All Forum Posts by: Adam Orlebeck

@Erik Estrada

I do own other rentals. I will discuss cross collateral loans with a couple lenders helping me figure this out.

@Issac San Miguel

Yes, I normally do conventional financing as I stick in the 1-4 unit space. I know I didn't have 25% for this particular property but was told by a lender I have used before that 15% down DSCR is an option. However, in the time we talked and offer was accepted, underwriters have since made those loans 25% down. My DTI is an issue as well so getting into DSCR to loan was hopefully going to solve both issues.

Well if I need to do 25% I will need to raise funds. I have only ever done deals solo. I guess this is an entirely different topic but how do people do that and not put people / investors on loans or titles?

Underwriters stated down payment needed is 25% now. They were doing 15% but it sounds like underwriters are a bit bearish these days and are upping down payment requirements to 25%.

This is for multi-family (4plex)

Any lenders out there that can do a DSCR Loan in Arkansas with 15% down? I have a property under contract and a lender I have used before, and was great, said he could make this happen but underwriters said otherwise. Looking for help!! Thanks.

Thank you everyone for the advice. I believe I am going to try and find an attorney write a letter for a one time couple hundred bucks fee and see what fruit that produces before going the large retainer route. Hopefully a letter to tenant and a letter to PM will at least stop the bleeding and deal with recouping costs in small claims court vs attorney. Thanks again for the advice!!

I am an out of state investor. I am in CA and I have a SFH in Ft. Worth, TX. I hired a PM in June 2020 and all had been ok until November 2020. November's rent payment to me was not made and called / emailed and received excuses like system glitches. I have been hounding them and since Thanksgiving they have not returned calls or emails. Company uses Buildium so I can see the rent has been getting paid by tenants. Nov, Dec, and Jan all have been paid in full to PM. I filed a complaint with TREC (Texas Real Estate Commission) and am waiting on their findings. I have also contacted an attorney. The attorney's retainer is more than I am owed in rent so I am wondering what I can do myself before incurring more costs? What is the best way to contact tenant to advise them not to pay PM and send rent directly to me? If that is even legal as I have never owned property outside CA or used a PM before. If I was to cut off PM from tenant, would I be opening myself up to any backlash or lawsuits as a breach of contract since I signed year long PM Agreement? Any help would be greatly appreciated.