All Forum Posts by: Nick C.

If the GC is correct, and the realtor is correct you'd be better off selling it to an investor for $35k. 

If the ARV is $100k and you've got to put $40 or $50k into it, after you joint venture with someone for the missing repair funds, you'd still be making hopefully around $30k anyway.

Sell it, now you've got $65k to re-invest without the headaches of a flip.

Another vote for dishwasher. 

We found someone local to put them out for 10 cents each. She's a professional, I'm sure if you google it you'll find someone in your area. 

To put out your 1000 hangers, it would cost you $100. Seems like it would be worth it to save you a lot of time.

She goes out during the day when people are at work. Some decent leads come out of it, but be prepared to get some angry phone calls as well.

Sounds like it's an unapproved short sale? I wouldn't waste money with an engineering report yet, the bank may counter at a price that you can't pay with or without it.  

Trina I think you're talking about a hard money lender. Yes they will lend, but they will require a down payment, and most likely you'll have to fund the repairs, especially if you don't have an established track record with a lender. The private money @Ned Carey and @Bryan O. were referring to more often than not doesn't require a down payment and you can finance the repairs as well. That's your best bet.

I had to read the first paragraph twice. 2 years of vacancy?? That's unimaginable. I would have gotten impatient after 2 weeks. Knowing nothing about your market, I can't comment on fair market rent, but I would get a renter in there asap, whether that means taking less rent or finding a new property manager. NO, it is not unreasonable to expect a property manager to fill a vacancy, especially in 2 years. 

See if the hard money lender will do a 2 year balloon. As long as the rentals are seasoned for a year or more, you should be fine for a refi. 

You'll be paying a high interest rate with the hard money, what out for junk fees. There's going to be some fees, but don't get buried. 

Worst case scenario, you could always refi with another hard money lender, or re up for another term with the one you use, they'll probably charge you fees again. 

Yes an LLC is much better than your personal name. If you're holding a rental in an LLC it won't be any harder to get refinanced than if you held in your personal name. Most banks will want it seasoned a bit though, so hopefully your hard money loan doesn't have a balloon payment after 1 year. You're more than likely going to have to personally sign for it either way. It's going to come down to you, your assets/liabilities, income, reserves, credit, etc. Not what entity you hold property in.

It depends on what part of the country you're in. I can only speak for Florida and yes, they are extremely common. They love the humidity and warm weather down here.

If it's legal in Missouri have a lease that has the tenant paying for any repairs under $200.