All Forum Posts by: Jason Jaros

Anyone willing to recommend a good contractor that works in Conyers/Stockbridge? I have a couple properties I need to get some work done on.

I keep finding handymen, but not folks that are willing to work on a more in-depth remodel. One property has multiple rooms that need to be remodeled and we'd like to take down a couple of walls.

@Owen Dashner I am attempting now to reach out to some credit unions now before I settle on a decision. I researched some hard money loans, but I'm nervous about taking out a loan with a balloon payment right now. I have every intention of re-financing at the end of the process to help get ready for the next one. I should have plenty of appreciation (natural and forced) to leverage.

@Account Closed Thanks for your thoughts on this. I have read the contract, there isn't a due on sale clause. We tried to contact that original owner a couple times, but haven't heard back yet. I was going to offer financing it through him, to get him what he wants out of the deal (I could do a down payment to give him a large lump sum, etc.) My assumption is that he will be willing to work with us, but unfortunately several weeks of phone calls have left that option a bit flat.

I think mom-in-law will be fine with the financing being in her name. I'll have to contact some banks and see what the seasoning period will be. 

@Colby Hager We (my wife and I) estimate the repairs at 35K (which is probably more than necessary, but we are trying to be super conservative for this first time). There is a bathroom that needs a whole new floor (water damage), a new AC unit is needed, and a kitchen upgrade. Also minor issues like some flooring and painting. I haven't been at this long enough to have contacts with that kind of money, I just found BP a couple months ago. Trying to go as fast as possible!

@Account Closed Her goal is to get out of the property. Someone lives in it right now and doesn't pay enough to cover the mortgage. She just wants out, and wants to help us out along the way. I'm not sure if I can do a HELOC, I think I could get one with the large amount of equity we will have in the property, but a subject to doesn't actually put the property in our names from what I understand (which seems like it would make getting a HELOC difficult?) She would let me make payments I'm sure, but she doesn't have the money to pay off the debt in full--she owner financed the property when she bought it.

I'm having some difficulty finding traditional financing for a single-family property. My mother-in-law is selling it to me for what she owes, which is only 32K (ARV is about $130K). Unfortunately, I've been told by 3 lenders now that it's simply not a large enough loan. And all the business loans/credit seem to be stopped currently from those same institutions.

Should I do a subject to sale? The numbers work for cash flow, but the property needs renovation, which I would have to figure out how to pay for myself--pretty certain I can't get a HELOC until after I pay off the subject to loan. I have some money saved up, but I'm a bit short of just buying it cash.

So subject to, or keep shopping around until I find someone who wants to finance it?