All Forum Posts by: Andrew M.

@Jared Rine This seems to be Option A. Roll them up and off into another entity will work well. Thanks!

@Wayne Uwate We aren't quite to the decision point yet, but we will keep in touch. 

@Chris Mason That will happen at some point, but we are in a groove and it is working very well into our quality of life by staying here. The mortgage brokers I'm speaking with all seem to have products with similar costs and fee structures.

Good afternoon all! After searching through the archives, there is plenty of discussion on 15 vs. 30 yr. mortgages, but very little on fixed rate loan products once you exceed your conventional allowance. I'm at my SFR limit of ten 30 year Fannie/Freddie loans, and my wife is approaching her 10 as well. Once we exceed this, going to a local bank with 20/25 year ARMs seems to be the plausible next step. Through some research, there are companies (mainly hedge funds, other private investment groups) that will offer a 30 year fixed product at a slightly increased interest rate and fees. Sprout seems to be one that keeps coming up, but after seeing their terms, it seems a little steep. 6.0-7.5% and 2 points, buyer paid comps, and 3 year prepayment penalties (the fees are killer, a higher interest rate is expected).

We are in a credit/W-2 income range that doesn't need to settle for subprime rates unless, of course, it is out of a lack of diversity of product. 

Are there any lenders or borrowers that have been down this road? Where have you ended up settling? How did you structure your SFRs past 20 homes between you and your spouse?

Good afternoon all! Who has done a Texas RE license renewal purely online? I don't live in Texas any longer, but could make it back down if taking the test in person is absolutely necessary. Boring is fine since most online platforms are a special kind of toothpick-in-the-eye kind of boring. How long did it take, what were you expecting to pay, etc.?

I used my local state’s promulgated commercial lease form. Backed it up with a commercial insurance policy that includes a homeowners policy and $1MM general liability.

I have rental homes that are leased to an elderly care business, and they sublease each room and operate the business, pay the caretaker, caretaking, etc. I have special provisions regarding the nature of the business in the current lease, but am looking for more ideas for protection/usefullness to tenants.. If anyone else has done this, what sort of 'specialty' items do you have in your specific lease? 

For those not familiar, these are 4 bed facilities that help elderly or people with cognitive disabilities. They help with daily needs...cooking, cleaning, dressing, bathing, etc., and do not, per se, offer medical services except for when the appropriate licensed folks come to the home.

@Kevin Hoag Thanks for breaking that down. They were indeed on individual policies. I called yesterday to have the traditional SFRs that were cancelled as well switched back to their active status. Once they are active, broker research begins...

@Sam Shueh Oh the things we learn....

@Darrin Gross I sent a message to your business. Let's get together for a few minutes and have that open conversation.

@Jay Hinrichs Haha, fair enough! Thanks!