All Forum Posts by: Matthew Nicklin

@Harjeet Bhatti is correct you can use delayed financing but the problem with that is they will be lending at LTC(Loan to Cost) not actual LTV(Loan to Value). Under Fannie Mae guidelines the title must be seasoned for 6 months in order to refi at LTV. So depending on how much value you added since purchase will help with your decision making process. If you didn't add a ton of equity by doing your rehab you can just do delayed financing, this will be your lowest rate and best terms most likely.

If you added a lot of value by doing the renovation or just purchased the property way under market you will either have to wait 6 months or use a non-conventional lender. Most DSCR lenders have a 3 month seasoning requirement. Occasionally you will find a portfolio lender(Typically small community Bank) with 0 seasoning requirement but you will most likely have to have a pre-existing relationship with them.

If you need lender referral's feel free to PM me. I know a lot of great community banks(In Atlanta Metro) and DSCR lenders.

I just replied to the PM you sent me. Odd timing as I just had some fence repairs on one of my rentals a few days ago. The contact I sent you is who helped me with my fence. 

Happy to discuss with you. Feel free to send me a PM. I have been investing in Atlanta since 2011 and started my own Brokerage in 2019. About 70% of our business is with investor clients. 

I sent you a PM.

If you plan to keep it for personal use and you are ok with the expense, keep it. If you desire to lease it then I would sell it. I personally do not like the idea of owning condos with rental caps as you can be force to sell at a time you may not sell if you can not get a renewal on your leasing permit. The market is very strong, would be a good time to consider selling. 

Hey @Chris Lawlor thanks for posting this great question. I own several investment condos. As others have mentioned investing in condos can have their challenges. Beyond just rental restrictions you also want to make sure the condo association is financially sound. You can run into issues buying condos when the association management team is mismanaged and their finances are out of control, requiring higher dues or even special assessments. Durning your due diligence period you want to make sure you are reviewing all HOA docs including covenants and financials.

You cant get a conventional(Fannie Mae) loan in an LLC. There are 5% down conventional products but to my knowledge they are all owner occupant type loans. If you are wanting to hold the property in an LLC and get the loan in the LLC's name it would have to be a non-QM or portfolio loan product. Their maybe a few lenders who are willing to do this if you have a strong track record etc but I would assume the rate and fees would be much higher due to the overall risk to the lender for a 95% LTV loan.

Are you trying to buy a traditional rental property or are you trying to househack? If househacking just use a 5% conventional owner occupant loan. Conventional is always going to be your best rate and term. If you have to go Non-QM or to a portfolio product rates will most likely be higher. 

@Esti Rosenberg are you looking for a closing attorney or what type of attorney are you looking for? I have closed with pretty much every attorney in Metro Atlanta. Feel free to send me a PM and I can share some names. 

Yes for sure! Cash flow has reduced but you can still find cash flow positive deals. My team has helped many out of state investors pick up cash flowing properties this year. 

Atlanta single family rent growth is very strong right now. I personally like Gwinnett and Cobb County as they are a bit more landlord friendly than Fulton County. The sales market is still very strong right now with most properties still getting multiple offers and going under contract in a few days. Right now the average days on market is 6, so the really good properties are going quicker than that and the not so good properties are taking a little bit longer.