All Forum Posts by: Janice Reese

I do plan to rehab and remodel just a bit, but can work on these things with my first renter in place. My sister (traveling nurse) will be renting the house from me for the next 6 months so this will cover the payment while I upgrade the HVAC system, water heater, and roof.  I am considering the option to put $20,000 down and finance the balance with my credit union on a 15-year mortgage. This keeps the monthly payment low and allows me to refinance next spring after I finalize renovations and she has moved out.  What are your thoughts? 

I was offered a small home today for $75,000. It needs roof repair and some general updating, but has a great ARV ($180k) and will rent easily. I have $60,000 in an HELOC and another $12,000 in cash but still falling short of a full cash purchase. I hate to dump all at once, especially since I will need to fund repairs and closing. I am preapproved at my local credit union so I am open to ideas for splitting this deal between cash and financing, just not sure how. I'm new and looking for suggestions for the best ways to finance this deal!

I found an off market house next door to my sister that I think I could wholesale for the young owner who "just wants rid of it" after a recent divorce. I've run the numbers and the comps/ARV look great. I've never done this before. What kind of contract do I use? And how much info should I disclose when advertising it for wholesale purchase?! If you have any resources or webinars to guide me, I'd appreciate it!

Yes, I am satisfying his default and taking over the mortgage payments with the intention to buy him out once I've rehabbed it and can get a new loan approved.  Everything I've read says to use 2 documents for the lease and the option contract but I've never written either before. 

I need a Lease-Purchase contract for a home in foreclosure that I am taking over. Does anybody have a template?  It's for Kentucky if anybody knows any details I should include for this state.

So inspiring for those of us just getting started!  Keep it up!!