All Forum Posts by: Janet Taylor

Need advice:

HOUSE #1 - I own house valued at $300,00 and only owe $7,000. I rent rooms and garage apartment to traveling nurses totaling $4,200.

HOUSE #2- 5 BR , 3 Bath House on same street closer to hospital needing rehab. Price is $150,000 ARV $350,000 and up depending on market. I plan to hold and rent rooms

OWNERS: My next door neighbor. Have accepted offer of $150,000. They will  accept $50,000 down, owner finance $100,000 for two years and close. They said they don’t want to get everything at once because of taxes. 

ME- 68 yr old woman who has been investing in  houses for 15 yrs. Eventually was able to buy last house with cash plus $15,000 owner financing. I now owe $7,000 on last house.

FINANCING IDEAS:

1. Refinance my house which seems to be the common scenario on BP. Will I get enough to buy and rehab house which will cost $150,000 to buy  and $100,000 to rehab. 

2. PRIVATE LENDER: Suggestions of private lender?

4. Hard Money:  Of course this is an option but most require 20% down and I don’t have that much cash to put down  

3. Utilize Reverse Mortgage $150,000 and private lender. I like the fact that I wouldn’t have a note with a RM but it won’t cover the rehab part  

Thank you for any ideas or help with directing me to right loan company or person.
Janet Taylor

Hi Shirley, Asheville is a great rental market. Maybe we can get together and go to a meeting. Let’s connect when things calm down. Janet

Thank you Shirley.  I bank with Telco so that could work. I just don’t have much cash to put down so it narrows the options. Are you investing in Asheville?  Do you attend any real estate meetings? 

I have been in contact with a lender from Civic Financial Services. I'm sending an offer today and need the approval letter and he has disappeared. So I need another lender to replace Civic ASAP. I live outside Asheville,NC and have found a property that I want to buy to rent. I have bought and sold 10 houses and am ready to rent instead of flip. Can anyone refer me to another lender that you have used that is reliable and lends in North Carolina?

Thank you!

Janet

I have been in contact with a lender from Civic Financial Services. I’m sending an offer today and need the approval letter and he has disappeared. So I need another lender to replace Civic ASAP. I live outside Asheville,NC and have found a property that I want to buy to rent. I have bought and sold 10 houses and am ready to rent instead of flip. Can anyone refer me to another lender that you have used that is reliable and lends in North Carolina?

Thank you!

Janet

Hi,

I am moving to the Austin and surrounding area. I am closing on my house in Louisiana on Dec 4 which I paid cash for. I typically buy a house, live in the house while fixing it up and sell in two years. My credit is between 600-650. I bought my house I just sold for $44,000 and sold it for $125,000. I spent $35,000 on repairs. 

I am looking for a loan to buy another house and do the same thing. The house I am looking at is $135,000. It is a 2/1 that could be primarily rehabbed cosmetically with a kitchen and bath update. 

I can bring $50,000-$75,000 to the table but need the rest. So I need a private lender or traditional loan that will allow me to live in house while rehabbing. 

Thank you for your response,

Janet Taylor

Hi,

I just sold my home which I renovated in La. I have $75,000 cash to buy another flip. I'm thinking I will need an investor/partner to help with purchase/rehab.  My credit is fair so not thinking I can get a traditional loan. 

I generally buy older homes with character. I am not opposed to really anything that has potential to make money. 

I have bought and sold five houses and done really well. The house I just sold is listed on MLS if you would like to see the type of work I do. It is off market now but you can type in address and find it. 723 Kirby Pl. Shreveport,La. 71104

I try to use salvaged antique sinks, chandeliers, hardware and etc where I can. I also have a method I use to distress floors which people love. 

I will be coming to Austin in a few weeks and would like to look at propert then. 

Any interest or questions please let me know. I also wouldn't mind teaming up with others who are doing the same. I plan to attend REI meetings when I get there. Which ones do you recommend?

Thanks so much for all of your help!! This is a great site!!!

Janet

Thanks for the humor Matthew. I needed that.!! :-)

Can I turn the electricity off my garage apt where tenant is staying without payi g?  I posted the five day vacate letter and she has no intention of leaving. I would rather not have to pay the money to file the eviction which is this Thursday oe the electricity she and her now roommate are using. It is 95 degrees here so she couldn't stay long.

This is my first time to deal with tennant like this and it's pretty hard to see her going in and out of apt. She just laughs at me cause she is a professional at this it seems. 

I don't think I'm cut out to be a landlord.:-)

Janet

Thank you for your responses. It's good to have people that you can trust.