All Forum Posts by: Curt Smith

Not asked about lender,,, I just closed 2 loans with finance of america. I dropped my LTV and have a high FICO and bought down the interest rate to an astounding 3.5%. BUT BUT I don't recommend Fin of Am today going forward. My investor friends have used Fin of Am prior to some recent event, a friend heard they went public, and post this event they are completely misserable to deal with. Good and very likable front end folks, but their nut-case new under writing dept are (explicatives) and my loan took 4 months FOUR misserable months for both of 2 loans. A 3rd is stuck sideways with a dirt simple title flaw any investor closing attorney could close with their eyes closed. A missing mortgage satisfaction just prior to a forclosure deed being filed. I have my settlement statement buying from HUD (foreclosed). I'm here researching Lending Home to move this stuck 3rd loan. My friends swear they'll never use Fin of Am again, even with other DSCR lenders at higher interest rate. There's the cost of ones brain cells, my blood, and lost opportunity of a 4 month closing vs a 30 day closing. Best to all.

@Mindy Jensen hi Mindy please please add/describe a landloding systematic approach where getting paid is the easy part.

Record keeping, reports, creating tax statements etc is the bigger picture. Very few recos here offer hooks into the bigger picture, systematic running yiur business.

We changed how we collected rent 3 yr ago and it was he'll on earth so we went back to erentpayments.com. why? Short of a building.com like system, which my larger doors friends love, for us smaller folks we are very happy with the free application, tenant paid screening service, and rent collections with the key fir us: great reports. Very good reports. Saves on the rent roll wirk with partial payers with a goid data reporting tool build into erentpayments.com

Cozy has just csv export. :(

Cash app, venmo, payday = no tenant, address oriented reports! Please make it easy on yourself with >>10 doors

I hated zilliws credit screen reports. Zero support if problems!

Best to all.

@Chad Keilen like me you are in the commercial lender space. Today 30yr rental lenders go by DSCR lenders. I'm closing 3 cash out Refi bought the rate down to 3.5%, wow, but a 5yr pre pay penalty but I plan on holding 10+yr

Commercial lenders dont care about DTI, or much reserves.

I'm using Finance of America, 50 state lenders. Max 70% Ltv, rates and Ltv depends on your Fico and Dscr. Min loan amount $100k at what ever Ltv.

I feel rates will rise, get yiyr refi cash now is my views.

@Tristan Roth I bet there's already many Reia group(s,) in your area. Use meetup dot org.

To all, local Reias, realestate investors associations are where old timers, pre BP, hang and csn be found. Local experience is key, and was for me re my local Reia, gareia. I would not have been able to quit had it not been fir the local education and generous experience in my Reia.

I'd recommend you join a few of the local organizations and decide which to keep after a year.

Most have moved to all zoom or a combo..

@Mindy Jensen because my most recent attemp I deleted.

Pm me ill send what was blocked. It shouldn't have been , filter has bugs.

Hi Ethan, I think the more relavant question is;  does RVM work today or ever?  IE sending static messages without the name or address.

BP has blocked my reasonable helps post here.  Ethan PM me and I'll send you what  BP is blocking.

I just tried to post an answer with zero URLS, phone numbers etc.  I saved wht I trid to post, it was clean of any references.

I'm sick of BP shutting down trying to post content like I like to use this RVM tool abc.com. and getting the post blocked!!

BP has gone too far.

Hi Eli,  Just adding some info.  First let me say good idea and nice thinking to add capacity of new elder homes.

This google string brings up good reading and a few states reg's URLs:   building assisted living training

BUT here's some info I heard;

- Due to covid deaths in the elderly some nursing homes (and probably ALF) are running 50% to 70% capacity and this is the break even cash flow point for those facilities.   No doubt in a few years those beds will be taken up by the buldge in the population needing care.

- The recent hurricanes, storms, bad events has really REALLY highlighted the liability risks all facilities taking in folks for $$$ have when rare (rare??)  events happen and you need to evacuate or there's extended duration power outage and no AC, food, etc for the facility.   

I'm not suggesting that you not look into ALF, but recent events has really ripped the roof off (literally) on the business model and difficulty for owners and managers providing for residents AND the resulting law suits that will follow when bad things happen.

It would be my guess that business E&O, liability insurance will reflect these newly visible realities. IMHO extra extra time needs to be put into the DD and financial modeling phase given near term lower occupancy risk, continued covid in our env for years, and bad event contingency planning adding to costs (back up generators etc, relocation place some distance away)..

Best of luck.

@Jeff Cua at a number of doors the national insurance carriers drove me crazy. Inspections, even drops etc, always raising premiums..

After some number of doors, it was >10 for me, you'll go crazy trying to individually pay or administrate separate policies.

I moved all doirs to a landlord focused carrier Nreig.com.com, easy to work with. All on line via web pages and occasionally an email. Never have to talk to an agent again, a big bonus!

Good rates and coverage. I always get $1M liability and usually do actual cash value. Long explanation here!

Please folks dump the majors, go wuth a landlord only insurer.

Hi Stephan,  I use nreig.com for builders risk insurance.  I use them also for my rentals.   They only do professional investor policies. 

Also due to contractor un--availability, rehab problems plan on a 6 mo close to close period.  

Your number one risk is finding and keeping a good contractor team.  They are so hard to find and keep.   The hot rehab market is allowing teams to do quick and partially finished job and jump to the next job.  Leaving you with a partially finished house not quite ready for a retail sale.

Chat had a local REIA. Search for Chattanooga REIA on facebook. Join, and try hooking up with local investors. REIAs have more experience then other orgs in my experience in several cities.

Expect to get quotes that are higher they you hoped and may mean no profit.  The other problem is low ball quotes but once you hire the team they up-sell with more expense that they didnt understand was needed.  In then end the cheapest bid may end up being the most expensive.   This is where having local experienced people to over see your rehabs a big value.

Best of luck.