All Forum Posts by: Account Closed

Personally, I don’t have income but have cash. I’m trying to figure out a strategy for getting financing down the line for 5+ units that are in poor condition.

0 Votes

Dallas, Texas

Quote from @Simmy Ahluwalia:

Shivani, these are hard money, short term bridge loans allowing you to improve the property for either sale or rental. Once the property is "sell or rent" ready, then you can refinance into long term debt if you plan to hold it.

Hello, Simmy
thank you for the advice! Also, I have read that lenders don’t like loaning on properties with liens. When refinancing, Would lenders have an issue with a hard money loan in place?

0 Votes

Dallas, Texas

I’ve read countless times that residential lenders will only loan on properties in good conditions. How do investors get loans on value add deals? Are commercial loans more lenient?

1 Vote

Dallas, Texas

Quote from @Kim Meredith Hampton:

Shivani

Take a look at your landlord policy and see if these things are covered. Most policies that i’ve seen over the years don’t cover trampolines, so we are always asking for them to be removed when we discover they are on the property. If some child gets hurt, they will almost always come after you too, even if the tenants have renters insurance.

Thank you for the advice! I definitely told them I would get back to them on it. My insurance would definitely not cover both.

0 Votes

Quote from @Bjorn Ahlblad:

We ban them, but gotta' ask. Is a trampoline really that much worse than a swing set?

I would say there is a lot of liability with pools and trampolines. Especially trampolines, I’ve read that insurance companies ban them in the policy due to a lot of claims.

0 Votes

I own a single family home and have tenants that have stayed for two years. I recently made them get renters insurance. They are asking if they can put up an inflatable pool in the summer only. Also, they asked if they can put a small trampoline. Location: CA

0 Votes

Update: I spoke with CAA and an attorney and they said the lease is perfectly fine to use for single family homes. Tenants were informed. Thank you everyone for the help!

1 Vote

Riverside, California

Quote from @Russell Brazil:

Well is what the tenants saying is true? Did you read the lease?

I don't see anything on the lease that would exclude a SFH. They are saying because it is a lease from the apartment association group, it does not apply. The lease is general and has a title that says month to month lease agreement.

0 Votes

Riverside, California

Quote from @Matt Devincenzo:

Then don't rent to them. Seems simple if they don't want to sign, then this tells you the problems you're likely to face in the future.

They’re existing tenants that have stayed for two years.

0 Votes

Riverside, California

The lease is a month to month agreement used from the california apartment association. The tenants are saying it does not apply to single family homes like the one i am renting. Or single family dwellings.

0 Votes

Riverside, California

All Forum Posts by: Account Closed

Account Closed has started 16 posts and replied 62 times.

Post: How do investors get loans for properties in poor conditions?

Post: How do investors get loans for properties in poor conditions?

Post: How do investors get loans for properties in poor conditions?

Post: Should I allow inflatable pools and a trampoline?

Post: Should I allow inflatable pools and a trampoline?

Post: Should I allow inflatable pools and a trampoline?

Post: Tenants say lease does not apply and won't sign.

Post: Tenants say lease does not apply and won't sign.

Post: Tenants say lease does not apply and won't sign.

Post: Tenants say lease does not apply and won't sign.