All Forum Posts by: Kristi K.

You need to call portfolio lenders and ask. 

@Dennis Morris No one starting out should be using private money. In the real world (where I reside) you need to take your time. Buy a house, build equity, pull that equity at some point and buy your next property. Don’t sell, become the guy that people send money to every month. Don’t become the guy that sends “private” people your money at a higher rate than you can afford. Real estate will make you wealthy over time but it’s not a get quick rich game.

@Dan Rosen All of our one year leases automatically convert to month to month at the end of the lease. It’s built into the original lease. We just send an amendment for the amount of the monthly lease as needed. It’s a nice feature to add to your yearly lease. 

Home sales have slid but home prices, not so much…. Mortgage interest rates doubled in the last year! Sales are going to slow down. 

 Thanks Susan. Not sure what you mean here. 

I have tried many title companies and most have a minimum of two years, one said they wouldn't touch it for 3 1/2 years. It won't be the end of the world if I have to wait until December but I will take your suggestions and try the LOC route (good suggestion) and thank everybody for their inputs.

I have a property that I bought on Dec 6 2021 at a tax sale for $70K in Shertz Texas. I put $64K into it, new roof, upgraded to 200 amp electrical, rewired 100%, all new plumbing, beautiful original hardwood floors sanded and polyurethaned, tile in bathroom and laundry room. It appraised for $270K but that was last July at the peak. I am keeping it as a long term rental and they moved in July 1 2022. I want to take a DSCR loan out on it but the lenders I normally work with won't do it until two years after the day I bought it because my title company won't give clear title until after two years EVEN THOUGH the rights of redemption for a non homestead home is only 6 months. I'm not desperate but I have a lot of equity there that I could be using for some other money maker. Any DSCR lenders out there that will do it without title? I'm not willing to pay hard money interest rates.

Congrats! I’m happy that you made a good profit on your foreclosure buy. I have had good luck over the last 5 years myself but when I saw the title of your post it reminded of the foreclosure sale in December when the guy who “won” the auction actually paid double what the property was worth but I guarantee he was singing winner winner chicken dinner to all his friends!