All Forum Posts by: Lesley Resnick

How is this even possible? Look at the MLS stats for March 2020 in Jacksonville, Florida? If this was your only data, you would think we are doing well.

I doubt April's data will look like this!

Listing - flat 

Prices - up 

Price by volume  - up

Anyone else have March MLS Stats from thier city?

I have less and less confidence in out Government's ability to effectively manage this volume money distribution. The simplest answer is we can only use what limited infrastructure is available. Creating a new HUD program is a great idea. Presenting a new idea, does not make you, "anti-anything". Just a fresh set of eyes on a problem. The reality is it is simply too late to start something new. Further, the local municipalities administer Section 8. My city is shut down and in a good month our Section 8 is spread thin. Money in hand is still 2-3 weeks out?

I applied yesterday and have not even seen an email to verify I applied.  Has anyone received verification of thier application or communication of any kind?

I must be doing something wrong.  Only one of my tenants regularly pays before the 1st.  Most of them pay near the 5th, the cut off in Florida.

I expect I will have some missed rent and will deal with it as it happens.  I am not encouraging tenants not pay.  It is better to work it out, than eviction, which is on-hold anyway.  If they were responsible before they will return to being responsible.  Not to say there are not some hucksters trying to game the system.

That is awesome.  I am rooting for you.

I have heard that VA, FHA and Fannie are still lending, but are slowed down by the servicing companies who need to buy the paper.

The tail on this is going to be LONG.  The banks are going to make the underwriting criteria really tough.  2019 was the loosest lending criteria in a decade and poof over night it was gong.  I fear the industry is going to take time to recover.  The bigger issues  are going to be liquidity and unemployment.  Getting money at any price and finding someone who can pay the rent. 

That is good to hear.  

Would you mind pm me the names.  I have a few projects, i would like to run by them.

The lenders I have spoken with all have limited offerings and the pricing is way up.  

The lender I generally work with just:

Raised rates 1.5% and 4k processing fee up from 400.

I took reno money to complete the project.  I had too many irons in the fire and need to borrow some money.  This property was a refi since I had another loan that got paid off at closing.  The other 2 properties were free and clear.  It was delayed financing cash out.  Many lenders will let you combine multiple properties into one larger loan.  It is cheaper, but you give up some flexibility since there are requirements for selling off properties.  

I finally have a minute to get back to my post.  This will tie-up the loose ends.

The part everyone cares about, the money shot...

Apprisal $148,000

I was able to get out 77%. I wrapped in 2 other properties that lowered the LTV.

Net proceeds. $113,960, not including the costs to the bank 

My Costs $110,000 

I cashed out just under 4k.  If I could have gone to 80% I would have cleared 8k.

Rented for $1,200 on the first day. I got a ton of interest and I got my pick of a tenant.  

I realized 38k in equity.

Lessons learned:  

1.  I hate banks and insurance companies.

2.  Tankless hot water heaters may not be the answer.

3.  The contractors that one selects will make or break you.

4.  Everything takes longer than you expect.  There are ALWAYS unforeseen issues, don't be surprised when they happen.

I am pleased with the project.  I have a $110 in a house that is renting for $1200 and everthing is new and I should have no real expenses for 7-10 years.

For the XLS Crowd: