All Forum Posts by: Kim Thomas

Hi Kim

Have you spoken to anyone at Commercial Bank yet? I use John Carson here in Athens at the Epps Bridge location. I recently spoke to him about setting up a heloc on a 5 unit portfolio that they hold the jumbo loan for. He said it could be done. 

Another option would be private lending. Perhaps someone would give you 150k with a 10% rate and the condo as the collateral backing it. If you are in and out quick the 10% would be minimal cost to you. 

Hi Kim

Have you spoken to anyone at Commercial Bank yet? I use John Carson here in Athens at the Epps Bridge location. I recently spoke to him about setting up a heloc on a 5 unit portfolio that they hold the jumbo loan for. He said it could be done. 

Another option would be private lending. Perhaps someone would give you 150k with a 10% rate and the condo as the collateral backing it. If you are in and out quick the 10% would be minimal cost to you. 

Figure might do a quick turnaround HELOC.

Pay off the HELOC and then do a cash out refi on the condo, this will give you $150k cash to use on your flips.

Hi All,
Looking around Georgia for HELOC loans on investment rental properties for a long time did not find any such bank after many, many calls to multiple banks. Any advice highly appreciated

@Kim Thomas if he can't buy a house with what he needs get a condo and rent the space he needs else where. Or just by a rental and see if he can also rent.

Keep thinking outside the garage!

My tenant emailed an ESA letter notifying me that he would be moving his cat into my SFR home immediately (he left the cat behind 2 years ago & suddenly he needs the cat to sleep due to a disability). I am exempt from this fair housing practice because this is my only rental. I don't want pets. It is written in the lease because I have had damage to hardwoods in a whole house due to cats. This home is 3200 sf

I sent him an email with a 30-day eviction notice, stating I am exempt and no pets are allowed.  He responded that he is "ignoring the eviction". I speak to a lawyer next week. The lease goes through 5/2024. 

Could you give feedback on heading off potential issues?  I don't want to confuse my message of eviction, but there are so many open items

1.  He has been a horrible game player for the past two years.  We could get to court and he could state that he never moved the cat into the home.  This is 1 of many issues over the years:  trampoline, not allowing inspections (had covid twice), and my homeowner's insurance was canceled as he wouldn't upload pictures to an APP. 

2.  Can I insist that he be subject to a 3rd party exam by a licensed psychiatrist rather than the therapist who signed the ESA?   It's highly likely that he went to her only for the ESA as that is the full focus of her website.

3. Insist that the pet must be screened on Petscreening.com  (as any potential new Tennent )

4. Do an Eviction inspection

5. Send Addendums:

* for pet rent and deposit.   (I realize it's not allowed for service pets. His provider states that Tennant is not absolved of responsibility).  

* disclose pet violation charges of $10/day.

* Require a copy of renters insurance covering damages made by this pet
* they will be held responsible for all legal fees with the eviction

*Address all past lease violations officially

Am I subject to HUD complaints, even though I have a conventional loan?

The provider states: "you don't necessarily fall under the FHA requirement of 4 or more rentals, I think it is important for you to regard the following statement from page 1 of FHEO-2020-01. " Housing providers may be subject to the requirements of several civil rights laws, including but not limited to the FHA, Section 504 of the Rehabilitation Act (Section 504), and the Americans with Disabilities Act (ADA). This guidance does not address how HUD will process complaints against housing providers under Section 504 or the ADA."