which is not accurate. We want him out so we can renovate, rent out and refinance. Any advice?

Do we start eviction right away? Do we offer cash for keys? Do we allow him some time to find something and work on the outside until he moves? What kind of contract, if any should we have with him? Any advice would be appreciated. Although we have rentals and have flipped houses, we’ve never had this situation.

We are planning on borrowing money from our retirement to make a cash offer.  We are applying for the loan on Monday (they are closed until then) and it will take 7-14 days to get the money.  If we want to make an offer in the meantime, how do we show proof of funds and how soon do they expect the full payment.  

Looking for advice... we are considering borrowing against our deferred compensation retirement account to pay cash for a property. Can we renovate it and then take out a mortgage to pull the money back out? Has anyone done this in NY state? We wouldn’t have to wait 6 months to take the mortgage, correct? 

Looking for advice... we are considering borrowing against our deferred compensation retirement account to pay cash for a property. Can we renovate it and then take out a mortgage to pull the money back out? Has anyone done this in NY state? We wouldn’t have to wait 6 months to take the mortgage, correct? 

@Eric Veronica wow! Thank you for the info. I will look into it and see if I can do that in NY. Could I refinance later to pull the money out so I can buy another home? 

@Alex Deacon- it would be an investment. We already have a primary residence and two rental properties.

@Christopher Boyle, yes, we use the open house strategy. We tell everyone that calls that we will be at the property on a particular day and give them the time window. It has worked well, much better than driving out to the rental multIple tImes a week. Also, since we usually have several groups looking at the same time it reinforces the fact that we have lots of options.

We’re looking at a single family bank owned property- cash or rehab loan only. We can pay cash, so we’re considering a rehab loan. How do these work?