All Forum Posts by: Tyrone Smith

I appreciate everyone's opinion, However this issue has been resolved, we have made an agreement to for a determined sum to allow them out of their 2 year lease early. This amount will allow time to get a new qualified  tenant and make the property ready to be re rented without being in a rush to accommodate the tenants desire to move and break there lease at will,  to my detriment.  Everyone here seems very pro tenant, I can only assume that your areas produces stellar tenants that are honest and pay on time and keep the property up as if it was their own. In my market I am no slum lord all my rentals where previous flips converted to rentals when the market turned and are above avg. and I keep the properties up to this manner as they will be sold in the future. That being said these tenants in my area usually destroy the properties and then move on to another fresh rental yearly. 

I am in MONTGOMERY starting a flip project Wednesday... What cities are in Calhoun county

They did not sign a month to month They signed a two year contract. You just don't worry about any contracts and screen them and let them stay as long as they want to pay , let me know how that works out for you and your business 

Hey why have a contract Katie just let them rent for as long as they need like a hotel right 

not trapping if I sign a contract and I talk you down 100 dollars on rent for a two year lease you pay it , then you offer to buy the house come up with some bs so you can break your lease because hey i want another house . Is irresponsible at best . My solution is for them to pay a sum to be released from the lease for me not to be in a hurry to fill the vacancy and to cover for time to find a good tenant. Like I said the paid on time and was well screened and buy the way after I reduced the rent because they where needing a break they went and bought a BMW . i think your opinion is based on your past experience you had as a tenant. When you are on the other side I think you will see things differently 

I have tenant that has been renting for a year and convinced me to reduce my rent and signed a 2 year lease 4 months ago. They offered to by the rental just 3 months ago and used their deposit for earnest money and walked out on deal so deposit is forfeited . Reason being they have a daughter coming to stay with them now and want a bigger house , my thoughts are decided to buy another house and want out of my lease early to pursue the purchase . They have offered up a replacement tenant but of course the system declined her  now they are offering to sign an agreement to pay me 500.00 per month the remaining lease terms? I am looking for thoughts on this situation as they pay on time and more than likely next tenants won't  and  want to know thoughts on taking a note on difference my thoughts are when they buy house they won't pay note note. They are supposedly going to rent , but they have slicked me in the past. Thoughts on how I should handle

I knew the answer I was hoping there was some kind of creative loophole around it all, anyway thanks for advice everyone

Ok ? If I purchase a home owner financing for 6 months ballon remodel it and get a contract on it when I transfer it can it all be done at one closing to avoid 90 flip rule requirement fha only will finance properties that have not been transfers in prior 90 days. Has anybody had any experience with such. 

not a seller in your area but if you see some deals in the area send them my way 

I think your mortgage broker should be able to get an exception that rule is to stop you from flipping it, I am sure Fannie Mae also puts the same restriction on their deeds so that's the pot calling. I would think you should be able to do an affidavit stating you are an owner occupant and get an exception if your mortgage broker is savvy enough and knows what they are doing also try calling another local mortgage company/broker that's not a bank they tend to have better contacts with underwriters and can get this handled easier than say a bank. Since they do a lot more loans