All Forum Posts by: Mina Zadeh

@Craig Jeppesen

By the way, Craig, you literally changed my entire life. I didn't know what a hard money loan even was. Now I have one, and I negotiated myself a pretty decent deal somehow. I found a reputable contractor, a smart realtor, and a hard money guy willing to take a little chance with me. I am working towards getting my real estate license back (I had one that expired in 2014-ish) and digging around for my next deal while the contractors sort out the inheritance house. Every bit of that traces back to me hopelessly posting here about HELOC and getting that reply from you.

@David Klefeker

Hey David, I got the hard money loan and we officially bought it last week. Most of the demo is done and the contractors are starting the job this morning! It was a much longer and harder process than I had imagined but I pulled it off somehow. Now the real work begins. One huge hurdle revealed another. But I’m very excited and happy with how things have started.

@Marduk Mooshoolzadeh

I’m just a beginner too, working on my first flip. I had a good deal and went the hard money route, which could probably work for anyone if they had a great deal with a high after repair value. Anyway I’m not in a position to give advice at all, but from one Zadeh to another, good luck. I’m sure you’ll find what you need on BiggerPockets.

Thanks to everyone. I’m in the process of trying to secure a hard money loan. I didn’t know it was an option until I got advice here on BP. I don’t have it yet but I am working towards getting it. Will update once things start rolling. 

Good idea, Craig. I didn’t know that was an option. I will try to go that route. Thank you!

My fiancé inherited a home with his siblings. We want to refinance this home and buy out the other beneficiaries so that we can fix it first before we sell it. It needs repairs and the other beneficiaries aren't interested in doing this. He has bad credit in the 500's. Will any lenders consider refinancing or doing a HELOC?

I don’t know who I should call, a mortgage broker or a traditional regional bank? Is it even worth trying for with such low credit? 

If not, what other options seem reasonable? The house is paid off and would be worth a lot more if it were repaired. Other beneficiaries are apathetic or overall uninterested. We don’t want to lose out. What can be done? Worth noting that my fiancé is not the executor, his brother is. Although he could be made executor if necessary. 

My fiancé and his siblings inherited a property (single family home that needs repairs) and it has been stuck in probate for three and a half years. The property is paid off and should be worth around 520k, but is in a state of disrepair and would be valued significantly lower in its current state. The executor of the will / estate is my fiancé’s  brother, also a beneficiary of the estate. His brother has been dragging his feet and isn’t taking any action, and the other two siblings are unresponsive, so my fiancé wants to just buy them out. 

After a little digging online, it looks like the only way to buy out the siblings without our own cash would be to do a cash-out refinance. But my fiancé has credit in the 500’s and since we aren’t married yet, I don’t think I can help him there. 

Are there lenders that will do the refinance or HELOC to buy out the siblings so that we can fix the property and then sell it? The siblings don't want anything to do with this and they would rather sell the house in its current state and inherit less money than to fix it and get a little more. It makes sense to just buy them out and get them out of the way, but is it even possible without our own cash?

Are there any institutions that do cash out refinance or HELOC to heirs / estates? Considering that the final plan is still to sell the house and not use it as a residence, would the credit score bar him from going this route? Should he talk to a mortgage broker or an institution?

Any advice is welcome. The house was appraised at around $360k in its starting state, $535k remodeled. We did spend several thousand dollars to repair since the first appraisal. This is mostly just due to some water damage in the basement. Siblings seem willing to cash out at under $360k, but my fiancé doesn’t want to lose part of his inheritance over a little water damage and paint. Problem is the executor is being difficult and we ran out of cash for repairs and still have about $15k of work left to go. We almost got a small inheritance loan to finish the repairs but the executor wants to be bought out and isn’t willing to wait or even compensate my fiancé for the loan from the final sale of the property.  It’s kind of a mess and before I spend pages explaining it all, is there any option to refinance or any way to buy the siblings out?