All Forum Posts by: Nick Fitzpatrick

You might consider other lenders, some will finance loans lower than 40k if that is an issue because a rehab loan is a little more complicated and all work must run through a licenced contractor eliminating you being able to do any of the work just a thought. I can sent you a contact for a lender i have used on small loans. 

@Rob Cee I would discourage the use to a predatory lease-option where your strategy is dependent upon the borrower defaulting. It is just unethical IMHO.

@Sonia Alvarez You might want to look into debit consolidation by a local credit union or bank, if you have missed a payment in the past your interest rates are most likely sky high and you could reduce your monthly obligations by getting a better rate. This also will help boost your credit scores you will remove all revolving debit which is looked at differently in the credit scoring algorithm. 

@Brian Burke , wow great flip, I'm sure everyone in that neighborhood loves you now. Made yourself a few bucks and everyone else's property value just went up! Great before and after photo's I'm always terrible with the before's and wish I had them after. 

Congrats getting that first one in the books!

What a nightmare for this family! California is crazy, there should be a way more efficient way to evict someone living under your roof, that is in breach of contract. The formal eviction process, especially when dealing with a professional tenant here can take forever, with fake or no merit complaints that the tenant can claim and stall the process.

What an uncomfortable situation that must be.

Grant -

I would take a look at how much money you are going to be needing after to invest and see if making these repairs and getting higher appraisal vs. having more cash in hand, which one of these would result in a larger amount after.

Also every lender has different requirements but you may run into and issue with some having only owned your property for 6 months, and may only be able to drawn upon your acquisition costs and not the appraised value until you have owned for 1 year.

I am not a loan broker or consultant but there are many here who are experts in this field and will be able to chime in and help you out.