All Forum Posts by: Joe S.

I bought a brand new house from REI nation and it's under management by REI Nation. As per standard agreement, They are supposed to not make repair more than $400 without my consent unless it's an emergency. Now, the AC wasn't working and they sent an HVAC company to make the repair. The HVAC company made repair worth 1440$ without my consent. They inform me afterwards that I'll have to pay as per that. If I had a choice, I would make the repair much less but REI nation being stupid company messed it up and now need me to pay the bill. Also, they owe me property management credit as part of the agreement. When I asked them to break the contract, I loose property management credit as well. I would never ever buy something from REI nation.

Thanks man. but I think you misunderstood the spread. I'm making 50-75K profit.. as in that's what I get back after paying myself back for and still having the equity in the home, for example. Last deal I just finished this week. Purchased for 90, rehab/closing/holding costs 50K all in 140, House appraised for 284K. 80% cash out refi, bank hands me 227K when it only cost me 140 out of pocket, 87K tax free profit and still have the equity. I know that those markets well and you certainly are NOT making that in those markets lol. Flippers are struggling to make that much. But they will certainly see better appreciation than a market like Corpus which is why I'm trying to buy there as well.

I have a tenant who tends to be quite rigid in general. Recently, when I came by to check something in the unit, she insisted that I take off my shoes before entering. I understand it's her living space, but I was there for a maintenance-related issue.

Is this a reasonable request, or is it crossing a line? Curious how other landlords would approach this.

Thanks for your feedback. We do use friends with SDIRAs but are always looking for multiple streams of lenders for when we have several properties under contract. We've never used the DSCR but from what I understand, as long as the amount coming in on a monthly basis is more than enough to cover the monthly payments, that's what the MLO's are looking for. We buy at $30K and under and sell on average around $80-100K, with monthly payments around $875. I have found a few that are recommended to contact, so we'll see. And I'm assuming you're saying lenders are who don't want these properties...I think they're missing out on opportunities.

Friends and family SDIRA money is your best bet. Aslo, most DSCR lenders are going to take issue with you selling the property they financed on a land contract/CFD regardless of the loan size.

A similar strategy is to get bridge financing in place at acquisition, then wrap the underlying with seller financing, after which you sell off part of the wrap loan to pay off the underlying bridge. The problem you'll likely run into in your particular case is that note buyers are not going to want to buy notes secured by collateral in this price range. No one wants these properties.