All Forum Posts by: Darren Mesibov

Does anyone know of a tool, or software they can generate a statement which includes not only profit and loss, but also a balance sheet? Something quick and easy like a little pockets investment analyzer with returns, but for a property I already own and I’ve been holding for a while. 

Thank you for the reference. Unfortunately I’m in Madison, AL, not Wisconsin.

No Appraisal, just went under contract yesterday. I think the problem is that the newer houses in the area have been recently built and our larger so it’s hard to find comparable properties within 5 miles. It’s a rural location 5 miles out of town. 

Thank you for your reply! Just out of curiosity, What did you end up doing to secure a long-term debt on the Poughkeepsie property? I have cash to make it close escrow, but just nervous about how I’m going to secure a long-term debt after closing.

I'm having some trouble getting a DSCR loan on a house just south of Madison because of limited cops and low population density in the area. It's a Madison ZIP Code, but about 8 miles south of town. I really don't wanna go back to conventional financing. Has anyone run into this before?

I’m under contract on a single-family house for buy and hold rental in a rural Madison location.  It’s maybe 8 miles south of town. My commercial mortgage guy, who is fantastic, is telling me that he won’t be able to get this done because of limited comps and low population density. Has anyone else run into this? I really don’t want to  go back to conventional financing. Rates are lower, but it’s such a grind to get through the process. 

Hi Patrick,

Thank you so much for posting this. We are considering something similar. Any chance we can get a 5 year update with some post pandemic insights? Are you still pleased with the arrangement?

I recently (two months ago) purchased a SFH with partners using cash, with the intention of using Fannie May delayed financing to get 70% of the cash back out and buy another. Went through the approval process using one partner as a guarantor, got the appraisal, and waited two months for underwriting and our closing date. Initially, the loan officer told us only one partner needed to be on the loan. Now we're being told that we can't do it because each equity partner contributed cash directly to the escrow account, rather than transferring it first to the primary borrower and then into escrow. This doesn't sound right to me, but she tells us our options are to use a portfolio loan (4.25% ARM) or wait until we have owned the property for six months. The other option is to put all of us on the loan together, which we could do, but we would like to buy more properties and are concerned that might limit us from getting another loan without waiting another 6 months. Any advice from someone with experience with FM delayed financing loans, or with buying multiple properties within the same year would be appreciated.

Lease was signed 6/29 and move led in 9/1. I don’t doubt that rent is at least $50 above market where it currently sits.

I'm an out of town investor under contract on a house for $110k.  The house is in good shape and is occupied by a tenant who pays just over $1,000/mo.  The block it's on is ok.  Maybe it's a C or C-. I drove to see it last night. The problem is that It's off Patton, south of Drake and is flanked on two sides by the military base so there's only one way in and out, which is through a terrible looking neighborhood. It's not the worst I've seen, but I certainly wouldn't walk around there at night. This block is a small C island on a dead end street in a sea of D+ housing. I haven't done well in the past with great spreadsheet numbers in bad neighborhoods. My property manager thinks this is ok, but I'm concerned about long term value, higher turnover costs and lower quality tenants as compared to a nicer neighborhood. I don't need a beautiful spreadsheet with numbers that I can't hit. My partner, who is very smart but less experienced than I am is not concerned.  Any thoughts would be appreciated.