All Forum Posts by: Erick Caffarello

Hi folks,

I heard MB Financial did investment property loans as little as $10,000. But wondering since they were bought out if this is still the case?

Thanks.

Erick 

Thanks for your insight; I appreciate it.

Erick 

Hi folks!

The complex I used to work at had previously used Sure Deposit before moving away from it (for an undisclosed reason).

Has anyone here had experience with Sure Deposit?  It sounds like a great program.  Instead of a tenant paying a $1200 security deposit at move in, they pay a smaller "bond" which covers me in the event they default or are evicted and covers up to a certain threshold for damages.

I've done some research on google, and some people love it, some people hate it.  What could someone hate about it?  If a tenant defaults, rather than chase them down, you file a claim and supposedly the insurance company (Assurant) sends you a check for the damages and then pursues the former tenant for collection.

I only own four properties, so from what I read, some people have said you have to own several units in order for it to work for you, while others say it works for them.

Of course, when you talk to Assurant, they sing the praises of the program...why would they say any different?

Recently, I was lucky, very lucky!  The tenant skipped, but has a good job and her wages have been garnished ever since.  It usually never happens this way.  I want to make sure I do everything in my power to reduce property damage/delinquency.  

Your feedback would be greatly appreciated.  Thanks much.

Erick

@Andrew Postell: Thank you for this. I appreciate your reply!

Erick

Andrew, Thank you!  Still relatively new to BP.  I appreciate your reply. 

Erick

Morning everyone,

I’m looking to relocate to Arizona and am in search of either a Property Manager or Assistant Property opportunity. The market is crazy there! I’ve applied to probably 30+ jobs with no callbacks. I’m thinking it’s probably because I’m out of state. 

I will relocate at my own expense. Any advice?

Thanks,

Erick

Bob, 

Thank you. Both lenders I talked to just now said I couldn’t use the Streamline on an investment property unless I lived there. Has anything changed? If I can use it on non-owner occupied, can you refer me to any lenders who are versed in the program?

Thanks for your reply,

Erick 

Hard money loan if I absolutely have to, but not really attracted to it.

Hello,

Can I use Fannie Mae Streamline / 203k for non-owner occupied rehab loan? If not, what other options are available?

Thanks,

Erick 

Hello everyone,

About a year ago there was a bank that had a $10,000 minimum loan requirement.  I found out tonight he is no longer with that bank, and unsure if they still offer it.  I believe it was MB Financial?  I believe he was based out of New York.

Does anyone have any insight or know of other banks that have minimal loan purchase amounts?

Thanks so much,

Erick