All Forum Posts by: Geoffrey Serdar

Have any of you ever heard of an Engagement Fee for refinancing?

LENDBASE has the following fees

Conventional:

1% origination fee

$500 doc fee (est)

Title Work TBD

Appraisal $2000-$3000

Environmental $0-$2000 (depending on search)

Which all seem pretty normal, but FIRST they require you pay them up front $4,000.00 to start brokering loans, it’s their "non-refundable engagement fee.”

Has anyone ever heard of this ever? What has been your experience with LENDBASE? Their fees portion are so strange - your thoughts?

Hello,

I am considering doing a seller carry-back on top of a traditional mortgage.

Scenario:

Buyer purchase property, property may not appraise for total purchase price, seller to carry back that margin.

What are traditional terms you have all dealt with, and what happens if buyer simply defaults and no longer pays?

What typical recourse does the seller have?

Thank you for all advice and personal experiences.

How does it work if a new owner simply chooses not to certify property of section 8 and at the end of a lease, states they are ending the lease?

I am not referring to Minneapolis.

@Brandon Sturgill

Brandon, I am under the impression that to accept vouchers one must use their lease, and an owner gives up control.

The new-owner in question does not want to engage with public authority. What happens if the new owner does not certify property upon ownership transfer?

Thanks for that info, follow ups:

What if the leases have several months left on them?  

Is the tenant truly only responsible with the small amount, there is no recourse for non-payment of the full amount?

Hello,

We have a hypothetical question.

What happens when a new owner takes over a commercial property (5+ units), and two of the units have section 8 vouchers?

How do these leases transfer?

Does the section 8 certification transfer over without any specific processes?

What happens if owner does not engage in section 8 certification classes or essentially is disinterested in the program, but, lease ends in several more months?

What happens if new owner doesn’t accept section 8 payments, because of not getting in the program, and tenant doesn’t pay more than the small amount the section 8 program doesn’t cover?

Thanks for your explanations.

Hello,

Although I haven’t dealt with it personally, a friend of mine has.  If a tenant doesn’t pay rent, and the process for eviction is filed.  What recourse can landlord go for missing rent payments?

Do you have verbiage that all missed payments gets handed to a collection agency, or that it screws interest?

How do you report to the credit bureaus to ding credit score?

What is your lease verbiage to charge interest and report?

Thanks in advance.

Yes, I currently own multi-family, a duplex

Hello,

A few friends and I want to build a company, smaller scale, where each person throws in $5-10k in cash, then leverage the cash with commercial financing, in order to purchase Multi-family.

They don't want to have a hand in the operation, my being more experienced in rental properties, it would be my duty to do so, with a higher ownership stake as my incentive.

The goal would be to hold the cash, continually re-invest it over 5 years then decide if all assets should be sold off and cash distributed - or moved into ever larger projects, what are your experiences with this?