All Forum Posts by: Adam Craig

Ive done dozens of Auction.com deals but this was a first.

After being under contract for 50+ days with no contingencies I received and email that the seller for the property I was ready to close on has now backed. Auction.com said they didn't give a reason. EM deposits were in everything was set to close. Do I have any recourse to make them close?

I spent a lot of time prepping this deal and passed on other deals while this was under contract so it was a bummer.

Thank you all !

Out of 36 tenants - only 3 have contacted me about job issues related to the pandemic which was a pleasant surprise. Most are able to pay a good junk of the balance and whatever remains we are offering a payment plan when back to work with no penalty.

All we are asking of these tenants is that they communicate with us. 

I have one tenant that is now 13 days late and she has not replied to any emails/phone/or texts. Also - her job at the time of application was a real estate agent and also had a job in her real estate office. So I dont think she is out of a job. If she is we will work with her.

Since she is not even replying - what are my options during the pandemic? I am not looking to throw her out but I am trying to get her to reply and let me know what is going on. I feel a 3 day notice might help do the trick - am I allowed to do this amidst the pandemic? 

Well I use light grey often so thats what I will go with. Thanks I just couldnt picture it

I have several staple exterior colors we normally use but I dont think they will work for this flip.

Any color suggestions that will go with this red roof?

True but I feel that is the case with many insurance companies. I am being sued for my first time for non-disclosure issues for a flip we did in 2018. They are suing my LLC and me personally. I tried filing a claim with 3 different different insurance policies I hold. Homeowners policy (NREIG), commercial policy (Hiscox), and personal liability policy (nationwide).

Even though I will most likely win the case with my own funds fighting it, all three insurance companies found language in the contract that disqualifies coverage for this type of event.

So I dont have faith in most insurance companies - they all seem to tighten up when claims are filed.

Okay thanks! Yes i only have one fannie/freddie loan which is my own home. I guess I will give some bankers a call and see

When I first start 8 years ago I was doing conventional loans. After I burned through 10 of those I started to seek alternatives like commercial banks and LendingOne.

Since then, I have had all my conventional loans refinanced with someone like LendingOne or commercial banks.

Does that mean my 10 conventional loans are reset? I never checked into this because I never needed to but now that LendingOne stopped new loans I am seeking alternatives.

All the loans are in my LLC name. The only conventional loan I have and that shows up on my credit report is my own home. I have all the rentals on my schedule E.

Just received an anticipated email that the main lender LendingOne that I use to refinance my rentals after they have been rehabed and leased is halting loans - understandably so.

Looking for a lender to refinance 2 single family rentals.

Deal info is below incase any lenders looking at this...

Property 1

• Balance – 73K
• Estimated Value – 122K
• Rent - $1350
• Insurance - $600/year
• Tax - $298/month
• Looking for an ARM product 5-10 years. Not looking for cash out but a loan somewhere around 80K to cover prepaids.

Property 2

• Balance 99K
• Estimate Value 138K
• Rent - $1300
• Insurance 560/year
• Tax $244/month
• Looking for an ARM product 5-10 years. Not looking for cash out but a loan somewhere around 102K to cover prepaids.

Thanks just ordered it!