All Forum Posts by: Codey Yingling

I recently applied for a new construction loan (10%) with Ameris Bank but she mentioned that most banks do not offer 10% construction loans on multi-family or in this case a duplex.  My wife and I are looking to build a duplex for our primary residence but I'm striking out with loan options.  

Trying to see if anyone has ran into this before or know of lenders who offer 10% new construction loans for duplexes?

@Jody Sperling okay cool. That certainly helps. Thank you for the feedback.

My brother and I are looking to do a cash out refi on our duplex.  I am curious, what is better; finding a traditional bank/local bank to work with or a non-bank lender (Loan Depot, New American Funding, etc..)  Would anyone be able to shed some light on their preferred method?  

@Daniel Hyman I’m super late responding to this. But with all of your out of state clients who invest in real estate. How important is face to face interaction for you and for your clients? Or are they just more concerned about the numbers? What are your thoughts?

My brother and I own a duplex in Lakeland FL.  Our late fee stated in the contract is 10% of the rent.  This comes into effect if the rent is not paid before the 5th of each month(4 day grace period after the 1st) plus an additional $25/day until rent is paid.  Is this to steep of late fees?  I really want to drive home the importance of making payments on time, however I'm brand new and also don't want to overkill.  Would love to hear some thoughts from others and how you deal with late fees.  As well as the best practice to enforce these fees and make sure we receive them.  Open for suggestions.

I am researching and looking for a good property manager to join my team. Are there specific questions that ya'll would recommend me asking to really understand if they are a good management company? What pointers can anyone suggest during this search process?

Is it common to charge a non refundable deposit to hold a duplex unit coming available for rent? If so what is a common amount to charge the possible tenant? 

Looking for a good qualified CPA individual or group in the central Florida region who is knowledgeable in real estate investment portfolios? If anyone has recommendations it would be greatly appreciated. 

@Antonio Cucciniello that’s a great point! Thanks

@Tina Tsysh thank you for the great advice! Will definitely take that in to consideration!