Bank owned property. Your Cash Or HML?
Neither…my partner’s cash ;D
Exit = filp.which reminds me If you use your own money and you hold longer than expected and end up renting it how do you get your money out before you rent it?is it pos? Say you buy and 6 months it still sits I think you could not refi as your debt to income would be like 120% due to the fact that its empty right?
??? If you’re flipping, why are you worried about renters? They’d be someone else’s problem…and if you don’t do a good job of screening may actually decrease value.
You’ve seen alot about NNN leases to take away the maintenance/landlord headaches. Couple that with some upfront $$, sell the tax benefits of homeownership on an L/O type program and exit whenever you’re ready…Although you might not want to since you’re PCF and appreciation/equity buy down is working for you as additional unrealized profit centers.
Hope this helps.
Thanks anything helps ,you know me just braintwisting myself again,but the question was, If you use your own money and you hold longer than expected, I know the NNN deal is a solution but I believe you would need to execute the NNN prior to trying to get your money back from a refi right?and if so is it legal to refi once yyou entered into a NNN lease?
Yes and yes. If you ever catch me playing on the wrong side of legal, feel free to hunt me down and kill me. Underwriters will typically only credit 70% towards income to account for vacancies, maintenance and all the other hassles associated with being a landlord. Show the underwriter a long term (2-3 year min/max for other reasons) lease with some PCF and they’ll credit 100% of rent as income.
Regards from another…
Just what I was looking for and thought
Outstanding!! Beer’s on you next time I find myself in SOuthern Florida… ;D
Our door is always open to good company ;D ;D