All Forum Posts by: Ryan Keenan

@Ryan Keenan  I can speak from experience with a tenant from hell: Chuck it to a learning experience.  As many posted leave it to the lawyers, do not communicate with them.  If they leave texts or messages save them.  Keep your cool cause this too shall pass. Trust me it will.

Depends on how landlord friendly your township/county is. Usually when I evict someone who is behind in rent the judge gives them a week to move out.. Any other reason the judge may allow them to remand for another 2 weeks. This is in central Ohio.. Make sure you and your attorney have a game plan in court. You need to tell the magistrate that you gave them chances and you are behind on your bills as a result.. your attorney should know to say this if he is good..

Good luck.. I hate bad tenants..

Thanks @Kiley N. for tagging me in.  @Ryan Keenan - I haven't gone through exactly the same process as you, but I have used personal lines of credit to help me purchase cheaper properties in Michigan as all cash offers. I'm currently in the process of refinancing as part of the BRRRR strategy and the lenders have reviewed my LOC as part of the DTI ratio. I believe you will be ok as long as you keep in communication with your banker that you have a relationship with. One of the first questions they ask is "what do you plan to do with this money?". A good answer is pay off the line of credit immediately. I don't see why you couldnt use the same bank for the entire process. Do you already have the PLOC in place? If not, I would start with getting the PLOC first, because the bank could stunt you on your limit if they see your mortgage on your credit report. Get the PLOC first at the maximum you are allotted, and then get your mortgage in place later. Plus, you don't want to be waiting around 2-3 weeks for the PLOC to get approved after you closed on the property, you want to start rehab immediately. In the past, I've even applied to multiple banks for PLOCs at once to ensure I had a large amount of credit available. You don't need to spend it, you just need to have it available to spend when you need it. Hope this helps. Good luck!