All Forum Posts by: Diana Frasier

Hi BP Friends,

I am hoping to find some guidance for my current issue below:

- I did a cash out refinance that closed in August of 2021 on my primary residence. I intend to turn it into a long term rental

- I would like to purchase another home as my new primary residence. I plan to stay in my current home while doing minor reno and finding tenants so will be right at 12 months when I move

My question - can I actually close a loan since im less than 12 months from my prior refi? Do lenders check this or is it somewhat discretionary? Can I go private lender?

Im willing to put 20% down just to be able to close it since the house is fabulous

Thanks!!

@Jon W. What’s sad is I’m sure that really happens sometimes! Hopefully I don’t have to learn that kind of lesson for a while haha

@Stone Saathoff I'm talking to one now! It was OO, so I have a pretty good feeling that they knew. Definitely a learning experience for my first deal. I have definitely learned a few lessons to take to the next one.

@Greg M.

Thanks for your advice. I’m going to do that first. See if we can work out something before going any further with a demand letter/small claims. I’m just so grateful insurance came through for a large chunk but this has definitely been a learning experience in landlording!

@Sue K.

Gosh I feel for your daughter too but glad she got it resolved without that giant bill! I am self-managing since I have just the one property (and I didn’t anticipate this big of an issue so soon!). I spoke with an attorney today and she also highlighted the consideration that even if I win, these people may not be able to pay. Small claims court is looking like the best option if I pursue it!

@Joe Green interesting. I wish mine would have been solved with snaking/getting a plumber on the drains. I believe with this house it’s truly an issue in the main line. It’s not graded properly into the sewer supposedly

@Caleb Heimsoth

Hi Caleb, I definitely will going forward. I’ve had two plumbers run the cameras and they said that if the ground was dry in December when I inspected, it may not have been spotted. They said it was exacerbated by the rain we’ve been getting. Supposedly the only way I would have caught it would have been a hydrostatic pressure test. I’m definitely paying for the camera going forward.

@Mike McCarthy

Thank you! I will do that. I researched some and found one here in SA that seems highly recommended. I will try him before moving forward. I just feel awful for the tenant but he has been so cooperative!

@Sue K.

Thank you soooo much! I appreciate your insight. This is so helpful and I will look into small claims. That’s what I was considering at first, given how shady this looks in hindsight.

I have USAA. They have been awesome! I will always use them even though they aren’t always the cheapest. The support and responsiveness has been incredible.

@John Teachout

Well that includes the water mitigation, relaying the whole house flooring, the drywall/trim/doors/framing and then the excavation and replacement of the whole mainline and replacement. I think I could get interior fixed cheaper at this point, but I blew the deductible on the plumbing alone so kind of am deferring to USAA at this point