All Forum Posts by: Michael Staiman

@Sara Wallace Boyd thanks for your input. I like your suggestion if I were to use the hard money for a flip, selling in this market wouldn’t be an issue.

But if I understood correctly, I’m not sure about the cash out refi in that scenario because I would likely not get approved for it because of the Bankruptcy. So after the property was seasoned and no cash out refi, I’d be on the hook for the high interest hard money loan, putting me in hot water.

@Steven Wilson @Darius Ogloza thank you both. That sounds good because I am a member to a few credit unions. I’d have to do some research and put together a solid plan with proof for a presentation, for either a credit union or hard money.

I’m trying to figure out a way I can still be involved with real estate with a 1.5 year old bankruptcy on my record. I had a business fail and I signed for a lot of stuff personally so I had to file for business and personal. I’d like to get a conventional mortgage on a fourplex next. 

I can't get a conventional loan for 4 years after the BK discharge date, so 2.5 more years. I have a triplex, fha loan, I live in currently for that last 3 years. I'd want to do house flips until I can get a bank loan for the fourplex. Or a HELOC on my triplex so I can purchase something cash and brrrr it.

I figured if I can show a private or hard money lender I’m managing my triplex well. That I’ve been working on my credit, it’s now 690. I’ve been a contractor for 15 years. My spouse just got her real estate license. I flipped 1 house 5 years ago for a profit and can prove it. I have some cash and equity in my triplex. Maybe someone could look past the bankruptcy if I can get a good off market deal under contract with enough meat on the bone first. Any suggestions or advice is appreciated. Thank you all.

Hey all, this is my first post. I have a tenant that I dont want anymore. I’ve given him 60 days notice of non renewal when only 30 is required in PA. 2 months left on 1 year lease. I figure giving more time would help him be out in time, rather than him not being out in time and staying past the lease end date and making me evict.

Anyway, they have breached the lease several times, nothing really bad but I haven’t said anything since I was just planning to not renew.

They have 2 pet allowed with our pet addendum and it states they are not to have any other pets on the property. Now they have their guest over regularly, and she brings her cat every time. The lease ends in 2 months. Do you give a notice to quit or just let it ride and hope they actually move when they are supposed to. I’m just worried this cat will pee since it’s a different place or mark territory.

I feel like since I’ve given notice already, they are going to do whatever they want and break the lease whenever they want because they know it’s ending soon. How do you handle this? Thank you