All Forum Posts by: Ellie T.

@Lydia S. about 20 years ago there were a lot of houses that had cracks in the foundation and owners filed insurance claims with their insurance companies to collect money to fix settlement issues.  In many cases the homeowners collected the insurance money and did nothing to correct any (usually normal) cracks.  

I bought a house that was marked as having these issues, which means it usually goes for 15-20% less than market value, which is fantastic for investors, as the rent it brings in is the same as non blemished houses.  The inspection came back perfectly clean and there were no issues with the house.

Now that I want to sell it, I am being told that since the house has unmitigated settlement, that banks will not provide mortgages or insurance to buyers.  Guess it makes it perfect for a flip since you can get it cheaper, deal with removing the blemish of "settlement", do a quick reno and put it back on market and collect that margin :)

As a remote investor I'd rather just sell it and not deal with the renovation.

I own a sinkhole SFH in Florida. I bought it as a cash flow property and have been very happy with it as an investor.

At this point I would like to sell it, and my realtor is saying that it’s marketable only to investors since owners/occupiers will not be able to get a conventional mortgage (and the insurance will be prohibitive).

Is that true?

I own a sinkhole SFH in Florida. I bought it as a cash flow property and have been very happy with it as an investor.

At this point I would like to sell it, and my realtor is saying that it’s marketable only to investors since owners/occupiers will not be able to get a conventional mortgage (and the insurance will be prohibitive).

Is that true?

Hey BP community,

I own 3 long term investment rental properties in Port Richey, Florida.  Bought them in cash 2 years ago and looking to get a mortgage/refinance them now.  They have since almost doubled in value.  I have much to learn about financing-  can anyone recommend an investor friendly mortgage broker (that you actually worked with, got great rates from, efficient, fast, friendly etc.) that will lend on current market value?

Thank you!!

Ellie

@Jeff Dulla happy to DM so not to hijack this thread :)

@Jeff Dulla Nope, no issue at all. Very straight forward except all were purchased under same LLC (one bank told me they have to be in separate LLCs).

Not worried about number of loans- yet.    Would rather work with someone that when I do have a few more it will not be an issue.

Following. I am also looking for an investor friendly lender to refi 3 SFH in tampa area.

Hi folks,

I could use some help with making a decision.

About 6 months ago I bought a great pool home in Pasco County, FL that was formerly a sink hole (15 years before I bought, it was listed as sink hole after inspection (in yard), but no damage to house was found). I got it for $55K and added $10K rehab.

The house was rented out for $1200/month, and now, 5 months later, the tenant asked to move out because the neighbor scared her and told her the house could sink.

So, I let the tenant move out, and my PM is recommending selling the house saying we could get $120K for it. I can either sell, or easily get a new renter, and provide them with a disclosure so this doesn't happen again (the neighbor is an issue there).

What would you do? continue getting incredible returns or cash out? The house is financed at 3.5% mortgage. Would love to hear the logic for one way or another.

Thanks!

El

Hi folks,

I could use some help with making a decision. 

About 6 months ago I bought a great pool home in Pasco Country, FL that was formerly a sink hole (15 years before I bought, it was listed as sink hole after inspection (in yard), but no damage to house was found).   I got it for $55K and added $10K rehab.

The house was rented out for $1200/month, and now, 5 months later, the tenant asked to move out because the neighbor scared her and told her the house could sink. 

So, I let the tenant move out, and my PM is recommending selling the house saying we could get $120K for it.  I can either sell, or easily get a new renter, and provide them with a disclosure so this doesn't happen again (the neighbor is an issue there).

What would you do? continue getting incredible returns or cash out?  The house is financed at 3.5% mortgage.  Would love to hear the logic for one way or another.

Thanks!

El

@Edward Hamill I like you!!!