All Forum Posts by: Suzette T.

" Any way you could put two washers and two dryers in the garage?"

@Suzette T. as landlords, I know it's hard not to want to solve every problem that the tenants throw our way but unless you have obligated yourself in the lease to install speed bumps, you are not obligated to do it, especially if the other neighbors aren't interested in it.  Maybe as an alternative, let the tenant know that they are welcome to buying those "drive like your kids live here" type of signs.  If it's truly a problem, they'll buy the sign - they're sold in hardware stores and dozens of places online and shouldn't cost more than $25.  Hope this works out for you but it's truly not your problem to solve and by offering them a solution that they can fund, you are covering your bases. Good luck!

@Suzette T.  you need to go in and request a deposit only card for your business on your business account.

@Doug Ford This is how you set it up so that you do not have to wait 6 months for seasoning. 

1. Find a property well below market value - say 160k and market value is 210k but it needs a little bit of work to make it rent ready, say 10k.

2. Buy the property for 210k with a 50k credit for rehab costs on both sides of the settlement statement.

3. Get a hard money loan for 130k to 150k (for whatever the hard money lender will loan you).

4. Get a private money loan that will bring the total loan amount up to 75 - 80% or what the ARV will be - depending on the percentage of what the bank will finance. Fix up the property to where it would appraise for 210k.

5. When you are finished and you get an appraisal, the appraiser can see that the property sales price recorded at 210k and the comps in the area support that sales price so the appraiser valise the property at 210k.

6. The bank then does not do a cash out refinance but the bank is willing to pay off your Loans up to either 75 or 80% (depending on the bank).

7. You now have a property with a loan at $157,500 to $168,000. With both sets of closing costs and hard money and private money costs. you may be all into your property 175k with the value being 210k and the total you have left into the property may be between $7,000 and $17,500. And you have just created 35k in equity and increase in net worth and it only takes a few months to do this.