All Forum Posts by: John Mich

thanks for the advice everyone. I’ll talk with the neighbors and try to get ahold of the seller again. I’d be really happy if the “abandoned property” scenario is viable. I really don’t want to have to wait an additional 60 days to get started. I also don’t want to break any laws or violate the tenants rights. 

I'm not sure if anyone has mentioned this yet, but if you decide to REFI before moving out (as opposed to HELOC,) you won't be able to finance another primary residence for a year. Just something to keep in mind.

So I bought a house cash and intent to flip it. It's a mess. The seller told me there is a rent paying tenant who has been in place for 22 years.  Seller has no lease on file. He says the tenant owns several properties in town and it's likely they live elsewhere. The house is full of cats and cat poop and is completely uninhabitable (I got a killer deal on it, and I knew what I was getting into.)  Judging from the state of the property, and looking through windows, it doesn't seem that anyone has actually lived there for years. It appears they have continued to pay rent on the property solely to house their disgusting cat breeding program.  The best I can tell is that someone comes and feeds the cats a couple times a week.  

The only contact info the seller had was a phone number. I've called it over a dozen times and left several messages. I've taped notes to the door hoping that the tenant will see them and call me.  No luck so far.  I don't even have the tenants name to put on a 60 day notice, and since they aren't living their, do I even need a 60 day to get them out?  This is in California by the way. 

I'm slightly worried about the cat situation as it's quite inhumane, and I'm not sure what my liabilities are as the owner.  Anyway, any help in how to proceed with an eviction would be much appreciated.  

Thanks in advance!

Thank you for the info Chris! It's amazing how complicated financing can get with seasoning rules and what not. I really appreciate the wealth of knowledge you all are, and your willingness to share. 

Thank you Jeff, that puts my mind at ease.  I really appreciate the help.

Hi Laura, 

I have several SFRs in Lubbock, and they're all managed by the Masten Group. I have nothing but good things to say about them. 

Hello All,

I recently used cash to purchased a property (Green St Property) in my wife's name using the proceeds from the sale of a house in my name. Our plan is to do a cash-out refi in her name only, after the 6 month seasoning period.  (In a month I will have 10 conforming loans in my name only, so both of us being on the loan is not an option) I'm currently wrapping up a delayed financing refi on another property (Brown St Property) I own, and they've asked me to provide a source for the funds used to purchase the Brown St Property.  I'm worried that in six months when we try to refinance the Green St Property, they'll need to source the purchase funds as well. Since they came from my bank account, from the sale of a property in my name only, I'm worried there will be issues.  

I hope that was easy enough to follow.

Can any of you loan officers out there, or folks with similar experiences provide any insight or help? Thank you, I really appreciate it!

Will do,

Thank you Sean

Thank you Chris for the response. I appreciate it. 

I'm potentially interested in purchasing property from a friend. The property has a lien against it from 2005. I pulled the lien info and attempted to contact the company, only it doesn't seem to exist any more. I googled the name of the executor of the lien and he is a lawyer who runs a very large construction company here. Should I attempt to contact him and see if I could negotiate a payoff amount, or is that a bad idea? Would it be better to find another means to confirm that the company has been dissolved, and if it has, just let the lien fall off? Any advice is much appreciated. Thank you in advance.