All Forum Posts by: Betty Cruz

@Aaron Mazzrillo  thank you. The seller was unwilling to make any concessions so I didn't know any other options but to terminate the contract. 

@Tyler Roicki  thank you. I did ask the seller to file a claim. He refused. I didn't know any other solution so I terminated the contract. Ty for replying. 

Hi San Antonio investors! Hope someone can help with this challenge - I had a property under contract that I was going to rent out. It had extensive hail damage. I asked the owner to file a claim with his insurance company during our option period and he refused. I  asked why (through the realtor) and he responded it would take too much time to get the work done. I responded that it wouldn't because I had a roofer ready to do it as soon as the claim was in place. (The process is you make a claim, the insurance company sends an inspector, then they notify you of the result. If they "buy" the roof, you get a roofer to replace the roof and the insurance pays for it.) My insurance company told me they would not insure a property with hail damage. Since we had those huge storms in April 2016 many properties were affected. Has anyone come into this problem? Any ideas of a solution?

Very cool. What part of town is it in?

@Michelle Suiter @Andrew Postell @Lee S. 

@Account Closed I appreciate your help! Bigger Pockets is such a great resource because of folks like you. From what I can gather upon further research, the sacrifice for the quicker or no seasoning times is interest rates. Is this pretty much the case?

@Jacob Forbis. She's gonna lose her home for $3K?? Something sounds off. No other liens? I'm curious to see what others say about this predicament in San Antonio.

@andrew Alvarez. So what is the deal?

Thank you

@Ian R.  I am continually learning!

Thank you. @Ross K. Can you explain what a conforming loan is?

I am going to buy my first rental property in San Antonio with my HELOC because it needs to close fast. I plan to do some improvement and the value should increase right away. I spoke to my lender who said it would take 2 years "seasoning" time before I could refinance and get my money out. Any advice? Is this typical or should I look for a different bank? Any suggestions of banks?