All Forum Posts by: Bobby Nilsen

@Bette Hochberger Quick question, have done a cost seg on a few properties, but it seems that now locks you into holding or having to trade that property or get hit with a nice tax bill upon selling. Outside of the immediate benefit is there a longer term benefit? 

@Jisoon Park What is it that you are curious about? Are you thinking about joining? I can spend a few minutes on the phone with you and give you enough info to get started. Now it comes down to implementation and grit on your part. Shoot me a message if you want to chat. 

Hey Nicholas, was curious how this is turning out for you, hopefully for the best? 

Quote from @Nicholas Virthe:

Today it’s 304 days and I still haven’t been funded and Walt finally admitted to me this morning he has no money in his account and doesn’t know if/ when he will get some. I filed and send the reimbursement form through registered mail… they have 30 business days to refund me . They owe me 329k and I will definitely come back here either way to let you guys know if and what I got back. 

Quote from @Nicholas Virthe:

Today it’s 304 days and I still haven’t been funded and Walt finally admitted to me this morning he has no money in his account and doesn’t know if/ when he will get some. I filed and send the reimbursement form through registered mail… they have 30 business days to refund me . They owe me 329k and I will definitely come back here either way to let you guys know if and what I got back. 

This looks like there’s something majorly wrong going on here. It sounds like they have been taking deposits and prepaid interest to string people along. I hope this deters people from sending money to them, sounds like they shouldn’t be used and maybe they’ve run their cycle.  

I want to thank everyone for their input on this “lender.” I hope those who are having issues with them get a resolution. 

I was having a conversation about CPAs and bookkeepers and wanted to get your opinions on the pros and cons of using a CPA and bookkeeper who are the same person or part of the same company, versus a completely different CPA and bookkeeper who are not know to each other?

@Ashish Wa Section 8 can be a great way to secure your rents. Be somewhat selective when renting to housing tenants. Although there aren’t many income underwriting guidelines as they’re on section 8, vet them like you would any other tenant. And then stay on top of the government with rent increases and you should be golden. I’ve found that section 8 tenants take a little extra effort but the squeeze has been worth it so far. One benefit of the section 8 tenants is that they also can usually get help with deposit from non profits, so I try not to give heavy discount on section 8 deposits, if anything I up it a little as the units may get a little more worn.

I went at it alone right out of the gate and have been happy with it, again it will take more effort than a non section 8 tenant. But if they’re vetted correctly you’ll just be doing some extra paperwork and maybe take a few extra phone calls. Any tenant not properly underwritten could be a headache. I’m not a property manager and didn’t start with a property manager the only tenants that have been major issues are ones that we have purchased. 

Do what you think is enough due diligence and then some. You can’t do enough due diligence when renting to someone, whether you know them or not. 

@Chad Hallmark  Section 8 can be a great way to secure your rents. Be somewhat selective when renting to housing tenants. Although there aren’t many income underwriting guidelines as they’re on section 8, vet them like you would any other tenant. And then stay on top of the government with rent increases and you should be golden. I’ve found that section 8 tenants take a little extra effort but the squeeze has been worth it so far. One benefit of the section 8 tenants is that they also can usually get help with deposit from non profits, so I try not to give heavy discount on section 8 deposits, if anything I up it a little as the units may get a little more worn. 

@Josh Goodeaux hey Josh not sure it’s a scam. Seems like they lend it’s just a little more outside the box than most lenders and has some stipulations that you typically don’t see. 

Not sure everyone’s story and circumstances but it seems this is the perfect loan for someone who has an asset that is just outside the lending criteria of what one would typically see.

My experience is I didnt go through with them. They lost me when my broker quoted rates to me and then they reached out to me, not sure if they were trying to cut him, but with significantly different rates. Just didn’t feel right. Please let me know how it goes. 

@Nicholas Virthe @Neil Hoffner @Matthew Sawicki
Thanks for your input. Seems like there’s more issues with these guys than benefit. Probably good for a few select investors. 

@Alex Bekeza
Appreciate the feedback Alex but I’ll say some of my best lenders have nothing to do with bigger pockets. Completely agree that a lender with great reviews is good but boxing myself to bigger pockets only wouldn’t be a good business model. Sometimes, big sometimes, the unknown is the best and most opportunistic option.