All Forum Posts by: Rachel Gniady Hurst

So, I am using a title attorney that I have a long standing relationship with. I am doing full inspections. 

I am NOLA native so unfortunately, I am all too familiar with the storms and insurance issues. I am transferring their flood to myself as it’s assumable and I have multiple quotes for insurance. Oddly enough, I actually made an offer 48 hours after the property hit the market and the best I can gather from their agent is that since they own the property outright, they feel that by offering bond for deed they can get their full asking price. It’s definitely an odd one. I’ve never had someone turn down a financed offer and push for bond for deed. 

I have since negotiated the down payment down to 15% at the same low interest rate so barring any major storm damage in the next couple of years I should have a good equity position once the light rehab is complete and won’t have an issue refinancing out. Thanks for the responses!

So I made an offer on a property that will ultimately be a STR and the sellers countered with a higher ask but bond for deed amortized over 30 w/a 5 year balloon. I'd be getting a better interest rate than market and the purchase price difference is negligible so I would actually cash flow more in the bond for deed scenario. Here's where I'm stuck. The sellers want 20% down, which I have but I'm worried about the refi on the back end when the balloon comes due. Can I refi a bond for deed or will I have to start over and put another large down payment down? I've bought 3 other STR's, all with DSCR loans so that's how I'd look to refi but not even sure that's possible out of a bond for deed. Hopefully someone has run across this before.

TIA

Hey,

Of course a good deal comes along when I'm cash poor. Wholesaler friend sent me a house that's right in my buy box this morning. Looking for a fix & flip loan, 6 month term is fine. I'm experienced. Have a great agent with buyers in the pool looking for a property that meets this description. I have a full team of subs that I work with all the time. I'm in the middle of a cash out refi right now on another BRRR to STR, but want to give this a shot because its a very saleable property.