All Forum Posts by: Brandon Plombon

I had 3 similar lenders who were ready to lend me 100% of the purchase price for a QUAD deal; They gave me the proof of funding and I went under contract trusting them. But when the next step of proceeding further happened, I started to see red flags. They wanted me to transfer 1% processing/origination fee to their personal account and not to the company name that was mentioned in the proof of funding letters. They didn't want to involve my title company. Also after the processing loan will be disbursed to my personal account, so they needed my account # and routing number. But with the help of right seniors in GAREIA and lenders in Atlanta I was able to get myself out from these scammers. I had to cancel the QUAD deal because of the issues we found in the inspection. 

Joint and Several Liability. Learn it, teach it, enforce it.

If one or more tenants fails to pay their fair share, that's for them to figure out. You collect 100% on time or you charge late fees, file a 3-day Notice, or whatever your lease stipulates.

I see a lot of healthcare properties (dentists, eye dr., etc.) listed by Matthews.  As an example is one below, been sitting on the market for 167 days.  Located off the beaten path in MI, so not a hot location.  But 3% annual rent increases, 10 years left on lease term, solid tenant, cap rate 6.75%.  This is just one example of a number of stale medical properties listed.  Other than mediocre location, what am I missing?

Also, any overall thoughts on the medical property space, which interests me because people need healthcare in person regardless of economy, so more recession-resistant I would think.  

https://www.matthews.com/prope...

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $91,800
Cash invested: $25,000

Great Duplex Cash flowing about $500 a month.

Hey Everyone! Looking to get some advice and guidance on DSCR (Debt service coverage ratio) lending. My goal is something along the lines of a house hack by purchasing a single family home with maybe 4 bedrooms and living in one and renting out the other 3 rooms to roommates. I am a recent college grad and have several friends looking for affordable rental options and see it as an opportunity to jump start my investing journey. Id want to have the mortgage and expenses covered by the rental income and hopefully a little cash flow as well. I have some cash for the down payment, but it looks like the down payment for these loans can be 20-30%. Im in the Atlanta market, which is pricey. And this will be my first home purchase. I like this loan for my situation because Im a realtor so I have inconsistent income and little credit history so it seems like a good option because they lend based on the income of the property.

Wanting to know if anyone has any experience with something like this? Or any recommendations for other options instead of or in addition to this type of loan to fund a deal like this? What ratio should I look for? Also, if I used a DSCR loan and took title to the property in an LLC, could I still use an FHA first time home buyer loan for another home purchase later on? Any feedback is appreciated. TIA

You will need to find the lender....shouldn't be that hard...there is some document likely recorded with the county clerk.

At this point maybe even a foreclosure notice.  Sometime you can get this online, sometimes you have to go in person.

Your local friendly title company might help.

Have you calculated what kind of equity might be there?  Is it worth pursuing?  Just because it is delinquent doesn't mean there is value there.   Possible, but not always.