All Forum Posts by: Bo Kim

Hi all! Fellow out of state real estate investor in the markets of indy, kansas city and little rock. Venturing off into a new market - louisville and looking for home inspectors for a property i have under contract

Who are the ones you recommend in 2021??

Please let me know if you guys have questions on any of my current markets, happy to share notes.

Thanks in advance!

1 Vote

Originally posted by @Tyler Caruso:

Corevest is great! Rather than going on the blanket loan program they have I did the single asset. It allows for 30 year fixed rates which they don't have for the blanket loan. Also, the blanket loan requires a separate llc which I was against. So far I have done over 20+ loans with them and they have all gone very smoothly.

Fast forward 7 months...I have now worked with Corevest on multiple deals (portfolio loan - package of 9 properties, two rehab line of credits).

I will be honest and say they are not the cheapest route, but they get the job done and they are professionals. Will continue to use them for the foreseeable future. PM me with any questions.

2 Votes

Originally posted by @Gordon Way:

Hey BP-

I came across CoreVest through a referral. They have great rates for my portfolio and am happy with all the terms. However, the lender has said that I will need to create a Delaware LLC which will carry the note and have the properties deeded over under it. It will be an LLC within my current one. They setup and file all the necessary paperwork during closing. The reason stated is to enable them to easily securitize several loans and sell them on the secondary market. The strange thing is, I have requested any docs he has regarding this (marketing materials, FAQs, agreement template) and was told those don't exist. Am I wrong to be somewhat concerned? I can't go to my Accountant or Lawyer with small conversation and an org chart he sent that showed the structure in Visio?

My question is, has anyone closed a deal them and been required to setup a Delaware LLC? If so, what did they understand the implications of this requirement to be? Are they satisfied with their choice?

Thanks!

Hi Gordon,

Yes I've closed 3 deals with them (1 portfolio 9 property package refi under a brand new DE LLC, along with 2 separate rehab line of credits ive closed under different LLCs - 1 indy, 1 little rock).

Im happy with my choice although they aren't the cheapest, but it got the job done (BRRRR a package of SFH/duplexes).

Hope this helps buddy!

2 Votes

Originally posted by @Scott Rubzin:

I am looking into CoreVest Finance for possible funding. Has anyone ever used them?

I am open to other suggestions as well. I have equity in my rental properties i am looking to take advantage of.

Writing this review now as I have now worked with Corevest on multiple deals (portfolio loan - package of 9 properties, two rehab line of credits) and had a great experience working with Cecilia Lai (Line of Credit Funding Analyst). She is very professional and works hard to ensure we meet deadlines. I also would have not been a repeat customer if not for the diligent effort of my account manager Jeremy Lee who communicates really well and is able to find solutions to my funding needs.

I will be honest and say they are not the cheapest route, but they get the job done. Will continue to use them for the foreseeable future.

1 Vote

0 Votes

Originally posted by @Heather H.:

Hi @Ryan Chen, as far as I can tell, RentToRetirement markets properties from turnkey providers around the country, at marked-up prices. I discovered this when I was thinking about buying turnkey in Memphis, and found a different turnkey provider (probably the one who actually owned the property and did the rehab) offering the exact same property for a lower price. A while later when I was looking in Kansas City and had started talking to USREEB, I again saw that RentToRetirement was offering USREEB's houses at inflated prices.

For example, on their website today, USREEB is offering a certain property for $115,000. On their website, RentToRetirement has the exact same property (with address and photos provided, so definitely the same house) listed for $133,900.

Also, I checked references for RentToRetirement and they were not good - firstly, they did not provide any references of people who had held properties for any length of time (which is a major red flag), and the people who I did speak to were very unsatisfied with their experience.

The main contact person I was talking to at RentToRetirement seemed really nice, but he was based on Colorado and didn't seem to spend any time in Memphis.

Good job on doing due dilligence...I've seen turnkey providers simply resell wholesaler's inventory at 10K+ in Memphis. Quick way to lose customers and get a bad rap

2 Votes

Kansas City, Missouri

Originally posted by @Shayne Whittington:

@Bo Kim

Thank you Bo,

ARV is one of my main focuses when looking at properties. But trying to find deals where the rents are also 1%+ of the ARV has been difficult. Are you finding that difficult too? And even when I do, it doesn't seem to cashflow well. I've Been trying to find 1.25% or high in rents.

Hey Shayne,

In my markets of KC, IN, AR, meeting the 1% rule has been fairly easy in B class neighborhoods. In C class it can get high as 1.5 RV.

0 Votes

4 Votes

@Mike M.

Im an active investor in indy with 8 units and ive seen a couple instances where the properties that were sold arent in bad locations (gentrifying) so there are wholesalers who prey on morris invest homes and buy them cash for pennies on the dollar to flip them.

The issue for these poor owners is that they dont know the true value of their homes in most cases and also that they have spent their life savings, sometimes using credit cards as mentioned above and are in major financial distress... really really sad to see across the board.

Sorry to hear your story @Charles M.

5 Votes

@Shayne Whittington

Im seeing around the same. Ive talked to other lenders who may be a quarter or half pt lower but their origination or processing fees are higher. At the end of the day on most midwest props around 120k, these loan mortgage payments only change about $10-15 bucks and id rather focus on doing better arv brrrrs!

2 Votes

All Forum Posts by: Bo Kim

Bo Kim has started 8 posts and replied 137 times.

Post: Louisville inspector recommendations

Post: CoreVest - Colonial America - Blanket Portfolio Loan

Post: Corevest Financial and Delaware LLC

Post: Anyone use Corevest Finance for financing?

Post: Colony American Finance aka Corevest Finance; any feedback?

Post: Experience with USREEB?

Post: Typical lending rates

Post: My Story of being scammed by Morris Invest and Oceanpointe

Post: My Story of being scammed by Morris Invest and Oceanpointe

Post: Typical lending rates