These loans allow buyers to purchase a property “AS IS, WHERE IS”.Renovation loans are available in 30, 20- and 15-year fixed rate terms and can be used to purchase owner occupied, second home and investment properties.By time the renovations are completed, the home needs to be in move-in, live-in condition and conceptually ready to be resold without repair issues.Other Important Items to Know about “Conventional” Renovation LoansMaximum – Minimum Purchase/Upgrade Amounts:Maximum: Limited to 75% of the “after improved” valueOccupancy: Primary, Second Homes, Investment PropertiesUnits: 1-4 unit propertiesRenovation Term:The renovation term for this program is a maximum of 180 days.The Borrower(s) is responsible for the work being completed within the escrow period.

I have it written in my leases that tenants are responsible for clogs as well as damage from clogs.

We’ve found that traveling healthcare professionals are typically great tenants—responsible, clean, and reliable.

Hi Jaycee, thanks for your response.

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.Good luck. 

This gives you a more accurate view of the property's true cash flow and performance without relying on a large down payment to "force" good numbers.This is exactly what we do — help investors like you evaluate deals to ensure responsible purchases that lead to portfolio growth.

I haven't reviewed the Standard Lease Agreement yet, but all I need is the right to sublet, and possibly some negotiated capital responsibilities (owner pays for repairs over a certain amount or split responsibilities on certain expenses).

🙃Anyways, that’s again for your response. :) To answer your question about legitimacy - how do they get to $125k in damages?

For illustration purposes, two identical homes on the same block with a FMV of $100K are listed.

If you're refinancing to a business purpose loan that's totally fine, but chances are good you'll need a lease in place for the unit you were occupying so the lender feels confident that it's strictly going to be used as an investment property.