All Forum Posts by: Jeremy England

 I would also like to hear how this works

I found hancock whitney gave me The best terms on refi 

Youll have to wait 6mo from purchase unless you only plan on getting what you purchase the property for

But penair was pretty competitive also

 Matt. Coworker of mine owns a beach condo in perdido. Its across the street from the GOM 1br 

He has more vacant days than rented. Even in this season. I can connect you to him for more specific info. Just txt me

I dont want to understate how much mold there was. It was there.  And more than just on the back of the base board. Several sheets of sheathing was replaced and insulation replaced

The job was done well.  And the company i use, ive used many times. I dont think it could have been done any other way

 The siding was pulled off to see what was behind the wall without tearing out the sheetrock and vanity. I agree that i think it was unnecessary.  But the tenant is very sensitive to olfactory stimulations apparently. She’s been hospitalized over mold in her last few rentals apparently.  (Medical conditions is not something i screened for)

But thats all water under the bridge now

I have found that in florida there is no requirement to disclose mold remediation to tenants.  So, i guess ill have the ac cleaned and be done when she moves out 

So I have a tenant that is very sensitive to mold and she is moving out of my rental.  I went there and sniffed around the area and smelled nothing.  Whether it be physical or psychological, no matter, she was clearly in distress over it, anyway, 2000 remediation later.  Mold is gone, however;  She wanted an air quality test done, so fine.  AQ test revealed the presence of cladosporia and aspergillus, no stachybotrys.  

Now, I had the siding and sheathing removed from half the back of the house and the walls inspected.  There was some mold on the back of a baseboard for about 3 lineal feet in teh bathroom.  The AQ test was done in the living room which is adjacent to the affected bath area.  

Anyways, now what to do.  I neither see nor smell any mold, but an AQ test is saying there is like 3500 spores cubic meter, which is supposedly an indicator of a remediation that is needed.  This was like 2 days after the remediation was complete.  

To rent the place to someone else now, what steps does the board recommend.  Disclosure?  A/C cleaning?  

I havent actually done it yet as i am just starting to look for my second property.  Refinancing today on my brrrr.

It will depend on the property as to which strategy I use to purchase it.  If its via auction, I'll likely use the same strategy as before.  Personal loan for purchase and rehab, then refinance after 6 months.  

If I buy from a wholesaler, I may get a hml.  Refinance after 6 months

I doubt i'll connect with any motivated sellers, i don't have the marketing budget or time to scavenge. But if i did, I would probably use one of the two above.  

I could get a heloc based on my current rental.  It appraised at 118k, and I'm refinancing for 78k today.  But i don't think it would be worth the fees to get such a small amount.  even if someone would give me a heloc at 80%.  Which i doubt they would

 Hope you recoup your investment.  I'd like to see how it turns out, as I'm not sure what a promissory note entitles you to in terms of foreclosure.  

Or a deed, other than you being able to sell the property, albeit under a clouded title

That is below market rates for what I pay here, or what I would charge for a similar task were I doing it myself.  

I've actually debated in paying off the brrr property I bought rather than paying so much in fiancing costs, relative to the amount of the loan that is.  Doesn't make sense to me to pay (all together) 5-8k just to get 75-80k in loans.  That's including hml and permanent financing.  

But that would take a huge chunk of my cash reserves and i think it would make it more difficult in aquiring more properties.