All Forum Posts by: Curt Davis

Such a drastic increase would most likely drive them to move out. Then you will have the joy of make-ready repairs and paying your mortgage for 1-2 months.  I might suggest a solution to do smaller increases over the next few years to get them to where you need them.

When you do a HELOC you will only get 75% from the appraised value and your balance so you won't get as much as you think you will.  

Most banks will just want to see that the homes are rented out bc they can use the rental income which helps offset.

As long as the homes are rented you should be able to keep buying up to 10 total conventional loans.

Good luck

There are several ways to look at this. A simple method is to account for the roof, hvac, and hot water tank. Figure out the cost and divide by the average lifespan to come up with your CAPEX. 

Personally, I think investors kill deals that are good with so many what-if expenses that they turn them into bad deals on paper.

If you are referring to your personal assets, having umbrella insurance is a good start. Purchasing property in your LLC as opposed to just quit claiming it over is best.

So you purchased a home using hard money. You then go to a conventional take-out lender and tell them you need to do a refinance. Assuming you qualify for financing and the home appraises at or above where it needs to, they will pay off the hard money lender and you will now have a new conventional loan.

I suggest and the hard money lender will almost require it is to get pre-approved for a refinance before you buy the home with hard money, They will want to know they will get their money back.

Good luck 

I have a house I am selling and the tenant is claiming they have COVID. The AMC for the buyer's lender is requiring the appraiser to get inside to do the appraisal with no consideration or contingency for a situation like this. Has anyone else had this happen and was the AMC willing to offer an alternative solution as opposed to the transaction being held hostage?

Either of them would be fine. Small community banks or credit unions would be good to consider. In the future you have a more likely shot of doing something real estate-related with your LLC there than the big banks.

Get the seller to evict one of them before you buy. 

Conventional financing.  20% down plus closing cost.