All Forum Posts by: Ben Phillips

Hi everyone, quick question:I am considering exiting one of my SFH's which is out of state. I am in CA and the SFH is in Indy. I have professional property managers managing it. When you choose to sell it, how do you go about it? Do you engage your PM's and ask them to take photos, and work with a local realtor or agent? Or do you call a local agent first? Do you even use an agent? I am looking for top price, and I am not in a rush. It is currently rented but I think I would get the most money for the home by selling to a home owner instead of another investor. BTW, I am getting spammed day and night by other folks looking to snag it off-market. I have been for years actually haha. I'm sure you know what that's like.

Anyways, how do I get going on it? 

Thanks!

I have not submitted a claim but right now I am greatly regretting my decision to move all of my properties to be insured under NREIG. They have made many mistakes (errors) on my policies, currently numbering somewhere around 5 or 6, and I have no doubt that this number will increase, unfortunately. There seems to be a very high amount of clerical incompetence. They have gotten very important data wrong such as the INSURED! I get notified by my lender who, thank god, double checks these things, and sends me a letter in the mail saying the EOI doesn't make sense and doesn't line up with the mortgage note. Awful experience, and yes, you cannot get your policies from their site, which is ridiculous. You have to email them and ask them to email them to you. Why do they even have a portal with a login?...

@Jeff G. can you give me an idea of how much higher as a % the commercial loan is over investment conventional? Thanks 

@Steve Karp sounds great. Sounds like you are doing maybe a little of the BRRR strategy. :) I unfortunately can't do that as I am buying turnkey so I am not putting in any value-add in my strategy. So financing it at the front seems to make sense for me, since they usually have already had the value added just before I buy.

@Chris Mason ok so I guess the operative question, once I get there, is "How in the world do I find a lender who I know does not use overlays?" 

 Cool. Although it looks like I will hit my preapproval limit first, due to my W2 income level, before I hit the 10 properties level. The lender says that my income from properties does not count as income until after 2 years. 

 Thanks for chiming in Matt. I would rather use conventional just due to the better interest rate. What are the rates on commercial lines looking like right now? I am sure I will eventually get a commercial line but right now (I am just starting out) I want to max out conventional options.

@Chris Mason this is awesome, thank you. I will re-read this and digest it but I believe I understand what you mean. Thanks for your help. 

I know one option is to buy one in cash. While yes, that will get all of my cash to work, it does not allow me to gain leverage and lock in at these historically low interest rates. 

Hi Everyone, 

I am a buy and hold investor looking to purchase a few SFH's. Assuming you have enough money to buy several SFR's at the same time and you are trying to get 20% down conventional financing, are there ANY options to get multiple deals done at the same time? Considering you had enough money to fund 5 homes in your market, what is the quickest way to get these done using conventional financing? It is taking me forever, having to buy one at a time. It is not meeting my personal timeline goals. At this pace I can only close on about 2 per year. You know how it goes... The hunt takes a long time then all the inspections and underwriting takes the rest. Meanwhile my cash is sitting unused but I want to deploy it all if I can. However, when you're getting a loan, they make you sign a sheet that says while underwriting is underway you will NOT be involved in any other deals or making other offers anywhere. Really gets on my nerves. Has anyone found a way around this besides a commercial loan?