All Forum Posts by: Hattie Dizmond

@Lilibeth Trevino You're the only one who can answer that question. It's going to be determined by your life situation, what you can afford, what you are able to finance, etc. We might be able to offer opinions or point out things to consider, but you would need to provide a little more detail about your current situation, i.e. are you single, have kids, what's your credit like, etc.

@Jaydah Timms If you're flipping, not wholesaling, you're going to need a purchase contract, not an assignment contract.

@Jaydah Timms Just go to the top tool bar and search for "Assignment Contract". You'll probably have 100 or so to choose from.

@Angela Waterman That's not Oak Cliff. It's no where near Oak Cliff. Technically, it's Wolf Creek, but most folks are just going to call it South Dallas.

You've made a statement, but I'm not sure what your question is. I'll tell you that, if you're in banking, you will likely need to disclose any outside business you are involved in and get it approved. If your employer signs off, then you have no issue. However, you will likely be restricted from making any move on a REO owned owned by your employer.

There may be better advice, but you need to clarify your question.

I'd try a cash for keys offer.  You could offer her $500 cash to just sign a lease termination agreement and walk away.  It will cost you less than an attorney, and it would be a lot less hassle.

There's no way I reconfigure a rental property that I'm already getting market rents on and has solid occupancy rates.  

You need to look at the composition of the population in the area you're targeting to make a truly informed assessment.  However, in general, I would say 2 bedroom, simply because it presents more options for potential tenants.  You're going to have a hard time drawing single parents with 1 bedroom units, and there are lots of single parents out there.  

So, the way you phrased the title of this post is a little odd. What I think you want to do is pulled forced equity out of your property. Forced equity is equity built through improvements, rather than by simply paying down a mortgage. If you make renovations and/or additions to the property which will increase the value of the property, it is possible to refinance and pull equity out. The other option is to get a HELOC on the property.

The process is pretty simple. It isn't difficult to find a hundred lenders who will handle a refinance or a HELOC with a simple Google search. What you need to do is look at the neighborhood you're in and determine what improvements are going to have the biggest impact on the appraisal value of your house. For instance, around me a 4th bedroom in a neighborhood of 3 & 4 bedroom homes is worth about $10k. So, if I can add a 4th bedroom, without losing say a garage, for a reasonable cost, I can boost my value by $10k. An extra bath is worth about the same. My advice would be to work the numbers almost like you would a flip. What's the ARV? Go tour open houses in your neighborhood and/or listed properties. Figure out what finishes &/or features you're going to need to bring it up to the best possible ARV. Then figure out how much those changes will cost. As with everything else, it is all about the numbers.

I may be confused, but I fail to understand what the appraisal would have to do with the comps. The appraisal would be what the property is currently worth. That's one of the reasons it's tough to use conventional lenders for flips and/or distressed properties. They don't care what the ARV is. They only care what the current value is in relation to the loan amount. Based upon the way you asked the question, I would assume the problem is that you are requesting a purchase loan that represents too great a % of the property's current, not potential value. If that's the case, your options are to put more money down or use non-conventional financing. I would also take a serious look at the numbers. If I've misread the problem, feel free to clarify.