All Forum Posts by: Bryan Hartlen

@Jermaine Chad Ingram and @Tai Bhattad thanks for the response (and I will search BP for @Denise Evans post on quieting title).

I understand what quieting title does - what I didn't understand is the need to quiet title after a tax sale from the state (specifically in Alabama) even after any redemption period.

I thought that when buying properties (not liens) from the state that all prior liens were wiped out and you started fresh with a clean title (like you get after an auction sale).  It seems like that's not the case? at least in AL?

Originally posted by @Tai Bhattad:

...Also this lot is on the city’s NRP eligible list meaning they want someone to buy & build on the lot as part of their neighborhood renewal program!! (If it gets approved then the city helps you quiet title... expedited.)...

@Tai Bhattad (or others): Why does title need to be quieted on a tax sale? I thought a tax sale wiped everything before it out and started fresh.

Thanks @Andrew Postell. We have access to private funds which is how we fund most investor backed deals. But sometimes they have cashflow timing issues or the deal is so good that we would prefer to keep the asset 100% in house. Local REI's tend to be of limited value as we invest out of state. As we start to farm specific markets we'll reach out to the regional banks in the area - but that doesn't give us the benefit of our full portfolio.

I'm sure other here on BP have had the same or similar issue as they've grown. I always like to look to the broader community for experience and direction... No sense re-learning a lesson when it can be avoided. 

@Darryl Patterson can you share a link to the specific law you're referencing?

@Kimberly Smith I'm late to the party here but I have a couple suggestions. You said that you're expecting $2100 in monthly rental income whereas the assessment estimated more like $1600 based on the comps they used. If you have time on your HML, put renters in asap. If you can secure $2100/mo then go back and present your rental actuals and ARV comps (6 - 12 mo, within a mile, same neighborhood, etc) and ask for them to re-evaluate the appraisal.

You could also shop the refi with a different lender.

If neither of those are an option then I'd agree with @Joseph Walsh that you should be able to cashflow the $20k or so funds left in the property after the low appraisal.

@Clint Shelley thanks for the pointer.  We're remote investors with properties in Birmingham, AL and Terre Haute, IN... and we're looking into new markets.  We were hoping to find a lender that would cover properties in all states.  We may have to look into developing relationships with multiple regional banks.  

@Michael Ablan thanks for sharing your experience.

@Andrew Postell some (but not all) of our properties will be valued at < $50k; after being fully rehabbed and with tenants in place. We haven't found many banks that want to lend on that class of property.  That said we will want flexibility to add properties and remove properties. 

Hi all.. not sure if this is the right forum... but I couldn’t find one that seemed a better match.  Anyway, we’re looking for some basic information on portfolio loans.

We have a few low value SFR properties that we own outright. We’d like to pull our cash out but they don’t qualify for individual mortgages. We own the properties in a couple different LLCs.  We are also planning to move into MFR units.  

Wondering if portfolio loans will:
- let you mix SFR and MFR properties
- would we be able to mix properties from our various LLCs?
- what’s the lowest cumulative value for portfolio loans
- how do portfolio loan terms differ from single asset loans?
- any recommendations on where i could learn more about the options?

Thanks!!

@Derek Voyles we have a guy in our community that manages ~ 30 short term rental bedrooms in multiple locations.  His high level rules of thumb are; When properly managed expenses are roughly 110% of standard rental expenses.  Gross rents are roughly 2x standard rental rents. I personally can't verify these numbers (yet). 

@Todd Powell Venmo is an ‘instant’ cash transfer app. You can link it to a checking or savings account. You can send or receive email through cell#’s or email addresses which are used to identify accounts.

I’m not sure but I think it only supports on-demand transactions - I don’t think you can schedule payments (like auto-withdrawal from a bank).  So it might be convenient IF your tenants remember.  

Payments and receipts show up in your account as Venmo with the other person’s id- so they are identifiable.  

@Chris Seveney, in this case, even with equity and 7 years payments, we would attempt to acquire the CFD for less, but only because we believe there is a market bias against CFDs and many sellers would be prepared to discount.