All Forum Posts by: Eric Lewis

Thank you Jason, I know this last 18 months have been tough on everyone.  I was trying to do right by them and offered them a pretty substantial amount of money to leave and pay for moving, enough to pay their next security, first, last, and then some.  I know every situation is different, I may be best to just wait this out until the lease is up.

I'm in a bit of a pickle here and need some advice.  I have a rental house in Charlotte, NC that I have been trying to sell, I have tenants in place that had verbally agreed they would vacate early and I was offering a cash for keys type deal.  I have the home under contract with offerpad and I've already had to push the closing back once because the tenants weren't able to find a new place at that time.  Last I spoke to them they said give us until 9/15 and we will for sure find a new home by then.  Here we are now two weeks away and they haven't found anything and I feel like they are just blowing smoke at this point.  The lease isn't up until next March and I could really use this money now to pay off some debt and put towards a new business.  They are good long term tenants I would just really like to have this home sold.  Now offerpad is telling me that I am going to have to pay them $2,500 to cancel the deal and I feel like I'm really stuck here.  Any advice is would be greatly appreciated.

I had the same question a week ago and the easy answer is to call your lender to see if they allow this.  They may tell you that you need to sign some documents stating you are the personal guarantor or they may tell you no.  I called my lender on the advice of my attorney and they told me that it was fine for me to do that.  Hope that helps.

I forgot to mention rental comps are $895-$950

I'm looking at a REO in Charlotte, NC listed for 52k. It is a 3br/2ba ranch in need of estimated 15k repairs with arv around 80k. I already have financing pre approved but problem I am running into the low amount of the property. Does anyone have any recommendations of who I may be able to use to finance this deal? I guess I could try a hard lender but would have to wait 12 months to let it season and refi? Any help would be greatly appreciated and I would like to roll the rehab cost into the loan. Thank you!

Eric

Great story, I live in the Charlotte area and have only one rental now but looking to find my first brrrr project.  I am am still pretty much a novice at this and haven't had much luck finding a property like that but am not giving up.  Success stories like yours keeps me motivated.

Hi Norman, I am interested in this property.  Is it still available?  If so could you email me details?  [email protected].

Thank you,

Eric

Thanks for the advice.

Do most lenders whether it be conventional or hard money not allow you to use HELOC for down payment on investment property? I have asked lima one and quicken and the both said no dice. How can I put this to work for me to help procure rental property without using all of my cash on hand?

I was in a 30 year fixed at 4.125 but was fha and had pmi.  I had enough equity after two years to refi conventional and get 2.75 with the pmi dropped my payment pretty much stayed the same as what I was paying on the 30 year.  You are right though, I just need to be patient and look for a good deal it just seems they are very hard to come across in this crazy market or I'm not looking in the right places.