All Forum Posts by: Garrett O.

Quote from @Andrew Garcia:

Hi @Garrett O. someone made a list HERE.

The list is a little dated so you might have to call around.

You can also look into getting a HELOAN.

A HELOAN is a fixed-rate, fully amortizing loan in a second position.

It is essentially a second mortgage. These loans are much easier to find than HELOCs.

The rate will be higher than a HELOC or first-lien mortgage, however.

If you would like a referral to a HELOAN lender, feel free to reach out.

Either way, the 2 houses on 1 lot will probably cause some issues. I would lead with that when calling around.

Hope this helps!

 Appreciate the post for that list Andrew! I'm checking it out this weekend and looking into some this week. Yes, we talked about a HELOAN as well. It might be a possible route to go also. I will get Back to you on the possibility for the HELOAN referral. 

Thanks a lot. Really appreciate your time here. Enjoy your weekend 

Need help looking for a family member to get a heloc loan but seems to be having trouble finding a company who can do it on this property. If anyone has contacts they think could help lenders, etc. Please let me know or guide me to some people, we would really appreciate it. Here's a little about us and the property below

-Investment Property

- 2 houses on 1 lot (seems to be main issue with most)

-Approx Value 1.4 million

-first loan I believe is around $700,000

-Fico score is around 780 I believe

-LTV 65% to 70%

-Approx cash $200,000 looking for

-funds are for improvements

Also here are is some info on the owner, and what they have questions on.

+Owner is self employed, 40 yrs general contractor (sole proprietor), has 2 yr tax return

1) Prime rate + (?)- points to add for interest rate amount?

2) points cost for loan?

3) 10 yr adjustable-due in 10 yrs?

4) lock in rate at any time?

5) no pre pay penalty?

6) can you refi into 30 yr fixed?

Quote from @Colleen F.:

@Garrett O.  the $7000 is coming from the lottery they expect to win in two  weeks....  PLease convince your family member to get an attorney. You are in LA it is a tough place and the laws may change soon. Get them out while you can

 Colleen, thanks for your time and input!!! 

I agree being behind this much and coming up with $7,000 is going to be interesting to see. Were going to see what type of plan he has next week if the money comes up, and really what's going on since he's been in hiding and avoiding... I agree were not gonna have much time before I'm sure of some way to help the tenants out again and not the landlords here.. Hopefully nothing changes in the next week and I can give you guys an update sometime next week!!

Quote from @Nathan Gesner:

First mistake was to allow this to go more than 60 days. Now you're in a real pickle.

Don't wait for the $7,000. It's probably just another delay tactic. Hire an attorney now and get this done right.

 Nathan I agree. It got way out of hand and went way past what it should have been. I'm alright being a month-2 and being in communication all the way and having a plan through it all. Yet this was no where near or like that and no they are paying the price. Going to be a lesson learned forsure. 

We will see how that $7,000 is looking in a week since they decided to wait.. Or what its not looking like and how we just wasted time and more money to finally start the process.... ughhh

thanks for your time and input!!

Quote from @Justin Moy:

Someone who can't pay rent for 2 years isn't going to fall into $7k to pay back rent. I wouldn't wait for it I'd pursue the eviction. Might not even be an eviction if there's no lease, could fall under squatter but not sure, definitely get an attorney. I would have likely offered cash for keys on this tenant a long time ago!

 Justin thanks for your input. 

It wasn't 2 years they have just been behind a bit, which they were catching up but since the new year they haven't paid.. Getting now to be $21,000 plus... Its been a headache and struggle. We Will see what is up and coming in the next week to see if they pay the $7,000 as promised.. I don't have my fingers crossed though as we have heard it before. I'm gonna be pushing my family member for eviction again after this point... Just has gotten to be way out of hand and to annoying to have to worry and deal with. 

Quote from @Bjorn Ahlblad:

@Garrett O.Welcome to BP! Your family member is so far gone and probably won't listen to any advice at this point. The only advice I would give is turn this mess over to a PM to take care of and stay out of their way. Or sell. All the best!

 Bjorn, appreciate the welcome. Yes I believe they are very gone and not really looking at the actuality of what's taken place, and how hard its going to be to gain the money back they are behind at this point.. Can't even talk late fees once your this far back... Hopefully This is there learning experience. I actually have been looking into PM's lately and getting prices, so we will see what's to come. 

Appreciate your time and input!

Quote from @Greg M.:

Given the rapidly changing laws in LA, this is not a do it yourself situation. Get an attorney and evict. Get a judgment and go after their wages and bank accounts. 

The tenant is dodging you. This alone says "evict me".

I'm there with you.. The rules out here have been very tough for landlords, and don't seem to be getting any better towards our favor... I believe that's a good next step to do.. I will keep the noted on the coming meeting with family..

Thanks Greg!

Quote from @Charles Carillo:

@Garrett O.

You need an eviction attorney. You need to start the eviction. You are not getting any money from this tenant. Evictions need to begin when tenants start slipping (unless you are able to come up with a payment schedule and they follow it). When tenants start avoiding you, there are no more payment plans or favors; evictions need to start. You could also offer him $1,000 to move out within the next 7-14 days (once he is out you give him the cash). 

 I agree. I wouldn't have let it get this far along... I know Covid played a roll and it got out of hand but letting communication and the dodging go on for so long was just not a smart idea.. Unfortunately I believe they are going to wait till this next week and just the tenant to see if he comes through... I'm not a fan of it but 1 week will show if we get some type of money from him. Hopefully he comes through because that's a lot more time wasted just to then start eviction process and more money to be lost... 

Thanks for your input Charles!

Hey everyone, first time on here. Hope everyone is doing great. I'm looking to get some feedback/advice/thoughts on this situation with a family member and there property.. 

They have a tenant who started to pay late constantly, and would say the money is coming and it did and they would eventually catch up... Well lets say since the new year has started these people haven't paid rent.. They are 7 months behind and haven't filed anything for covid relief.. He's lived there for around 2 years now. He has been avoiding us for the past month to 2 months from texts/calls.. Granted we are finally able to evict him I believe from covid moratorium ending in the area of Lomita. They are around $21,000+ behind, finally a response from the tenant after we threaten with (a 3 day pay or quit) and when the guy finally responds he said in 2 weeks he should have roughly $7,000 to give to us.....  The landlord wants to give it a shot, and wait because he says its very hard and costly to get your money back from someone and would end up likely not getting it...

(kicker-doesn't have written lease, only verbal) 

I'm the type to stop the bleeding where it is and get them out and someone new in... (especially once they are this far behind)

thoughts/comments please??

(Granted the guy was single at 1 point, and last year ended up marrying and taking on the wife with 3 kids.. Which I know has to be a big life change)