All Forum Posts by: Maurice D.

Congrats on the flip, it looks great! props for staging it, it is also a reason it sold fast!

I can think of two options

1.  Ask the owner if they can do owner finance until the tenant moves out and then refi and pay him out the balance.

2. Ask the owner to ask the tenant if they would be willing to move out by closing date, if you give them xxx cash move out fee for the inconvenience.  (like two months rent?  in other words, make them an offer they can't refuse.

@John Morgan you need to take her to small claims and get a Judgement.  Often times just serving the notice gets you paid.  A friend of mine sued someone who conned her out of 750, and once the Sheriff served him, he paid up instantly. 

The Judgement will show up in her credit automatically, and even if she doesn't pay you can sell it, and offset your income with the loss.

Joe was asking you to provide all those number values, so he could give advice.  without numbers it's hard to give you an answer.

Property Value

Cash flow before refi

Current loan payment

Cash in property that you've personally put in

Equity in property

Terms on refi loan

Also, a HELOC is another option if you want to have access to cash, but don't know when. why pay interest on money you take out and have it sit there in a bank account for months? the Heloc allows you to draw, but until then you have the full cash flow you have today.

If you are flipping, the Heloc model allows you to put the money back between purchases.

if you go stock market, make sure you have setup stop loss triggers on your portfolio for WHEN it goes down.

Call the PD and ask if you can advertise your unit for police officers (with the disclosure) with a nice discount, and he/she will season the unit back into healthy status after 6 months or so :)

You know, like the community officer for large apartment buildings..

what does the HOA say? have your reached them? which county office won't provide the owner name? tax office?

-look up the deed, under your county civil records / clerk / recorder. 

-If all else fails. call a title company and they might be able to dig it up for a fee.

Reading your post again, looks like you have the owners name?  or just address and old phone numbers? if you have the name, you need to run a skip trace.

- the other address could be another rental or he lives there.. you could go knock on the door and ask for the owner or a way to reach him if they are tenants?

Welcome to BP and congrats on that first step!  please do post more and your cash flow numbers!

Bobby, can you clarify the question?  do you want to improve the property, before closing (so before buying it?) and avoid the closing costs and then refi?

If you own the property subject-to the previous owner's finance, you might be able to take a HELOC out on it in your name. I don't think the bank will care who has the first lien on the property.

Anyone know if this can be done?