All Forum Posts by: Scott Sloan

I would be a little wary of quitclaim deeds. A special warranty deed is what you might consider. You probably might also consider putting the house in an LLC to put a layer of protection between you and potential tenant liability.

I plan to close on a quadruplex next week in Dallas County with cash. I would like to do a cash-out refi in about a month or so when I finish some renovations. After convincing two lender that a "seasoning" period isnt necessary when the property is bought in cash as an investment property, I am now being told that there's a max 70% LTV on a potential refi. Is anyone else seeing this or know anyone who can do a 75% or 80% LTV refi on a quadruplex? This is for a conventional Fannie/Freddie residential-type loan.

I have a quadruplex under contract and am building a bid to confirm my numbers. I plan to cash-out refi in about 1 year to pull out my cash. I am considering using contact paper on the linoleum countertops to mimic granite. This is a Class C (maybe C-) property. From an appraisal perspective, would a refi appraiser (1) think this adds any value or (2) ever think that the countertop was actually granite? (I will also make other upgrades, like installing LVP flooring).