All Forum Posts by: Dylan Faltus

Hi Bigger Pockets fam!

I recently put a house under contract that would work for a decent wholesale fee. But now i'm thinking id rather fix it up myself and rent it. I left my W2 job 6 months ago to pursue real estate full time. Is there a way I can purchase this home myself, do the rehab, put a renter in and refinance out? The purchase price is $210,000 and needs about $30,000 worth of work. I only have about $80,000 of my own funds I could put into the deal. Is it possible for me to accomplish this? Perhaps take out a a hard money loan for the purchase price and rehab, fix up the house then put in a renter? I dont know if I can refinance out of it if I don't have a W2 income? Or do I need to have a renter in the property for a minimum of 6 months before I refi out? Any advice would be greatly appreciated!!

The market is Clearwater, Florida if thats relevant at all. 

Hi investors!
I am in the process of doing a fix and flip property and am negotiating with contractors/ handymen. Most are offering payment terms for repairs of 50% up front, 50% due upon completion.

Can anyone offer advice on how to navigate this? Is this standard? Or should I counter with alternative payment terms? Someone told me never pay anything upfront, only pay after 100% of work has been completed. But I don’t know if this is normal.

Any advice would be greatly appreciated!!

Dylan

Hi Theresa, Thank you for your reply! This deal is actually an all cash sale. I have put down $2,000 escrow to secure the property and am scheduled to close on January 21st. Im afraid i've past the point to request the home be clear of tenants by the time I take over? Since this is my first time, im sure there have been many oversights to learn from. My understanding of the lease is it already automatically renewed on August 1st, 2020. If I terminate the lease with 30 day written notice, do you think it will be difficult to have them leave? Thanks again for all your help!

Hi! I am purchasing a mobile home on land from a wholesaler under market value. My plan is to renovate the home and sell it. The home has existing tenants who have been living there for 8 years. The lease was signed when they originally moved in, in 2012. On page 1, it says the lease renews every year automatically. However, on page 2 it says the lease can be terminated by either party at any time with a written 30 day notice. I am a first time investor and am concerned there will be an issue where the tenants will not leave. 

Also, Ive seen where the new Biden administration is planning to extend eviction moratoriums by executive order within the first 10 days of taking office. Can anyone offer any advice on how best to navigate this situation? I am thinking to just offer the tenants full months rent ($700) if they can move out within the month of February. Possibly an extra $500 on top of that, if the original $700 is not motivating enough. I have attached 2 photos of the lease for reference. This property is in Florida.

Any advice or suggestions is GREATLY appreciated! 

Dylan