All Forum Posts by: Guifre Mora

I hired a PM company here in Las Vegas and I decided to sell my property because the tenants left it in a mess. The PM continued to charge me monthly fees while I fixed up the property. He told me I signed up for 1-year term and I have to pay. The tenants left the place with pee smell and broken window and we spent over $15000 fixing the place up removing floors and repainting the whole place, a brand new dishwasher used 5 months was thrown away. PM took the safety deposit which I never got to see and he changed me monthly PM fees. He also hired a landscape guy who charged me $180 which he didn't tell me about. He said it's because any sum under $250 I don't need to know about. Now after 3 months the valve leaked again. The person who fixed the landscape doesn't have a company name. It's just some guy and the invoice is his name and a phone number. Another property the tenant destroyed the garage door by putting epoxy on it. When they left he told me I didn't pay $700 for new panels. I got another company to fix for $200. He told me to refund ALL the rental's deposit to them. Anyone of you has had these problems? How do I get out of paying this PM monthly fee if I haven't been happy with them and now I don't have any tenants?

I'm sorry this happened to you it sucks but your post is bit too much venting really doesn't help much. Are you talking about 2 properties under the same PM? both vacant?

You may have a contractual issue first and a sketchy PM.
Review your contract. Have they been negligent? Have they breached the contract?
Consult a RE lawyer.
Good luck

2 Votes

Originally posted by @Gaurav Mehta:

Hi,

Looking to do a cash out refi on my investment property.

What is the best way to find lenders that do cash out refi for investment property. For personal property, it was fairly easy. Are there some online lenders that are good with rates for investment properties.

Any other strategies to find good lenders locally in my area.

What LTV are you looking to get?

Amount?

Free and clear property?

Rented or vacant?

0 Votes

Originally posted by @Judy Sumner:

I made a hard money loan and the party has defaulted. I've lent out money several times before, but this is the first time the party has not been able to repay on schedule. It isn't a federally backed loan, so I'm not bound by the COVID-19 regulations, but I don't want to be a jerk. The loan is now 30 days past the due date and we are scheduled to talk tonight. What options can you think of? The loan is secured by a duplex that has equity, but the cash flow is the only income this person has now as her business had to close because of the pandemic. Any creative ideas would be appreciated. I lent the money out of our HELOC, so I am making monthly payments myself. Any thoughts on a loan modification, etc?

Good for you for trying to work something out. Does the loan contract state default in 30 days past due?

Your best option would be forbearance or loan modification. Maybe have them cover a minimum payment to offset your HELOC payment. Unless you really want to forclose under these unfortunate circumstances.

0 Votes

Originally posted by @Malcolm Cotton:

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First, you don't have a downpayment and if you did you would need to put down over 500,000 and you still don't cash flow.

0 Votes

Originally posted by @Coty Dolan:

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Few things to consider IMO: DSCR, 1% rule & cash flow.

DSCR is at 1.09% below 1.2%. As of yesterday DSCR was not factored in most mortgages for SFR 1-4 properties but it is a factor to consider with the ability to pay back the loan. Tomorrow who knows if it will come into play, something you are going to have to factor.

1% rule is at .98% almost there.

Cash flow $600 a year is to low.

0 Votes

Originally posted by @Crystal Hoover:

I'll try to make this short. I am a traveling nurse and while I make good money and have great credit, banks see my job as a liability because it is contract work. Therefore most travel nurses have a hard time getting a traditional home loan. I want to potentially go into a seller financing deal with someone on an investment property and understand that the balloon clause is typically 5 years. I am unsure if I will still be working as a travel nurse in 5 years or if I will have settled down as a "traditional" staff nurse.

Does anyone know: If I go into seller financing with someone and am able to show on time payments with the seller loan for 5 years if the bank sees that as enough to finance the loan from there? Or would my job "liability" still trump my good loan history?

Thanks in advance!

You need to be looking for Bank Statement Loans for Self Employed or True Stated Income

1 Vote

Originally posted by @Shawn Thomas:

I know there's different types of LLC's, which is the best for real estate investing? Single member?

You first need to know what kind of real estate investor you are. You will use different tax strategies and different types of structures depending on the type of investment. Sometimes people get confused about their real estate investments and what the IRS considers them to actually be doing.

The right solution depends on your specific situation, but a few key questions to ask yourself are:

How will I structure my real estate investment company?
How many people will own the business?
What are my concerns for liability?
How much do I care about tax benefits?
How much effort do I want to put into creating an overarching business entity?

An accountant will advise you of tax advantages and requirements of different types of business structures, including sole proprietorships, limited partnerships, limited liability companies, and corporations.

This will help you decide which structure is best for you. They will also assist you in tracking your business expenses and, of course, in preparing tax statements as due for your particular type of business.

0 Votes

Originally posted by @Stone Saathoff:

Good afternoon, recently I've been working with an extremely interested buyer for a distressed 47 unit apartment complex I have available in south TX. We have talked to several hard money lenders, commercial lenders, even some commercial banks in the area. So far everyone is moving very slow, we need to get this deal closed in under 3 months. What are our options? If you lend in south TX please reach out. If not and you have a valuable opinion to share, let me hear it!

0 Votes

Originally posted by @Phuoc Nguyen:

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Amazing numbers if its true its a good property. 1 suggestion

After Repair Value $67,000.00 but purchase $69,900 ??

0 Votes

All Forum Posts by: Guifre Mora

Guifre Mora has started 2 posts and replied 838 times.

Post: [Calc Review] Help me analyze this deal

Post: PM charges monthly fees even after property is sold!!!

Post: Best lenders for investment property cash out refi

Post: Hard money loan default

Post: [Calc Review] Help me analyze this deal

Post: Tampa 3/1 BRRRR Deal Please Help me analyze this deal

Post: Seller Financing-random question

Post: Type of LLC for RE Investing

Post: Financing a 47 unit apartment deal in Texas

Post: [Calc Review] Help me analyze this deal