All Forum Posts by: Franklin Romine

I use to require our section 8 applicants to have a job. I see alot of applicants on section 8 and disability or SS. It's funny now I look at a secure tenant as someone with a steady source of government income rather than day job income.

Local banks can create there own portfolio... that is where we get "portfolio loans". They do not advertise this and many of the front line people working in the banks don't even know about it. You have to talk to the right person. Many bankers are "employees" and nothing more. They are not wired to think like an investor and understand why or what were doing.

There is no limit on the # of loans with these banks. The limit is you and the collateral.

I'm speaking from experience of personally generating around 20 portfolio loans.

You don't go into the banks and tell them you want a 30 year loan at 5% interest. These loans are shorter ammortization (7,10, 15 year), ballon payments, possibly variable interest rates, +1-3% interest rate over traditional financing and 60-75% LTV.

If anyone is wanting to know more I would be happy to share my strategies and thoughts.

Frank

there is a difference between actual income and reported income. Many of the poverty income tenants generate much more than the tax return.

two bedrooms and 4 adults sounds better than 1 adult and 3 bedrooms. check there references. I wouldn't be surprised that they are good applications and possibly long term tenants.

Your first impression prior to receiving an application usually will determine what type of tenant you can expect.

Personally I've had better luck with $600-800 per month tenants than $1,000-1,200 range. Less turn over, way more applicants and section 8 is a good system if you have a good property.

Matt,

If you are interested in the Central Valley I would be more than happy to discuss Fresno or Tulare county. I could show you my strategy and meet up sometime to swap thoughts.

Frank

Petra call me that seems high. I know Fresno very well.

If the property is easy to rent just let her move if she wants. Waste little time with potential problem tenants. Good chance he will probably move back in too. Alot of times people split and quickly get back together with children involved.

I don't do regular banking with them but I have 8 portfolio loans with them. They aren't the best rate 6.25-7.25% 30yr ammortization, ballon in 15 but they were needed to recycle capital. If you are starting out stick to the large institutions.

Arr you looking for a portfolio lenders? Are you over 4 FHA loans? Tri counties bank is based out of Chico with branches throughout the valley.