All Forum Posts by: Luke Goodman

@Michael Bettencourt

I sent you a message! Hopefully it helps

@Michael Bettencourt

I just closed a 70% LTV cash out refi on a duplex last week at a 4.75%. The property is in Washington but the loan servicing company was located in Florida.

what if my accommodation is to provide assistance to help him move out? He claims that his issue is that he is unable to preform the task of moving some of his belongings. If I make accommodations to help with that, do you think it would hold up?  Also, some of our renovations are due to water. Washington is very rainy and I need to do these repairs now so that moisture can dry through the summer @Nathan Gesner

Thanks for the response!  

Today I received an email from Fair Housing here in Washington State requesting that I make a reasonable accommodation for my tenant with a disability. The tenant got a doctors note (actually from a nurse) stating that he needs 90 days longer to vacate. He was on a month-to-month lease and we chose not to renew his lease because we need to renovate the unit.

I’m just wondering if anyone has had this happen to them or if anyone has any input on what I should do. I don’t understand how 90 extra days is a reasonable accommodation.

Thanks in advance

@Brian Sanchez Yes it is possible to find banks that will do a HELOC on an investment property. You will probably have to check with small local banks or credit unions. You may have to make several phone calls but I have been able to find some banks up here in Washington that will do it.

@Jay Hinrichs

So if I’m representing a seller in this situation and I receive an offer using a 35E (Escalation Clause) haven’t the buyers given away too much information?

Let’s say I receive an offer for my sellers at 250,000 with an escalation up to 280,000. At that point I already know that the buyers are willing to pay 280,000. I would advise my sellers to counter them at 280,000 as they’ve already supplied evidence that they are willing to pay that price.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $50,000
Cash invested: $3,000

Duplex located in Raymond Washington

How did you finance this deal?

Paid $50,000 cash. it appraised for $100,000. Used Delayed financing and put a mortgage on it for $50,000. We were able to pull all of our money back out of the deal.

I'm planning on attending!

@Mike Lauer

Yes, I agree with you completely. If I buy a $50,000 house and cash flow $200 per month, then that’s a decent deal. However if I buy a $350,000 house and only cash flow $200 per month, then that doesn’t work for me.