All Forum Posts by: Ryan Swigart

Situation- My grandpa  and I bought a property off market for a really solid price $125k cash. The plan was for me to remodel, get a tenant in it, manage it, and give him all the rental income until I get a loan to pay him off for the original $125k.

Financing- The ARV of the property is $190,000. With that being said I thought I would be able to get financing by either buying it from him directly for $125,000 without a down payment because of value of the home (70 LTV). OR get a quit claim deed and just get a loan for 125,000 or refinance.

My broker is saying that there are only two options for my situation:

1)Deed on title and wait 6 months then we do cash out refinance to pay him off?

2) Or buy it directly but it would be required that I put at 20% down payment

I thought if you got a property with that much equity you would not have to necessarily put money down? (which I can do but it isn't ideal) 

Are there any other ways you would try to finance this deal in my situation?

Thanks in advance!

End result- my buddy had renters insurance that covered the dog, no matter what the breed is. An attorney of my buddy laughed at the lease and said he could easily win the case. But, my buddy agreed to moved out the following month instead of dealing with the headache.

Thanks for everyone’s input, definitely a learning experience and glad I wasn’t a part of it haha

 Hi john,

I get that and understand why that makes it so important to address that in the lease because of those insurance issues you may face. But, if it wasn't in the lease can you evict someone after the fact? Thanks John

 Hey Nathan,

The property had not mention of any pet policy in the lease. I 100% agree with you that he was in the wrong. The post was more for my curiosity, if there is no pet policy how is it possible to still evict someone for that? I have in my lease (no aggressive dog breeds) but after this situation I think i should be even more specific. Thanks for the insight.

 Hi Richard,

That was my understanding as well. You interpreted that correctly. That's is why I'm confused and questioning the landlord trying to evict if it was never mentioned in the lease. Thanks for the insight.

 Thanks for the response Corby. I get what you are saying but in their lease there was no pet policy included in it. But, I do think it is different than a tenant not paying any longer because that is in the lease, there was nothing saying no dogs allowed.

Hi everyone,

I had a friend reach out about a situation he is in. He has been living in a town house for awhile now and he just adopted a dog (part pitbull) and now his landlord is trying to evict him. He sent me the lease and there was no mention in it of anything regarding to pets/dog. It made me curious for myself in the future about my rentals-- if a tenant brings in a pitbull and there is nothing about it in the lease, can yo evict someone for that? Thank you in advance.

I am relocating so I have a new realtor I have never used in the past. She has been very good so far. However, when I told her I wanted to submit the first offer, she called me and strongly urged me to use a local lender that they recommend instead of the lender that I have my pre approval and other properties through. She said since she is not familiar with that bank it will make the offer weaker.

I have never heard that before and don’t understand how that makes a difference. In my mind, money is money the seller would care and I’d lm very happy with my current bank, so why would I add in another lender, when I already have everything organize through one. Also, submitting a lengthy application to a new lender isn’t the most enjoyable thing to do.

Thanks for the feedback and I’m curious if anyone else has had a similar situation.

Any recommendations for a real estate lawyer for a partition action at ft myers beach area?

Hey everyone, Thanks for the feedback. UPDATE: replace the boards myself, thankfully none on load bearing walls. Cashed out refinanced and one of my best investments yet. Sometimes just need to sit back process and not over react.