All Forum Posts by: Christopher Phillips

@Paula W.

Deed in lieu is a process where the owner gives the property back to the bank. If they have already done it, then it's now a bank owned property and you have to wait for he back to either auction it or list it on the MLS.

@Deangelo Mack

Tough call. Normally, I just wait for the deal to fall through.

@Sam Bromano

Any buyer of the property would have to honor the lease. So, the tenant would still be able to stay until Jan. 

It is harder to sell a property if the tenant is unwilling to show, but you have to first approach the tenant to determine if that's the case or not. First, ask the tenant would they considering purchasing the property. They might want to or they might not want to. They might not be in a position to purchase.

If the tenant isn't looking to buy, then consider selling and discuss with them options about showings. Usually, 24-48 hours is enough warning to keep them satisfied.

Like I mentioned above, the buyer would have to honor the current lease if they purchase the property. If the potential buyer wants the place vacated, then you have to determine if the tenant would be okay with moving earlier or if they would need to stay until the end of their lease.

@Christopher Blake

You can purchase up to a 4 family with an FHA loan. You must intend to occupy one of the units for at least 1 year.

You have to have documentation for the future rental income and they will use up 75% of the income towards the calculation. The rest is assumed to be owner expenses.

 Contractors will usually as for 10-15% up front. It's enough to get the project started. Sometimes they might ask for more because it's a rush job and they need to secure all the parts and have enough to pay their workers.

The other option is that you buy all the supplies and you only pay them 10% upfront.

@Armani Emon

What do you mean by "failed" listing?

Everything is saved in the cloud. I don’t think there is a limit. Docs don’t take up much space. 

@Vincent Finn

You can use hard money in that case. Many hard money people will lend on rehab only or completion funds. 

It’s usually easier to do purchase and rehab funds together, but sometimes you can’t use hard money like at auctions and such.

Like Justin mentioned, you first need to see what’s available. Sometimes there is more than one option, sometimes only one source...

@Vincent Finn

Maybe you can explain your situation a little. Personal property? Something you're buying for flip or rental? Something you already bought for a flip or rental?