All Forum Posts by: Domin Car

Family member just bought a house as a primary residence from the bank (less than a month ago) , signed bunch of addendum saying it is his house and it will be a primary residence , due to health issues he will be moving out of the country and offered me to buy the place ,   

here is a catch ,   he singed docs saying that he has to move i withing 3 months and then live there for a year or there are huge fines.    

Should I just wait a year to buy it?   I don't want to get him in trouble i believe the fine was 10,000 ,  

I like the property and would work great with my portfolio but not sure If I should leave it vacant until the year is up?  or not buy it until his year is up .   not sure if he would get in trouble to rent it for 6 months until I can buy it.  

Do you know how strict banks are with the owner occupied properties , I am an investor I don't want it too look like there is any shady business going on.    Let me know if you guys ever had similar situation.  

Thank you Guys for all the suggestions. @Patrick McCandless  yes I would like to get the mls access to compare to my Chicago properties ,  I get houses at $45,000-$55,000 ready to rent for about $1100 , in the Chicago suburbs,  safe areas but with bad schools .   I am wondering if I can recreate it in arizona.   let me know how to proceed with the mls access.   

Hi I invest in Chicago but live in California , I am looking for another market closer by ,  

I am was interested in phoenix market but need some pointers ,  looking for properties in C areas pretty safe areas but schools are not best and you still can get a good deal on houses and good rents.   I don't want to be in the city , preferably smaller suburbs towns.  Also looking for a realtor threre. 

I would love some hints for cities in that area that seem pretty safe but properties are still cheap.  

thanks 

Hi @Chris Seveney  do you know names of any portfolio lenders who would do a refi after 6 months or less?     mine is portfolio not sure why they won't do anything under a year . 

Hi , have 5 properties free and clear , just refinanced them received about 350,000 I would like to buy as many properties is possible in the next year in my market using the BRRR formula my issue is that the lenders I know of all want one year from the time of purchase to refinance a rental based of the market value. otherwise they want to use purchase price plus repair costs . and I only do 70% LTV , is there a way around it ,

I know some people say they rehab a home put renters in for 2 months and refinance , but how do they go around the issue,  are there any lenders you know off that will do that? 

Otherwise I will eventually run out of cash as I am refinancing at 30% less than I spent.   

I would appreciate any advice and tips. 

thank you Christopher. 

Thank you Patti for your info , very helpful  . 

I know my state regulations but since I have never worked with Section 8 tenants I am trying to find out if there is additional regulations when exiting the voucher program. 

Hi , I am considering buying a duplex with section 8 tenants,  I none of my other properties are section 8 and I don't want to have more inspections that I already have from the city . 

one tenant is month to month one has couple months until their lease is over , can I stop offering section 8 after their lease is up or because the property is approved I have to keep offering it?  

Thank you sam, I will work on that. I tried local lenders in the area where the properties are located but they usually had issue with me living out of state , or keeping properties under llc.  i have tried large local banks but they had problem putting me in commercial department as the properties are single family.   but have not tried local portfolio lenders where i live, i will try that .  thanks for your help.