All Forum Posts by: Daniel Nicol

@Dan Gamache Yes, I'm looking to get cash out so I can use it for more acquisitions. Thanks for the feedback. I know I can do a FNMA on the smaller one so maybe that's the best route in a few months when I cross the 6 month threshold for the cashout refi. 

Hey BiggerPockets Community, 

I'm investing in my hometown of Birmingham Al. Does anyone have a good recommendation for local lenders (credit union, community or smaller regional bank) that they've worked with for finanicing? I have two FNMA loans on investment properties that I got through a large bank. I'm pretty comfortable with that process. I'm looking for someone smaller that might give me more options. Specifically I have one house that I bought with cash in December that I'd like to refi, and i'm hoping to do that earlier than the 6 month wait period ~40K value. I also have a two units on a single parcel that I'm rehabbing now and would like to refinance once I've stabilized tenants ~65K value. I'd also be interested in a HELOC on an investment property that I currently have ~100K of equity in (not completely opposed to a full refi if that's what makes the most sense numbers wise).

Thanks!

@Katherine T.

I had same issue and decided to take my management in house. Pm me and I’d be happy to steer you away from who I had issues with.

@Jamie O'Brien

Been a while did you find someone you were happy with? Any contacts you could share?

I too am looking for contractors in Birmingham. I have a two unit project I’m getting bids on now and another smaller repair project that I’ll need a contractor for.

@Axel Meierhoefer

@Mo Muigai

Confirm what Axel said this is the exact same rate I got with a super regional bank for a 50 price 40 financed deal. You’re not really going to get a different rate from different banks when you’re going conventional. Remember conventional all go through the same underwriting and end up on the same balance sheet (one of the governments secured entities) no mat who the originator is. Only difference between originator is relative ease of process and origination fees.

@Matthew Whitaker

I’m looking at making a change. Sent a connection request if you’d like to chat.

@Josiah Halverson

Happy to share my experience with you, sent a connection request

@Stuart Grazier

Who did you land with and are you happy? Also do you mind pm’ing me who you’re unhappy with?

I’m facing a similar issue and considering either taking it on my self or finding someone new.

So here’s my last experience let me know if my expectations are too night. Got three separate work orders totaling 350 dollars to replace a sink faucet, rehang simple overhead light and change some flood light lightbulbs. Maybe an hour of work. One of them was 126 for materials but the faucet is 30, so 96 for two lightbulbs? Then 225 per hour for handyman work?!?!?!

Am I crazy to expect that they’ll uphold the lease and make the tenant pay for light bulb changes

@Ryan Wessel

Interesting that they lend your money out for a few days, are your funds insured (FDIC) in the meantime?

For those using cozy do you build it into your lease, use an addendum?

I’ve been using Venmo but like others have stated it doesn’t have some features that would be nice for a landlord.