All Forum Posts by: Chad Mayo

I would be happy to discuss  if we've (LREC) ever taken action against a particular property manager. However, I don't have much personal experience with companies around BR.

Hi Melissa, I'd be happy to help in regards to license law and rules and regs but I can't really recommend any local brokers. Although, I can tell you if we've ever taken any disciplinary action against them :-) Good luck!

I am finishing up my first Brrrr home and in the process of refinancing. My question is about insurance for this and going forward. I will obviously have the "normal" insurances such as property/flood and I want to get umbrella. Is there a typical limit that one company will allow for number of properties under one umbrella? Are there any other insurances that are must gets for the properties? Thanks.

I'm currently looking for residential properties that flooded in the 70739 and 70818 zip codes. Looking for around an $80K cash purchase or below. I am also looking for a flooded office/warehouses in the 70814 zip code. Anyone have anything available?

What @Devin Haertling said. I'm in Louisiana and if it were here I could charge her for accepting compensation from someone other than her broker. 

"An active real estate licensee shall not accept a commission or other valuable consideration for the performance of any act herein specified, or for performing any act relating thereto, from any person, except their sponsoring or qualifying broker."

Quick question for you guys about refinancing in my personal name or LLC. I'm wondering how my credit score will be affected with additional properties and use of 0% credit cards for renovations etc. I don't want to hurt myself on future refi chances. Do y'all have preferences of putting properties in personal name or LLC?

@Stephanie P. the ARV is $140,000. I'm being told by a couple of banks they'll do 80% LTV so the refinance will be around $110,000. My credit score is 800. The two banks I found for portfolio loans both offer 5/20 with a balloon payment. Is this normal? The balloon payment scares me.

Are there any "typical" loan terms for the cash out refinance from portfolio lenders? I've spoken with a few banks and they both offered 5/20 with a "balloon". That kinda worries me but they said it's simply so that they can review financials and the renewal process is simple in five years.

Thank you @Brandon Johnson. That makes a lot of sense and I understand I have to crawl before I walk. I do have a current job...I am the Hearing Examiner for the Louisiana Real Estate Commission and Appraisers Board.

Lathea Morris its in a subdivision in suburb of Baton Rouge.