All Forum Posts by: Gary B.

Hello Fellow investors, 

I am working with a broker for a loan on multi-family property. Broker photoshopped the Bank's original LOI to reflect higher origination fee. Later when he slipped through his fee, then he sends me back original Bank LOI.

Scenarios described below: 

Broker introduced me to a bank that can do deal at my LTV requirement. Before sharing bank lOI with me he did two things.

1. He made me sign an agreement with him, stating he will cover bank origination costs from the bank and banks is asking for 1%.

2. He photoshopped the bank LOI to reflect higher bank origination fee i.e. 1%.

3. Now he share with me original bank LOI with .25% origination fee that can be waived.

He is clearly trying to do fraud buyers for higher brokerage fee by manipulating bank's LOI document to his advantage. I do not mind paying broker fee but when someone tries to cheat I want to make sure person learns lesson.

Do you see this differently ? If not then, what do you suggest my options are in this situation?

thanks

@Bobby Larsen 2.3MM

Hi Fellow investors, 

I have never worked with brokers for a loan but what would you recommend a loan broker fee of loan amount where loan broker only play a role of introduction. .5% or 1% of loan amount or something else 

Best, Gary

Hi Fellow investors, what sort of questions would you recommend asking reference customer (owner) given by a property management company before hiring to manager a multi-family property ?

thanks, Gary

Hi Fellow investors, what sort of questions would you recommend asking reference customer (owner) given by a property management company before hiring to manager a multi-family property ?

thanks, Gary

Hi Fellow Investors,

I am in contract with 30 unit apartment complex. Sellers, 3 months ago moved over Property from 3rd party Property Management company to his in-house property management company.

Questions:

1. How do I verify if the rents claimed in rentroll are accurate and not delinquent or incorrect besides looking at leases.

2. Can their be another catch or mis-representation seller trying to do by moving over property into in-house property management ?

Will highly appreciate your guidance or response on this

Thanks, Gary

Hi Fellow Investors, 

I am in contract with 30 unit apartment complex. Sellers, 3 months ago moved over Property from 3rd party Property Management company to his in-house property management company. 

Questions:

1. How do I verify if the rents claimed in rentroll are accurate and not delinquent or incorrect besides looking at leases.

2. Can their be another catch or mis-representation seller trying to do by moving over property into in-house property management ?

Will highly appreciate your guidance or response on this

Thanks, Gary

@Nancy Thanks for recommendation, can you share contact info ?

Fellow investors, I am looking to a property management company in Fresno area. Will appreciate if you can share some references. 

thanks, Gary

Fellows can you help me understand what is the different of PPP SBA loan that we can apply tomorrow vs Economic Injury Disaster Loan Advance which is available to apply on https://covid19relief.sba.gov/#/

Thanks