All Forum Posts by: Thomas Moran

Hey BP -

Thanks in advance for the collective wisdom. I did some basic searching on the forums and couldn't find an answer to this question: If you are a cash buyer, trying to qualify for delayed financing to circumvent the 6-month seasoning on a cash-out refi, does it have to be sourced to your W2 or some other personal income channel?

Reason I ask is I have a buddy of mine who is more than willing to charge me a couple points for 2-3 months on his money so I can be a "cash buyer", but I figured it might look off if they audit your bank statement and a 200k sum just randomly appears. Anybody have experience with this?

Thanks

Tom

@James Ma
I know they’re still there because there’s 3 cars out front. It’s a good idea though. Like Michael said, you just don’t know what some people are capable of. That’s my only concern. 

@Christen G. There’s a lot of vague eviction language not pertaining to Covid. I’ll have to consult an attorney.  It’s not my lease but it basically spells out overstaying their welcome as being “in default” 

@Brian S. Thanks Wartross 

@Michael Garofalo

Thanks for the input man. I was thinking about cash for keys, but it's only been a few days and i'm not entirely sure the other family members know that i've been contacting the daughter. Tried to find them on spokeo and white pages and could not. Mailed them a certified letter today as a final notice to leave in 3 days or eviction proceedings will start. Hopefully I will at least get confirmation from the signature that they recieved the message. They were talking about extending their lease by 2 months while they look for another house and we never really hashed that out, so maybe they are under the impression that I am ok with it since they havn't heard from me. The daughter is like 20 and is my only channel of communication at this point.

I like your idea about cash for keys... that will be my next step after three days. I might call an eviction attorney tomorrow. Hopefully the cares act doesn't have a gray area for people just loitering around after their lease. Thanks for the .02! 

EDIT: totally posted this in the wrong section by accident. Mods can you help - if this will cause problems

Hey BP -

I've got my investor friends to weigh in on this, but would love to hear the collective wisdom of this communities input.

Background: bought a SFH with a tenant in place. It's been a little rocky with them so far. Two of them don't speak english so I have to communicate with their daughter. Their lease ended 5 days ago and they are still living there, and she will not return my calls/texts/emails. I have no contact info for her parents and the prior landlord is claiming he doesn't either (very odd).

My two schools of thought: a) proceed immediately with eviction proceedings, or at least send a warning letter. b) continue trying to cordially reach them to mitigate fees associated with eviction, headache and them potentially trashing the place in retaliation.

Any seasoned vets want to weight in here? This is my third rental so i'm still getting the hang of this thing.

Thanks guys.

Tom

@Ellie Ryan It really depends what your goal is. If this is a SFH to live in I would recommend Raleigh/Charlotte/Asheville. I've lived in North Carolina for 30 years and been investing here for the last 3, and Triangle is by far my favorite metro in NC. Charlotte is pretty nice too (that's where I am now)

As for a rental - the triad (winston salem/highpoint/ greensboro) has some of the best price-to-rent ratios in the country. Greenville NC has decent ones as well but apart from the area surrounding the university it can get a bit gritty. 

Durham would be my second recommendation. Tons of wholesalers that are finding deals there every day if you get on some lists. I did my first BRRR there and it's much less expensive than Raleigh, but rents for about the same.

PM if you have any questions! Good luck!

@Matthew Grisafe my first deal was % down only because the HML said we only feel comfortable lending X on this. I then told the wholesaler I was going to back out of the deal unless they could get me to that number. Not because I was playing hardball, I truly just didn't have the cash at the time. It worked and I think I paid $900 at closing. 6 months later refinanced and actually got money back. It's possible, but not easy without a VA or USDA loan.

@Stephanie P. Awesome, thank you

Hi North Carolina BPers,

Do any of yall know of non-QM or conventional lenders with lenient Post-Covid seasoning requirements on Refi's?

I live and breath real estate and am getting super antsy while my capital is tied up for 6 months on this BRRRR. Not because I am at the financial "redline" or anything but I am eager to get back in the game. I've heard a lot of 3 month seasoning requirement lenders have changed their policies since covid.

Any recommendations or referals?

-Tom

@Vinh Nguyen My Fiance and I are doing something similar with our primary residence. 2 bedroom 1 bath floor plan in the basement with a separate entrance. Our first house hack. We figured we would build the average utility split into the cost of rent; mainly to avoid any tenant arguments like "I can hear you guys taking 6 showers a day and not turning the TV off" etc. 

Our utilities are about $140 a month when it's just us, so we conservatively add $110 to the rent. Assuming you have a desirable property it shouldn't be much of a problem. Just my .02