This house is a rental of his that he's getting rid of for whatever reason.Listed on CL for 44.After brief txting/emailing, not looking at it yet, he came down to 34k.After looking at house and same block tax rolls, BUT NO REAL COMPS YET, looks prob 70 ish ARV.Interior floors are unbelievably uneven, cracks everywhere, etc.

:roll: However, can you do everything properly and still get screwed by the courts?

I was always under the impression that no-closing-cost-refi means they roll closing costs into the new loan.

You are also basing ARV on converting it to a 3 bed 2 bath.I wouldn't touch a conversion unless there are other 3 bed 2 baths on the street.If just mainly 2/1's then you are going to have appraisal problems and getting buyers to offer on it.Nobody usually wants to own the most expensive property on the street because it appreciates the least and in a down turn loses the most value.Also I believe "I am not sure" but maybe Will knows is that the HML lender wants a qualified contractor to perform the work and will release the money draws once stages are completed.Also some of the work the city or county will require a license for you to do and you will not be allowed to complete the work yourself.It depends on local codes and what they require.You also have to factor in carrying costs and do overs.If I do something that normally costs 1,000 using a professional myself for 600 with parts but it takes my 3 times longer to do it and I mess it up and have to buy parts again then it's not smart.What you have to do is to find qualified contractors to get the job done quick at a below market price.You keep repair numbers low this way and turn times high.If you start a flip a certain time of the year and miss your list date you can be in a world of hurt when the slow season comes rolling in.You might sell at a real low value or not at all while holding costs from the HML eat you alive.You will also many times need good credit as all the HML's I talk to like to know if the investor has trouble selling the HML has a regular lender they partner with to put the investor into a regular loan and pay them off.

You can roll them to a self directed Roth IRA and also invest in real-estate.

:roll: Who is the company and the guy in question?

:roll: If you do it right and ethically to a qualified buyer who has a chance of performing (seek your own legal advice) you will sell it, have it refinanced and be rid of it!

We (my wife) and I have a substantial traditional IRA available that we could possibly roll into a solo 401k and obtain a loan, but she’s not a fan of that scenario….”we’re not touching that” was her response!

Push back, lower the offer, walk away, pay to turn them on, roll the dice.

This will usually get things rolling.