All Forum Posts by: Cory Lucas

@Jane S. that sounds terrible, what is it you mean when you say "not going that way any more"?

@Jacob St. Martin good thoughts, appreciate the feedback and I agree with setting things in place from the get go to set expectations. Really appreciate that

And yes, I've thought about getting in touch with my lawyer on it as well for the other prop. Got an email out to him on another issue already, plus that's another iron in the fire, he's retiring soon. The hits keep on comin, ha. It'll all shake out ;) Happy holidays thanks for chiming in

Hey BP, I've been reading up on all the posts I can, but I'm to the point where I'd like some specifics answered in regards to my personal situations if you please. Thanks in advance

So, I have one residence that I just re-upped their lease, when I received their updated tenant info they have an extra person listed on there. So, for one I'm happy they were forthright, but at the same time it's not someone listed on the lease. They've been good tenants so far, hardly ever call for issues and pay on time, very nice, good people. That being said I of course don't want to rock the boat, but know I can't let this slide. So, any good thoughts on how to go about it? My thought was send them a message saying I see we have so and so listed as an occupant, we'll need to run a background check and get them added to the lease. But my real kicker of a question is do I raise rent more or let that be? I feel I should, but of course that has the potential to sour the relationship on their end. My remedy I've thought of so far is to say we need to add them to the lease or they would need to vacate the property, if they'd like to stay it's an extra $100 a month if they're willing to pay it providing their background check comes back ok and we would need to further prove income? Thoughts?

 My second situation is I believe I have someone residing in a residence that has not been brought to my attention. Do I just go by for a certain amount of time and document the vehicle I've noticed in the drive? Pretty sure I know who it is too as this person was there one day when I had to do some maintenance, claimed he was just there temporarily, but I'm pretty sure he's staying there now. Then any advice on following through on that one if he is indeed staying there?

@Issac San Miguel good info, definitely appreciate the insight on that, especially on the reasoning behind local banks and the difference there

@Nick Hiersche good info, thank you for chiming in. Appreciate the insight on the risk piece as well, sounding more and more like I need to get away from these loan products...?

@Nick Belsky looks like you're in the broker game, do you service Illinois?

@Eliott Elias yikes, 11% that's a bit high...

@Nate Sanow thank you sir! I may look to take you up on that offer, going to start looking at other banks here pretty soon to figure out my best move going forward

@Erik Estrada no, not a hard money loan. The bank I was working with was doing a loan at 80% of what my ARV was going to be, now they're doing either 80% of the ARV or 80% of the purchase price, plus the rehab costs, whichever is less. Just totally changed the game for me. Sorry it took me a bit to get back to you, been crazy busy trying to figure out this deal and make sure it was gonna work

So, I was getting really favorable loans from a local bank. They would finance purchase price on a BRRRR, repair costs, and if I did my figures right closing costs too and I would rarely be out of pocket. Now they've changed to where they're only doing 80% of PP and repair costs, so I'm out of pocket much more and they're telling me they "might" refinance after fix ups, cause they want investors to have more skin in the game. Which is fine, but I feel I should have more options out there and it's a little disheartening for there to be uncertainty there. I have my properties in an LLC, they're currently on 5 year ARMs with a 20 year amoritization.

What are my options? Stay local or is there a nationwide lender that does investment loans? Quit claim to my personal name to obtain better financing options? 

Let me know of other questions I can answer to help...

Thanks in advance for any and all help/feedback