All Forum Posts by: Tiffany Shan

Congrats on the success & positive experience! Eek, can't imagine having to deal with bedbugs, will definitely be more careful in the future.

Was your lender ok with you renting out the other half & with you quit claiming the title to an LLC?

Not positive but NCB has been good to friends with co-ops in the past.

The inspiration: here in the Bay area, weirdo structures are a little more common (see: fractional TIC loans, etc). Came across a 12BR that was being rented out as a 'hacker house' charging extremely inflated rents for access to a 'cool community'. A little clever branding + investing in amazing wifi = shocking good rental yield that was normally not possible in an A neighborhood.

My partners & I have come across a huge 6BR home in the DFW area. Our hope is to turn it into a co-op and sells shares - per bedroom it'll be a good deal for individual buyers, plus hopefully a cool community. Will let y'all know how it goes as we learn more about the weird murky world of getting co-ops approved. 

@Account Closed Thanks so much for the answer! I've been trying to get a sense for the range of LLC lending options so that was really helpful. Thought there might be a way for a group of investors in an LLC to avoid all having to personally guarantee the full amount themselves but it's not looking like it.

Curious about the lender you found for the refi - what kind of terms are you getting, and did you personally guarantee the loan?

@Josh C. knows better than I) that literally can and probably has happened (though I guess it's not reeeeally "half a house" so much as half a lot).

Is the inability to use the property to cover a default the only issue? If there was actually a sufficiently liquid market of halves of homes, would this be ok?

Hi-

Let's say me and a friend want to buy a SFH to live in together instead of renting. I know the typical response is "NO GOD NO don't buy a property with a friend." :) Let's set aside the 'don't mix business with friendship' advice for now and focus on how we'd theoretically finance that purchase.

Does anyone know any way to fractionalize a mortgage? For instance, in the very ideal case, if the home is $300K, we each get a $150K mortgage? Or barring that possibility, a way to use financing while insulating our credit from each other so that if the worst happens, my friend disappears, and I can't cover her share, I'm not totally screwed? 

I realize this question must come off as IMPOSSIBLY naive...! But here in San Francisco buildings (especially 2-units, but again let's pretend it's a SFH) are held by tenancy-in-common and people are given fractional TIC loans (typically 5 or 7/1 ARMs, .5-1% higher).

Hi-

Apologies if this is a dumb question! My colleagues and I are trying to figure out how people with a mid-size (let's call it between 100 and 1000) single family home portfolio handle financing. 

I've read over the strategies a single investor can use as he goes from 1 to even a few dozen homes, and I've been following the Blackstone security issuance with great interest, but what do you do when you're not huge enough to issue something that looks like CMBS, and you're too big to go get an individual mortgage on every home?

Or are there basically no operators in that range? 

Sorry if this is a dumb question or someone's already asked but - how useful has Roofstock been for offloading these types of properties?

Hi-

Does anyone have a mortgage broker they've enjoyed working with that they'd recommend? Looking for someone who's a little less formulaic than the average broker who can provide feedback on unusual needs.