All Forum Posts by: Nick Johnson
Nick Johnson has started 24 posts and replied 110 times.
Post: Best Property Management Thread
- Rental Property Investor
- San Diego, CA
- Posts 161
- Votes 15
I just wanted to start a thread with a listing of the best property management companies out there.
You should only post if you:
Currently use the company or person you list
Would recommend them to your family and friends to use
Feel that they make financial sense
Feel that they don't "nickle and dime" you to death
Feel that they don't try to charge for services that you don't need (upsell)
Feel that they do a great job finding you the tenants with guidelines you prefer/request
Can show that they keep a low vacancy rate for you
Get paid on time
Etc....
The market or area is not important, just please give us the contact info and the area(s) that the place you are passing along works/manages.
Thanks for those that take the time to post some HONEST reviews and information here and not those just promoting a company that they own or a family member/friend does.
This thread was moved to a more clear title here: http://www.biggerpockets.com/forums/52-rental-property-questions-landlording-issues/topics/26905-collection-of-best-property-management
Post: Hard/Rehab money for property in NY?
- Rental Property Investor
- San Diego, CA
- Posts 161
- Votes 15
Initially I was looking in Rochester. I have since determined that I will find a safer investment in Indianapolis. Lower unemployment and better growth.
Thanks for responding though!
Post: Refi out of a Hard money rehab?
- Rental Property Investor
- San Diego, CA
- Posts 161
- Votes 15
Originally posted by FLFlipper:
Our HM lender has several lenders in place to re-fi out of the hard money into conventional.
Your hard money people want you to have an exit strategy so they should already have these lenders in place, lenders who are 100% familiar with what you are doing.
Check with them.
Never thought of that angle. Thanks FLFlipper!
Post: Refi out of a Hard money rehab?
- Rental Property Investor
- San Diego, CA
- Posts 161
- Votes 15
Originally posted by Ben Carmona:
Investors either just need to pick up the yellow pages and call or have a consultant find the sources for them.
Stated income is the tricky part.
There are sources for the combine need of: stated income, no seasoning, and no restrictions for # of properties but the cost can be a bit eye opening.
I am not so much worried about the cost Ben. I do have your number in my email in box, just have not had the time to call you yet. I am closing on my first Owner Occ property and have some minor rehab work to do. Busy busy busy.
Thanks for taking the time though and I will be in contact ASAP! I can assure of that. :mrgreen:
Post: Refi out of a Hard money rehab?
- Rental Property Investor
- San Diego, CA
- Posts 161
- Votes 15
Originally posted by Chris Khacherian:
They told me no to 6 months seasoning. I bet they tell us what we want just to get our info. ;)
Thanks for the update!
Post: Refi out of a Hard money rehab?
- Rental Property Investor
- San Diego, CA
- Posts 161
- Votes 15
Originally posted by B G:
he then presents me with the possibility of a staight construction/rehab loan with his bank based on 75% or even possibly 80% LTV based on ARV...with an interest rate of around 7 or under 5/1 ARM & 30 yr...
needless to say i walked out very excited...reasons he is optimistic about lending to me is 1) i have over 5 yrs experience buying/selling and renting multi family property and 2) this is not my primary business, only a secondary form of income 3) MOST IMPORTANTLY they will keep this loan "in house" as i already have over 4 mortgages
so keep calling, yesterday i think i called 6 smaller to mid sized local banks in and around Boston
BG,
Thanks so much for this info! It is really important! It gives me a ton of hope that I will be able to complete this first deal :mrgreen: Just keep me posted with your project and if I get some more info I will post here as well. Thanks again!!!
Post: Refi out of a Hard money rehab?
- Rental Property Investor
- San Diego, CA
- Posts 161
- Votes 15
Please keep me posted.
Thanks BG!
Post: Refi out of a Hard money rehab?
- Rental Property Investor
- San Diego, CA
- Posts 161
- Votes 15
Just talked to them.
No title seasoning. NP.
The stated or no doc on NOO. No dice.
Just so you all know.
Post: Refi out of a Hard money rehab?
- Rental Property Investor
- San Diego, CA
- Posts 161
- Votes 15
Originally posted by Anthony Clayton:
Thanks for the info! I am going to check that out right now!
Post: Refi out of a Hard money rehab?
- Rental Property Investor
- San Diego, CA
- Posts 161
- Votes 15
Originally posted by nationwidepi:
As Jon mentioned, local small community banks are a great option, particularly ones that will carry their own paper, tehrefore they do not have to go with the Freddie/Fannie guidelines.
You will want to use the bank in the area you are investing, as the bank is familiar with that area and not the bank where you live.
Hate to point out another problem, but be aware that some of these local banks will be more apt to loan to a "local" for the property in that area as opposed to an out of state investor. It is just a sign of the times. Keep searching the banks as there are many local ones and one of them should be able to accomodate you.
Is there an easy to to find out which local bank (in the area I will invest) carries their own paper? Or do I just try calling and asking or what is the easiest way?
Thanks guys!