All Forum Posts by: Vincent Bess

I was able to refinance at the 6 month mark with USAA. If you have a multi-family and are looking to refinance under 6 months you should look into asset based lenders 

I would also like to add in that currently the house is a 3/1 with the remodel is would be a 3/2.and we will be converting a screen i porched into the new kitchen(because the existing one can’t even fit the fridge.) the would add about 150-200 sqft onto the home 

Good afternoon promember I really need your help settling this disputes that me and another investor are having in regard to a property we just purchase from Auction..com.

Backstory

We purchased the house for a total of 86k. After getting a real estate agent to pull a comp analysis the comps are and average DOMS of 5 days and selling for an average of 120k.A 80 % LTV would be allow us to refinance and cash out 96k. Meaning we have about 10k for renovation to this property before we leave money in this deal roof is good and AC appears to be okay( it was running )

The issue

When I went to the property today their was the previous renter occupying the property after speaking with her I found that the previous owner didn’t tell her anything about the foreclosure and yesterday collected rent on her (she had a receipt to prove it and a month to month contract in hand also)current rent is 700

Conflict

My partner want to give this tenant 3 option

1.1000 to be out in 7

2.Until the end of the month no cash but at the end of the month she must vacate

3.She pays this month rent to us.while allowing us to bring in contractor and appraiser while she is living there (keep in mind she already paid the last owner this months rent )

1. Last option is to up her rent to 900 dollars( do no renovation or attempted to renovate while she is still living there and once they are complete refinance

What I want to do is give her two options

1. Cash for keys payment and give her 1-2 weeks ( sign a contract to vacate after this date)
2. Stay the rest of the month and agree to vacate the property at the end of the month.2 week into the month I will check to see her progress if no progress is made I will inform he by law I have to start the eviction process

Concerns

The appraisal could come in low and the. We can do the renovation and we just evicted a tenant

Please I would like everyone input on this a thing will be appreciated 

@Will Gaston the property is a SFH located right out the back gate of fort Jackson area fairly close to the Whole Foods.the property is worth 120-130 and I purchased it for 84k

@Alex Bekeza thank you for the input. It is much appreciated 

Hey, I’m looking to see if anyone knows mortgage lenders that would refinance the home under 6 months and base it off market value. I appreciate any help!

Does anyone know of any online banks or local banks that deal in cash out refinance or heloc with a 6 month or less season period please share input 

@Basit Siddiqi thank you for your input 

Thank you so much for your input I really appreciate it. Cross check using the tax assessors online search? It was only disclosed the the house was purchased at a tax sale and the buyer has never seen the property. Do you have any recommended online title search websites? If I could find and online search to verify the title maybe I could put another offer in ?

So I came across a situation that I need help solving .recently I put a house under contract before the inspection took place on the property my real estate agent called and told me that the attorney called and said that the sellers didn't have the title because he just bought it at a tax auction 3 months ago.also he said to get the title it would cost me 3k in attorney fees.my agent then suggested that I back out of the deal.the number worked lovely on this property is there any suggestions on what I should do ?