All Forum Posts by: Amanda C.

Caleb - My husband I did this on our own.

Jason - Seller has told us he did not do a lease.  In fact he kind of made this face when my husband mentioned I would want to have the tenant sign a lease.  

Deanna - Thank you for all the advice! We did not use an agent. It was a FSBO. I unerstand what you are saying about the security deposit. We know she has paid one because the seller mentioned it to us when we were first looking at the property, however now I feel like a dummy because I didn't put that in our contract. As far as lease agreement, we've been told she is paying weekly and there is no signed lease. I can deal with weekly, no lease makes us nervous so we plan on having her sign one. I did find a weekly lease template online that I was planning on using but it is really bare bones.

The more I type the more nervous and excited I'm getting. Excited  - hubby and I finally did it!  Nervous - OMG, hubby and I finally did it  LOL

So we are getting ready to close tomorrow on our first investment property. Nervous is beyond what I'm feeling. The property currently has a tenant in there.  What do you guys feel the best way to handle this?  We wanted to meet with her and let her know that we are the new owners, have her sign a lease (weekly), explain our expectations of her as a tenant.  Am I missing anything else?  Also, do we need to collect a security deposit from her or leave as is, or is this our call?  The reason for the weekly lease is because the seller has mentioned that he has tried to do monthly leases and in Texas if a tenant does not pay in order to remove them from premises you have to go to court which could end up taking two months, possibly more.  With weekly, you can have the tenant out the next week if they haven't paid, again per seller.  Can you guys weigh in on how you would best handle this?  

Hello all. Trying to figure out the best way to tackle this and I know you all would be able to help. We are looking at our first flip - ARV is $ 145-150 K, contract is $95,000 we are estimating a repair budget of $25,000. We are currently waiting to close on another property using a traditional conventional loan this Friday (fingers crossed, this is our first investment property so its really exciting). With that said, a little apprehensive of using traditional lending on this flip as the DTI would be skewed and I don't think we would be able to get approved as with our current home and the new rental property our DTI is just about capped at what banks like to see. We've looked into a hard money lender (lending home) but so far we are looking at out of pocket to close about $26,000. Our goal is to fix and put in market in 2-3 months so we are okay with higher % interest but we are not ok with that much out of pocket to close. Is there anything available out there that is more attractive, maybe like $10,000 - $15,000 out of pocket?