All Forum Posts by: Jordan Meyer

Hi, are there any credit union lenders in Texas who lend at 90% LTV for investment properties? In Utah (where I've done quite a bit of investing) Mountain America Credit Union does them, however, they don't lend in Texas.

Are there any such lenders in TX?

Thanks

Daniel, the mortgage company also has a responsibility to give accurate information to their customers, which in this case they didn't do. 

My general question goes unanswered: what, if anything, can be done?

Hi, I put a loan into forbearance during the pandemic. Prior to this, I had automatic payments deducted on time for about 5 years. After forbearance ended, they told me over the phone that automatic payments would resume.

They didn't. And by the time I caught it it was 30 days late and had appeared on my credit report.

I've called them and asked them to look back at the call recordings, but haven't had success. What should I do? Hire a credit attorney?

Your advice is appreciated!

Roni

This is not investor number one's first deal. It's his 10th. The total amount of cash to get in the deal is $45,000. 

How would you divide ownership in a deal like this? It's a small multifamily property.

Investor #1: brings in half of the cash, finds the deal, manages the rehab, manages the property manager, does all other admin.

Investor: #2: brings in the other half of the cash. He is a silent partner.

@Jaysen Medhurst

Thanks for the thoughtful response. In this case they charge the same lease-up and maintenance fees. So it's truly 3% less.

There are some new discount property management companies that charge 5-6% (instead of the more typical 9% in Utah or California) and have data showing that they keep vacancy and rents the same as the 9% alternatives.

I'm wondering why they haven't picked up more traction. For example, if you're interested in selling your apartment, you could switch to a discount property manager for a year (going from, say 9% to 6% of rents) and increase the value of your property by 3%, netting yourself thousands on the sale.

So, apartment owners, do you care about property management fees?

There are some new discount property management companies that charge 6% instead of the more typical 9% and have data showing that they keep vacancy and rents the same as the 9% alternatives. I'm wondering why they haven't picked up more traction. For example, if you're interested in selling your apartment, you could switch to a discount property manager for a year (going from, say 9% to 6% of rents) and increase the value of your property by 3%, netting yourself thousands on the sale. 

So tell me, apartment owners, do you care about property management fees?

@David MIchelsen

Yep, not much cash flow to be had along most parts of the Wasatch front. It's slowly disappeared like an endangered species. Now it's only to be found in outer lying areas such as Tooele, Ogden, and magna. If you're savvy, occasionally you'll find one in more simply located areas, but you usually are inheriting a mess with tenants and probably a rehab project.

The rate is 5-5.5% right now. AFCU in Utah does these in the 2nd position.