All Forum Posts by: Adeva Edobor

All the suggestions are great but would it be easier to just wait three weeks? You already insinuated that they may be problem tenants. God forbid their dog dies of something unrelated a few weeks or months later and you receive a letter that you are being sued. As we all know this is a very litigious country and dumba** lawyers will encourage people to sue you for anything. It may take a week or two to get the pest guys out anyway. Get a written statement that they don't want the pest control and just wait. #Just a thought

@Jeff Castro I applied with them just to see their offer, they came in really low on the LTV so I didn't accept it. They were right, there was no ding to my credit and it happened really quick. The terms were great and I'm pretty sure I'll use them in the future.

@Michael Maslanka Their terms are pretty similar to the leading banks. Assuming they have lower overhead, their margins must be pretty good so they can make money. If they are selling the loans, which I assume they are, even better. I think their protection comes from the low appraised value (which was my experience) With that, they build in a layer of equity to protect themselves. 

@Davina Lakes What did you send them as proof of income?

@Christopher Tokarski Luckily for you, conventional borrowing is slowing down so lenders now have time to talk about complicated loans. DM me if you still don't have an answer. I can refer you to a few brokers to chat with about financing. Depending on the property type, if you have 20% to put down, and some extra for closing costs you can use a DSCR (Basically means qualify without your income but the rents or projected rents from the property) It's higher interest than conventional, lower than hard money but a great place to start.

@Jason Henlon That's a really good program

@Jerome Morelos I think you should give more clarity on how much you are willing to spend because bathroom remodels can vary widely in cost. I just did mine and I had quotes from $16k to $25k. I eventually opted to do it myself after watching a few videos from Jeff at Home Renovision and it cost just under $4,000 to paint, replace flooring, new tub and tile to the ceiling. I replaced the vanity and all towel and toilet paper rods added floating shelves, medicine cabinet new mirror and new lights. 

If I had your bathrooms. I would consider re-glazing the tub and tile like some have suggested. I can't really tell the material of the floor but if it's waterproof, then a good cleaning should be fine. Paint the walls a light color to brighten up the room. The vanity looks like it has some water damage going on. I would contact paper right until I'm about to rent it out, then replace them. Get plywood vanities. I learned the hard way that pressed wood only looks pretty until it's touched by water. For faucets and towel rods, brushed nickel looks high end and maintains the look longer. All that wouldn't cost more than $700 (I may be off but I'm estimating about $250 for the re-glaze in each bathroom and doing the rest of the stuff myself) later on, the vanities may cost about $500-$600 each at HD

@Mike Schorah When considering Non-QM, you are better off talking to brokers who'll shop different lenders to find you a good deal. Banks and credit unions have mostly been stricter with their guidelines. Depending on the property value, DSCRs can be up to 75%ltv on cash out and can allow you use the proceeds as reserves; lending on up to 8units and offer interest only loans based on the rental income covering the interest only payments. (AKA no income loans) The market is more flexible than the banks will lead you to believe. Let me know if you need a referral to a broker

Hi @Ezra Henderson I did a remodel 9 months ago and I used Trafficmaster. So far, it looks great just like it did when I installed it. I dragged a fridge across it the first day after install (shouldn't have) but it left no scratch. Even though Trafficmaster is cheaper compared to Lifeproof, it is in the mid range as there are some that are as low as $1.50 per sqft. If you need a higher degree of sound insulation, Lifeproof has an overall thicker profile. If you are still unsure, buy a box of each and do a test fit and return the one you decide not to use. If you are patient, they typically will put some on sale in the middle of the store every few months.

@Ibrahim Yamini The way I see it, you are actually teaching him a lesson in what it means to run a business with overhead. Charge him rent!

@Chad Jackson It depends on whether and how you report it on your taxes. The easiest way to find out is to apply for one. It doesn't cost you anything except some time on the phone. If you need a referral, let me know

@Brian Patrick No doc may just mean no income docs to prove monthly payments. If you're buying an investment property, you may be able to qualify based on the projected rents alone. So you may not even need to have a job or income. Just cash for the down payment and the property will do the rest. DM me. I may be able to help