All Forum Posts by: David Hutson

@Brennen Cook

I agree with Chris.  Looking at the homes that have sold within a quarter mile, the price is very close per square foot.   

Gary Links office is the easiest and most cost effective.  I have used him a dozen times.  He is the primary law office for the California Apartment Association. 

I've never worked with him directly and never had to.  His staff are quick and efficient so you probably won't need to meet with him directly either.

On the other side, I have also handled the eviction process myself.  It will save you hundreds of dollars.  You can go down to the Carol Miller Justice Center and they have samples of how to fill out the forms, highlighting the portions you need to complete.  The downside is they can't help you with the forms or provide any assistance.  If you get it wrong it will need to be corrected which could take a few more hours there or more trips.  It's not really difficult just time consuming.  The hard part is the service of the notices.  You can have a friend do it or pay a service to complete this portion.

My tenants show up to the hearings about 50% of the time.  They judge will try to get you to go through arbitration as neither you or the tenant is likely a lawyer.  I do recommend this highly.

You will go into another office and talk through the issues.  If you are in the right, the arbitrator will get each of you to state your side of the story, say who is most correct and schedule terms for move out by the tenant and discuss any financial compensation.  Then you go back out to the judge, state the agreement and then judge will ask you both if you agree, if you do it is so ordered. 

I haven't had to do an eviction for a few years but that is how it was done as of then.

Afternoon David,

Yes, banks will take into account what the rents are for the home, at least all of the banks/mortgage companies I have used do.  They will not use the full rent though, they each have a percentage of the rents that they will use to qualify you. 

If you are purchasing a home that is already rented then they will want the lease.  If not, they will determine what a reasonable market rent is for the home. 

I have been purchasing in Memphis for almost two years ( seven homes so far) and it can be a good place to purchase but ensure you are purchasing good homes from reputable agents or turnkey providers.

If you have any questions on the area  or lending there send me a message and I'll try to help.  

I would charge them for them and let them know when you send them the itemized list of deductions that the cost for new cords and installation would be more expensive than replacing the blinds.  If they want to question the expense you can provide them an estimate from Home Depot/Lowes that shows the cost.

If it's reasonable they shouldn't question it.

I'm not aware of any law but when I have tenants move out early they know their lease would go for two more weeks, moreso following the 30 day notice they provide me.  If the tenant wants to conduct the walkthrough early I'm all for it.  I do the walkthrough with them, take the keys and immediately change the locks.  I do put the utilities into my name immediately as they are no longer tenants.

The good part is I have two weeks to market the property and get a good tenant in.  Usually a good tenant can't move in any sooner.  If I get someone who moves in right away or after two weeks I may be lucky enough to not have any vacancy.  If the tenant moves in early then I refund the previous tenant any monies owed at the daily rate. 

I would always prefer to refund the previous tenant a few days rent and get another tenant with at least a one year lease.

I think I have the differences down.  That's why I'm asking about Lending Home, which we are straying away from. 

What I need is a SFR mortgage from a company/people who will fund me with 10 mortgages now. It does not matter to me if they base it off the home or me or a combination. I am an active duty Soldier with 27 years of service, a six figure income from my salary (not including my properties) and a fico that hovers around 780. It does not matter what anyone calls it. I just want to continue to buy houses.

I have heard that there are a few banks in Memphis that will do this but I haven't found them yet and of the loans I have heard of or been offered, the rates are over 7%.

I'm in CA and the banks here won't do loans for me in TN so if anyone knows of another company that will loan to someone like me in Memphis I would appreciate a referral.

@Jeff Copeland

I got that far also.  I'll let you know if I use them.  Hopefully someone out here on BP has used Lending Home and can provide real information on the process/service.

It's the best rate I've found online and I'm not ready to wait a few years for another purchase. 

@Jeff Copeland  I understand what you are saying.  I usually think of a portfolio lender as one who only does loans for multiple properties so that makes sense, especially since all of the lenders I see online only fund 5+ properties.  Lending Home uses investors to fund their deals and makes money on the difference of rates, so I guess, by definition, they are a portfolio lender.

Thanks for the comment.  I appreciate the feedback.

I have 14 homes w/ 10 of them mortgaged.  If I get a portfolio loan, from what I understand, I need to get appraisals on all of them, pay funding and associated fees on the whole package.
If I can get one 7% loan with only one appraisal and fees on one it seems to be much less expensive.

I'm going to start snowballing to pay off one of the mortgages so hopefully in under 18-20 months I can pay off a mortgage and get another at a good rate.  BTW, I closed the current one at 4.25 for a 15 yr loan.  I like that rate.

I just closed on another home in Memphis.  I bought it through Mid South Homebuyers and has been a good experience, my second through them.

I now have 10 mortgages and don't want to use a portfolio loan or pay high interest rates for private loans.  I'm always searching for other options and Lending Home will do loans on homes past 10 mortgages.  Their rates are around 7%.  I went through their online questionnaire and that's the rate they quoted.  I haven't talked to them yet as I haven't found my next home.

If anyone has dealt with them in the past I'd appreciate any feedback you may have.