All Forum Posts by: Charley C.

@Neal Boroumand DTI is always something you have to keep in mind but also give equal weight to the applicants history (scores are not everything but history is). What is your applicant used to paying? is your rent rate a lot more? If its the same rent amount, I doubt you are going to have an issue

In the event your tenant is short on money, make your lease agreement the last thing she wants to be late on. First 3 days its $20 a day, then after 3 days its $100 a day is one way to stay at the top of her payment priorities. Those unsecured loans would move in front of you for anything less.

There are reasons people rent instead of buy, that high (but manageable) debt will keep her from moving out to buy a home so far as I can see,  she seems good to me

If you really want to spend time digging deeper, look at why she borrowed the money when she is earning that kind of money. Usually its adult dependent family member needing way too much help all the time. Or some ill advised business venture. Always there is a reason. That money is going somewhere so you are right to pause and think why? Ask her. I would. why not?

For those who rent by the room. A very inexpensive Covid-killer is installing some UV light in the right places. Cheap and easy to put in your air handler plus it prevents mold around your supply vents.

Word I got from the school(s) is that students will rotate with being there in person or watching your class on the webcaster. In other words, every other class a student is there in person. Thin out and "social distance"

If apartments are not allowed to be privately funded, then there will simply not be privately owned apartments (regardless of picking and choosing the size of landlords) . 10 years (or anything allowing that much uncertainty) to pay rent back will indeed do just that.

Totalitarian state governments are the new norm, it will never stop trying to encroach.

Government officials in most States would really love seeing their people eating out of their hands for any sort of rental housing.
 

 

@Edwin Ortiz

Step 1) Google map search look for small banks and credit unions just like you planned

Step 2) find what looks like a small bank with as few of branches as possible

Step 3) go to each respective website and find banks with 3 or less branches.

those people will be very agile and look at the nuts and bolts of what what you got. You need like a 30% cash infusion or cross equity from the same area

@Cherri Huang Find a local small (very small) bank or credit union that likes the deal. might wind up with a 5% arm, try to do 4 loans so you can refi them later one at a time. Bank loans are far easier to process with certainty

Mortgage companies and large banks will not be able to do a blanket loan but you could possible do 4 fanniemae investor loans at once. Unfortunately, that is a road so bumpy, you would wish you didn't, Loan processors will get confused and conflate facts about each property. very uncertain

As a lender, I did a set of fanniemae 4 loans like that (four- 4-plexes). Ended up watching loan processors get confused and quit. I ended up processing them myself, got it done. Sorry but I don't lend anymore thank God, just trying to help.

One loan at a time but simultaneous would be wiser . Use the small hands on banks. Plan on paying a prepayment penalty later on to refi them one at a time. I know its only 150 for all but you might want to do a cash out to buy more

Good luck  

@Mike B. if you got 1.25 parking spots per unit, its sounding like you want to take a swing at the plate.

I don't know what part of the country you are looking but here around Houston, GC's are spending about $90 a foot (and going up-up-up) with out even adding soft management cost, land and development (like taps, retention ponds and dirt mobilization) .  thats what they spend before they make pay their staff and earn a  profit., Work your numbers around what I just told you and you decide what to offer

off topic: are you from Houston? 

@Anthony Saheed I hear so many good things about that area. Me myself, I have to keep my eyes on my assets and dont like long flights. I do have friends and family working a hour plane ride from there. I will pass that information on to them.

Dubai, like the Yucatan, is an island of peace and prosperity compared to its near by surrounding areas 

@Mike Lambert Fair enough, I should of first pointed out the facts and sources: I got my information from the several news sources, that shooting was one Cartel moving in to the area to make it now 2 cartels. (not reported as just a lone gunman, it was organized, that is a point of fact) You can google it just like me. Right after (like 6 months later on my next trip) the street hustlers where more glass eyed than ever and really getting annoying and more aggressive than ever. So that's the main source of my info, for what its worth. That's it, no more than that as a real fact directly about the Yucatan. Rest of it is speculation.

Few more points of fact indirectly, in a 30 mile radius of me right now here in The Woodlands, Texas, we have thousands upon thousands of upper middle class Mexican nationals living here that fled from those types of cartels. Lot of kidnappings of family members and stories they told. Monterrey being the worse, then comes Mexico City and God help anyone living near their north border. I also visit South Texas where I get more specific stories (from Granny) of these ding dongs Amercians driving in to Mexico from the border for just fun. They just loose their vehicle if they are lucky. she new their names and out comes, very specific stories so that aint speculation but true its not the Yucatan. 

Compared to the rest of Mexico, The Yucatan is a paradise of safety. I really still can't wait to get down there and enjoy. Although I criticize it, I still go down there every chance I get and love it.  
 

@Mike Lambert Can not beat those all inclusive resorts. Why would anyone want to go down there to work on their rental when they could be doing that instead?

However, do want to say to any one reading this. Playa Del Carmen will get a lot worse before it ever gets better. If you are hell bent on investing there, look several blocks north on 5th ave away from the coked out street hustlers. There are 2 very dangerous cartels controlling the streets and its a matter of time when there are several more cartels fighting and shooting one another. 

@Timmi Ryerson thanks for the info. Its a little pricey for my scenario but seems amazing. I already got Quickbooks, and I get my forms from TAA (Texas) with a bluemoon forms. If managed the property remotely and depended on staff (Staff that looses documents horribly or saves them in undefinable places), I would not hesitate to get that type of software.

@Kyle J. that is the ticket. I reached to both. 

Thank you all