All Forum Posts by: Charles Lomolino III

I am a lender and have a client that needs a bank statement loan on a primary residence in Maine.  I am not licensed in Maine and would like to refer to someone who can help.  Please message me if you can help. 

thanks, 

@Jared Rine Thank you!  I appreciate your help 

Yes, primary residence 

Hey guys, 

I have a client I am working with on a bank statement loan but they decided to move to Michigan and I am not licensed in Michigan.  I am looking for a lender I can refer my client to that will be able to help them out.  Please message me if you can help. 

Thank you, 

@Anthony Freeman small bank unless you have over $250,000 in an account with your bank they may give you a more competitive offer as a private client

@Joel Matos I have options for DSCR 1-4 and 5-20. We have a lot of different options for DSCR depending on the details of the scenario.

Thank you, @Kyle Michaud and @Sarah Kensinger!  I will be in touch. 

@Michael Baum It's a condo so there is low maintenance for the exterior of the property, landscaping, and snow removal etc.  They are used for maintenance requests, repairs, restocking supplies and overseeing renovation projects.  $39/month is the retainer.  You pay for the individual services as needed. 

Thanks for your reply @Michael Baum I actually dropped Evolve for my property in Myrtle Beach last year and used a full service property manager because I didn't want to be involved in the day to day management.  They charged 20% and Evolve charged 10% but I was willing to pay the extra 10% to be hands off.  I went back to Evolve because the other company wasn't getting me as many bookings, their pricing wasn't as transparent and their platform wasn't user friendly to track my numbers.  They also didn't do a great job communicating with guests and handling guest complaints.  I rely on my cleaner to be the eyes on the property and work together with a company called We Oversee.  I pay We Oversee $39/month for all the services a full service property management company would offer.  I would rather just have 1 company handle everything but I have more control with this structure and save 10-20%.  I have a similar set up for my property in Killington, VT.  The full service property managers in Killington want up to 35% so I had no choice but to assemble my own team.  

Hey Brady, 

I use evolve for 2 of my properties and I'm really happy with them.  I think they're great for beginners.  The entire process is automated. They schedule photos with a professional photographer and put together the details of the listing including guest instructions.  They handle the initial guest contact and also ask for review afterwards. They set you up with a local cleaning and maintenance company and link your calendar with theirs.  They have a team to determine pricing strategy and updates the pricing accordingly.  They do a great job getting bookings.  The team is very responsive if you need to make any changes or need help with anything.  The website and app is very user friendly and shares a lot of data.

The downside is they do not do guest communications so you are more hands on with the guests if they want to check in early or have any issues.  They do not handle maintenance requests and hire handymen.  You need to have your cleaner or someone else local manage that side of things.  If you don't have someone local helping manage the property then it is not as easy to work with Evolve. 

The buyer would still require their own down payment. The seller financing will be included in the CLTV. There are CLTV limits with conventional financing. Seller financing would be advantageous to the buyer if the interest rate is lower than what the bank is offering.

There are some private lenders that may allow the seller financing to replace the buyers down payment.