All Forum Posts by: Darlington Agu

@Aman A. I would say that’s not bad at all. I’m personally doing a cash out refinance on a SFR for 5% but it’s a 7 yr/Arm. I’m using a credit union way better rates. They do offer 30yr fixed for 5.5 80% LTV.

@Courtney King thanks for the advice. Im assuming that I would be charged more because of my lack of experience. This current company quoted me 11.99% and 3pts. Ill keep an eye out for other companies

I’m interested in doing my first flip here in Houston Texas. I’ve found a great property that was flooded during Harvey. I’m looking to use hard money lending to get the property and to renovate. Any advice for a newbie flipper? Also the company I’m using is Sherman bridge lending they seem pretty good but the interest rate for is quite high 10/90 it’s 12% is this common? Thanks for your Adobe in advance.

@Michael Dang I plan to do a small rehab on the units as they become vacant. My biggest concern is the time of year this eviction came around. it will may be difficult to find a renter now 

@Johnbritt Thanks for the reply, can I ask what ere the refinance returns that this investor received. Ive heard 75% of ARV. Ive heard that many people have grown their portfolios starting out in Memphis.

@Edward Liu yeah it seems they must have a good relationship with you. I just can't seem to understand why they would miss a tenant paying an entire months rent. I hope your experience continues to be good with them. 

@Dave Chapa this contract is structured so that they collect the rents and all subsequent late fees. I really made a bonehead decision on that. I learned from this experience. I have had a talk with them about the service I was receive and therefore paying for. Im just not happy with what changes have been made. I see now why buying tenant occupied is such a headache again a major lesson learned. It seems the previous owner just filled the units with whoever he could find off the streets. So now I am cleaning house like you referenced. I just want to get through these evictions and move to another company. I will take your advice and negotiate as much as I can with the new company 

@Nathan Gesner Thank you very much I really appreciate the advice. 

@Edward Liu My contract is structured that I don't receive the late fees. I mistakenly overlooked that while hiring this company. This was definitely due to my inexperience. The area is quite difficult to explain as you may know that the zoning laws in texas make it difficult to pinpoint the best areas. My property is in the sugar land zip code and is a C neighborhood. I do believe there is some tenant factors that make it difficult but I believe the PM could clear it up by enforcing rules and expediting the eviction process as necessary. Have you had any issues with RPM? Im not sure if its just the location of the office I'm using or what but they seem unorganized and over whelmed

@Tony Castronovo I chose this company because I met with them face to face. They seemed respectful and well run. I now know looks can be deceiving