All Forum Posts by: Scott Schultz

based on how i run my numbers, using your income and expenses, you could pay $80-$85K for it, but that may not be reasonable in your market. just my 2Cents

I agree with @Rick Baer, if you intend to pay one off and pull it from the pool its a pain, and your lender will not like that, its odd how banks will give you just enough rope to hang your self in the beginning, or when you have little equity, but when you have built up a significant amount of equity, they dont want to give any of it back, have a plan and be strategic, the Bankers are the robbers, and th really dont like it when you are in the drivers seat

Got to local banks, and if the residential lender is not interested speak to the Comecial lender, in your case, unless you need the entire $50K a Line of credit may be the way to go, but they should be able to cash you out at around 5% or less. with minimal cost to close, 

Sell it and put the profit to another one to rent, or rent it for a year and then sell, to stave off some taxes

be careful if you take the loan in your personal name and then Quit Claim to a LLC it can trigger a Due on Sale clause, probably wont, but can, You are way better off with a Commercial Lender, mine will do 80%LTV at 4.5% 3 year term at 15 year AMM, my choice to go 15, he would go longer if i needed to. Good Luck

No reason why not, but you will probably need to work with a Commercial Lender to do it, may not be considered a re-fi, also check your state rules regarding the transfer tax, may cost you change Vesting

@Account Closed FYI i did not buy that house, it sold for over asking, and well above my valuation, besides, i wasnt looking for that big of a project, but i couldn't resist a photo. 

I tend to freshen a property up, I do my paint colors so it easy to touch up later, I replace fans with lights, less chance to break, i put in LED Bulbs (maybe overkill) in many cases faucets, and replace shower mixer cartridges, and any obvious damages, Smoke and CO detectors, check furnace and Water heater,  and my standard flooring. Im working towards consistency so if i have a problem, it can be easily resolved. a total rehab is not needed, and dated is ok if its in good condition,  now Pink sinks and toilets maybe need to go though.

its a dont ask dont tell game, answer the questions with direct answers, like Breakers or fuses, how old is the roof,  my agent asks, i answer, and i dont supply pics, if they want them, they can get them from the street. 

Originally posted by @LuAnn Vigen:

My brother in law just bought a house from a private party, he plans of flipping the house. The house is full of used needles and he thinks (doesn't  know for sure) that meth was used in the house. Is this a problem or can he just flip it, does he need special permits? When he sells it does he have to disclose anything?

Any insight from someone who has dealt with this type of situation would be appreciated.

 is it MN? if so you may want to check the laws, MN does have a "Meth" Disclosure law.