All Forum Posts by: Femi Salami

Check out Noble Mortgage, I'm currently doing two refinance loans with them and they have investor friendly approach to things. They service San Antonio, Dallas and Houston

2 Votes

Is there room with your lender for you to regain ownership of the property and prevent them for foreclosing? Also can you provide some more detail on why they called it, did payments stop coming in?

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Thanks all. It was in my contract and fully covered by my PM!

1 Vote

I had a tenant move out on a property that I have managed by a local property management company. Should I expect my PM to handle taking over the service of the electric and water bills and charging that back to me? Or even with a PM is it my responsibility to reach out to the utilities company and get that put in my own name?

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Amazing post! Thanks for compiling and analyzing all this great data!

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Originally posted by @Norense Iyahen:

Hi Femi. Still too early to tell, but I'll message you.

Thanks! Would love to hear about it!

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San Antonio, Texas

@Norense Iyahen would you mind sharing what you decided on for the refinancing? I am too also currently rehabbing a duplex in San Antonio and am looking now for a good lender to cash out refinance with.

Thanks in advance!

2 Votes

San Antonio, Texas

@Michael Barna would you mind sharing which lender you ended up using?

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Originally posted by @Christopher Alan Rush:

Architect, interior designer, or some contractors can provide a design, almost all will charge for design efforts. They don’t just design it and done, you’ll scrutinize several things about the design and then it gets redesigned until you’re satisfied, which is more time and cost.

If you have no legitimate design the next best thing would be to itemize a statement of work clearly describing what you want. The more vague you are the more divergence your going to see in contractor bids, because they’ll have to make assumptions. Leaving it to their creativity and picking the lowest bidder, you might not be thrilled with the results.The more specific you can be the better…. I.e don’t vaguely say “repaint kitchen” if you don’t want a 1-coat primer/paint product. Don’t say “new trim” without clarifying that you want painted MDF, or stained oak, etc … the more specific the more you ensure everyone’s on the same page.

Alternately you could summarize what your looking for and ask for a proposal complete with all the products they’re intending to provide (by make / model / color), and what subcontractors they propose to use (if any).

I guess I struggle with this because I have no idea what it takes to paint cabinets or what types of woods for trim and I wouldn't have ever considered anything that you referenced...because I don't have any experience. So I'm trying to figure out who I can work with to put together a comprehensive list together

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Originally posted by @Terrell Murray:

@Femi Salami congratulations on this investment. The $14,000 was that cash required to secure the hard money loan?

Yes and no, I put 5K down for hard money, 5K in closing costs, and then I also paid the sellers closing costs too

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All Forum Posts by: Femi Salami

Femi Salami has started 4 posts and replied 18 times.

Post: BRRRR Refinance San Antonio

Post: Wrap around mortgage with acceleration clause called

Post: Tenant Move Out, how to handle utilities?

Post: Tenant Move Out, how to handle utilities?

Post: San Antonio Real Estate Market Update 11/17/21

Post: Refinancing and possible BRRR institutions In San Antonio

Post: Refinancing and possible BRRR institutions In San Antonio

Post: Looking for a residential lender in Texas

Post: How to design my rehab and select materials?

Post: First investment property