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Forums » Starting Out » SRAP in MS

SRAP in MS Subscribe to SRAP in MS

13 posts by 4 users

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Vincent Ybiernas

Real Estate Investor · Burbank, California


Forum_avatar_avatar-magicroad

Nov 26 '08, 11:58 PM

Wondering if anyone has been approved for the MDA Small Rental Assistance Program Round 1. I am thinking of investing on a property that is qualified for Round 2.

Edited: 06/26/2010 at 06:29AM


Michael Ueltschey

· Madison, Mississippi


Forum_avatar_avatar-ulch

Nov 28 '08, 03:26 AM

I have a friend/business parnter that was approved for 5 SFR for Round 1. Round 1 was a nightmare but things are running much smoother in Round 2.

What types of properties are you looking for? I have 8 SFR that are approved and ready. 3 are under construction 5 are lots.

Edited: 06/26/2010 at 06:29AM


Rich Weese

Real Estate Investor · sioux falls, South Dakota


Forum_avatar_avatar-venomousviper

Donor

Nov 28 '08, 03:51 AM

I have found the srap as much more complicated than most people are aware of. Not only the property, but the buyer also has to qualify as well as the tenants and timing. I've also been attempting to qualify for a deal under Long Term Work Force Housing- must be 40 units or more.

Edited: 06/26/2010 at 06:29AM


Vincent Ybiernas

Real Estate Investor · Burbank, California


Forum_avatar_avatar-magicroad

Nov 28 '08, 03:57 AM

Thanks for the response Michael. I am interested in duplexes in Gulfport-Biloxi in Harrison county and Ocean Springs which is in Jackson.
Are your SFR's approved for SRAP? Are they for sale?

Edited: 06/26/2010 at 06:29AM


Vincent Ybiernas

Real Estate Investor · Burbank, California


Forum_avatar_avatar-magicroad

Nov 28 '08, 04:10 AM

I am finding that out also Rich. As Michael has mentioned, Round 2 is going smoother, but you are still dealing with government. But if approved you cant beat the forgivable loan program.

Edited: 06/26/2010 at 06:29AM


Michael Ueltschey

· Madison, Mississippi


Forum_avatar_avatar-ulch

Nov 28 '08, 07:15 AM

Hey Rich,

SRAP is not as complicated as it seems. The hardest part is for the borrower to get permanent financing. If you can qualify for a conventional loan then you will qualify for SRAP.

Also the MDA contracted Horne LLP a local CPA firm to run round 2. Its going to be much much better.

Hey Magicroad,
Yes our SFR are approved. My builder did 5 personally in this development in round 1. Yes they are for sale as well @ $123,000. They are north of I-10 which means the insurance is a little less.

There are some owner occs in the subdivision as well. The duplexes are attractive but the single families have a much better exit strategy.

I can send you some info if you are interested, I personally feel this development is better than the others.

Edited: 06/26/2010 at 06:29AM


Steve Wuan


Forum_avatar_avatar-jyproperties

Oct 16 '09, 03:29 AM

If you can withdraw now, please do it ASAP.

I closed my MDA loan and bought a duplex there.

However, it became a nightmare. Basically, there is no tenants at all!

My units was closed last Nov 20. Almost one year later, still not able to find tenants even I lowered the rent to $775

So, the SRAP is a joke. There is no demand for that.

Be careful to your money!

Originally posted by magicroad
Wondering if anyone has been approved for the MDA Small Rental Assistance Program Round 1. I am thinking of investing on a property that is qualified for Round 2.


Edited: 06/26/2010 at 10:06AM


Rich Weese

Real Estate Investor · sioux falls, South Dakota


Forum_avatar_avatar-venomousviper

Donor

Oct 16 '09, 03:41 AM

Steve- you are correct. Many have lost money there, including me. It is a farce and ending 12-31-09 for all intents and purposes anyway. Sorry about your problem. If your construction or loans had anything to do with harbor funding or bill lange etal, there is a great thread on here to let you know what is going on. Rich

Edited: 06/26/2010 at 10:06AM


Steve Wuan


Forum_avatar_avatar-jyproperties

Oct 16 '09, 07:29 AM

If you can withdraw now, please do it ASAP.

I closed my MDA loan and bought a duplex there.

However, it became a nightmare. Basically, there is no tenants at all!

My units was closed last Nov 20. Almost one year later, still not able to find tenants even I lowered the rent to $775

So, the SRAP is a joke. There is no demand for that.

Be careful to your money!

Originally posted by magicroad
Wondering if anyone has been approved for the MDA Small Rental Assistance Program Round 1. I am thinking of investing on a property that is qualified for Round 2.



Michael Ueltschey

· Madison, Mississippi


Forum_avatar_avatar-ulch

Oct 16 '09, 11:27 AM

Steve,

That is unfortunate to hear. Where is your Duplex? I haven't heard much recently as to what has been going on. The MDA was stating there was a wait list of 1,150 people back at the end of 2008.

Edited: 06/26/2010 at 10:06AM


Rich Weese

Real Estate Investor · sioux falls, South Dakota


Forum_avatar_avatar-venomousviper

Donor

Oct 16 '09, 12:05 PM

Michael- who was the builder on your homes? I looked at a few upthere a year ago. Rich

Edited: 06/26/2010 at 10:06AM


Steve Wuan


Forum_avatar_avatar-jyproperties

Oct 17 '09, 03:22 AM

Duplex is in Ocean Springs.

MDA was totally wrong and I dealt with them many times and was told the rent that they specified was the MAXIMUM you can charge. You have to reduce rent to attract possible tenants.

I knew at least >25 people who were in SRAP projects now getting in big trouble in finding tenants. All these units have been empty for >>10 months now!

Originally posted by Michael Ueltschey
Steve,

That is unfortunate to hear. Where is your Duplex? I haven't heard much recently as to what has been going on. The MDA was stating there was a wait list of 1,150 people back at the end of 2008.



Edited: 06/26/2010 at 10:07AM


Michael Ueltschey

· Madison, Mississippi


Forum_avatar_avatar-ulch

Nov 17 '09, 10:05 AM

Rich,
The Builder I was dealing with was Tommy Harkins. I did not end up closing any deals. It was kinda of harder to put together than I thought. I think Tommy built only SFR..I'm not sure which LLC name he used.

Steve,
I met a guy the other day that is pretty influential at MDA. He is on the ground floor and spends a couple days a week on the coast. I well tell your story to him and see if he has any guidance to your situation. I will try also to find out what the demand is for rentals currently. You can send me a message over the forum and I can give you my contact info.

Michael

Edited: 06/26/2010 at 10:33AM




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