All Forum Posts by: Frank Patalano

How did you find your first property?

Sorry. I haven't been on here for a while.

I haven't even tried any of those scenarios but we have had banks lend up to 80% LTV.

I have not. 

the strings are usually attached to Low Income housing.

 If a property is priced right, it will go quickly. Overall I've seen Inventory drop 50% and buyer demand drop about 25%. Definitely a sellers market. Prices seem hotter than ever only due to record low inventory.

 You are too funny. Ask Anthony. He got a good deal once upon a time.

Thanks for having me!

I've worked with a number of HMLs in the RI market. 

Shoot I've done a small amount of HML myself but try not too.

NEVER pay an origination fee! NEVER!

Paying points at the closing table is fine. 

The normal range that I pay is between 9-13%.

I can't recommend someone at this time because most lenders have told me that their money is fully lent out or others are holding back because of the uncertainty. 

I know that I am fully lent out.

Legitimate HMLers will NEVER contact you (out of the blue). They have enough repeat and referral business that they don't need to advertise. I get tons of opportunities to lend even though I try not to.

 Lyon Property Management is top notch. They manage a number of my buildings. 

I would ask for an estoppel. If the landlord refuses I would get in contact with the tenant. They can still verify in writing everything and you can compare it to what you were told.

I agree with Anthony about the security deposit. Been burned before.

Don't lower rent but start to bank a reserve for future repairs of the unit.

 It is common to include water. It is not common to include internet.

Many tenants worry about a big rent increase at the sale of a property. Cancelling cable but keeping the rent the same might be a sigh of relief for the tenant.

I agree with Matt and Anthony. There seems to be a good amount of opportunity right now. We have 4 properties for sale at this moment and there are definitely less buyers out there this month. There are also a few less sellers because of worry about letting people in. Overall this means slightly less competition for specific properties. 

We have a property for sale between North Main and Hope. Would be shocked if it missed your radar.