All Forum Posts by: Mitch B.

Yes, I am interested in learning about your syndications. Let's set up a time to speak.

Thanks,

No. Been looking at the 4 units & below so far.

After listening to many podcasts & YouTube testimonials of successful BRRRR stories, I thought I'd apply that method on my next property. After conversations with multiple regional/portfolio banks ( here in North Texas ) who offer the typical 20 year @ 5% notes, they WILL NOT do a refi based on "market rates" less than 24 months after initial purchase. They WILL however do a refi right away, but will only lend up to 80% of my property + rehab costs (which leaves 20% of my cash in the property). In this case I'm unable to reuse all the cash for my next project like I hear in all those success stories.

What am I missing?

Thoughts, suggestions?

Many thanks, 

After listening to many podcasts & YouTube testimonials of successful BRRRR stories, I thought I'd apply that method on my next property. After conversations with multiple regional/portfolio banks ( here in North Texas ) who offer the typical 20 year @ 5% notes, they WILL NOT do a refi based on "market rates" less than 24 months after initial purchase. They WILL however do a refi right away, but will only lend up to 80% of my property + rehab costs (which leaves 20% of my cash in the property). In this case I'm unable to reuse all the cash for my next project like I hear in all those success stories.

What am I missing?

Thoughts, suggestions?

Many thanks, 

" . . . the bigger the splash"

I'll be sure to lead with that in my online advertising postings 😀

I am doing a rehab on a new SFR property. Seems like most new elongated toilets are offered with the ADA 17"-19" height vs. the standard height of 16". I think most adults prefer the elongated bowls but I'm concerned about installing a tall toilet for a rental. Any person under 5'4" will have "dangling feet" & that would not be a good thing. Anyone else receive complaints on the tall ADA style toilet?

Thanks,

Mitch

I just closed on SFR ( based in TX ) that has an existing tenant ( 15 months ) on a M2M lease. Current rent rate is only 60% of mkt due to condition of house. The plan is to do the rehab & market the house at the going rate. The tenant was informed by the former landlord the property was going to be sold with a high likelihood they would be asked to leave.

I have not communicated with the tenant yet. My question is what wording do I use in my letter to the tenant informing them of their 30 day notice to leave the property? Is it a letter of non-renewal or something equivalent? Looking for some phraseology or sample doc.

BTW - the house is in major need of rehab, new roof, new sheetrock, foundation, etc... so this isn't a question whether to keep the tenant at the lower rate vs. loosing income due to turnover. This is a BRRR play but I can't get to the "RRR" part until the tenant leaves.

Thanks in advance.

Interested. How can I get more info?

I've got an applicant that has decided not to rent my SFH but would like a copy of the background outputs from Mysmartmove that he paid for as part of the application process.

Is it legal for me to send a copy back to the applicant?

If so, should I email it or print it out & send it via postal mail? My concern with email is that I don't want to be liable for such a potentially unsecured mode of delivery given the sensitivity of a credit report.

Thanks,

Mitch

My father has decided to gift his rental to myself & 2 siblings. I'd like to buy my siblings out & they are ok with that. The plan is to determine a sell price we all can agree upon, so we hired an appraiser & now have that #. The next step would be for my dad to quit-deed the house over to myself & in turn, I would pay my siblings their 66% share of that agreed sell price.

My plans were to pay the 66% with a conventional cash out refinance that would coincide with the title transfer but my mortgage guy told me the HUD guidelines call for the title to be in my name for 6 months before I'm eligible to refi against the property.

That said ( if that is a true HUD requirement) I believe my next best options are to:

1. Use a local/portfolio lender & pay the roughly 1% higher interest rate ( not great but doable)

2. Use my cash reserves to pay the 66% share, then get it back after I refi in 6 months.

3. Get my father to sell the house to me for that same agreed sell price & he splits the sale proceeds across us 3 kids ( minus the taxes he will incur at the end of the year & we won't need a realtor for this so no commissions are in play ). A benefit here would be that the cost basis for me would reset since currently the house is currently fully depreciated. Also I would have a conventional HUD loan on day one & don't have to use my cash reserves ( except for the down payment that I would get back the next week when I receive my 33% share from dad.

Am I missing anything here?

Many thanks,

Mitch