All Forum Posts by: Maria Flowers

@Lauren Cooper I would see if a 203k loan would work for financing the property, since you plan to live in it. Then your down payment would be minimal and you will have cash on hand to invest and handle the unexpected. Then when you sell it you will pay it off and hopefully pull out more cash to invest in your next property.

@Mike Fontaine Could you not take the 9 months rent and change the lease to 9 months and make the last three month to month? That way you got your money up front. They have the place for 9 months. Both have the option to continue on for the next three. Either way if they are late after 9 months you will still have to evict.

@Joel Gierbolini Yes, try state farm. They do mortgages that low and have pretty decent rates. Just contact a state farm insurance office near you and the agent should be able to get you going. I currently have a 30 yr mortgage on a duplex that's under $45k with them.

Is CIX and Direct Lending Partners the same company?????

@Jessica Wood I'm not sure what your lease States. However when facing a similar situation my property manager put a notice on the door to gain entry to the home in 24 hours. I think the notice said something like "we're unable to reach you by phone this is notice that we plan to inspect property on xx date. Please call to reschedule if this is inconvenient." And they took pics of the posted notice. The tenants didn't respond so they went in and it was indeed abandoned. At that point you are okay with changing your locks. Check your lease and an attorney to be certain.

@Judy P. I had a really good experience with them as a homeowner and as a landlord. However, that was about 8-10 years ago. The service was cheaper and the "call out fee" was only $65 at that time. They replaced a dryer, fixed a breaker unit issue, and a replaced a garbage disposal. However, the one that helped the most was when the condenser unit went out 2 years in a row and they covered it both times. One alone would have cost me close to a grand to fix so it was worth it. I rolled the cost of the warranty into the rent amount and passed the "call out fee" on to the tenants. I included that in the lease. I would only use the warranty on a home that is SFR and fairly new like less than 10 years old. I hope that helps.

@Maria Flowers we are using cash for the renovations but have been looking at other options to finance or not use our cash.

@Jenni Rivera they do conventional loans for income properties. The down payment and loan amounts are different than residential. I actually went through State Farm for the loan. Our other homes we paid cash.

@Curt Smith Thanks so much for the response. We are definitely using an attorney for these contracts but were unsure of what details to put in a contract. I thought of putting the details about what needs to be done and a time limit on it but I didn't think about inspections.... that would be important. I'm going to search work for equity and see what else I'm able to learn. Thanks again.

I'm sure someone has done this before but I'm having a time searching the topic here.... My husband and I own several properties some buy and hold some rehab. We paid cash for them. We're looking to conserve cash on the rehab process. We've been approached by a contractor to sell one of the homes. I'd like to negotiate a deal where we sell the property in exchange for contract work done at our other properties. Does anyone have experience successfully executing a similar arrangement? Can you share some advice? Thanks for your help.