All Forum Posts by: Glenn Martin

I spent a ton of money on portfolio loan BRRRR strategy rehabs. Have a look:

https://galmls.paragonrels.com/CollabLink/?id=845d434c-bc5c-...

https://galmls.paragonrels.com/CollabLink/?id=2d442ee2-e018-...

https://galmls.paragonrels.com/CollabLink/?id=9e5bd4f0-b968-...

https://docs.google.com/spreadsheets/d/1gNBArR4sZidC_XAZIEN6...

I need help/guidance. I’m desperate. I have four portfolio loans on 39 doors in total. I am already in default (2 1/2 months) and paid a lot of money to extend the loans for 90 days. I have not gotten to the end of the 4 refinances and now I have decided to dump the entire portfolio. I already invested a lot of money and I know I will lose that investment. I’m over it. Should I close ont he 4 loans and lose the closing costs to get into 4 new 3 year bridge loans and then sell, or ask the lender to give me another extension (they said they wont, but I can beg), or ignore the lender and just try to sell while the loan slides into default again (what would happen in this scenario?). Thanks.

Please let me know if you're willing to give me 15 minutes of your time to discuss hard money lending, default loans and refinancing. I am desperate. Thanks. 

Thank you. I'll search for them online. 

Does anyone have any luck with the management of C and D-class properties in Birmingham? Please advise. 

I'm desperate. 

I have 100% equity in both. Bank told me they're not "warrantable" because they are majority investor owned (4:6 units - 3 stories). 

I need guidance on how I can cash-out refinance 2 condos in Savannah in buildings where the majority of the condos (4 of 6) are investor units.  Are there reasonable brokers who would entertain this situation? 

Thank you!!  Very helpful! @Trevor Scheiderer

@Trevor Scheiderer

Thanks. There seem to be a lot of fees on this $48,750, and I dont know which ones I can negotiate or whether any of them sound bogus:

Total Loan Costs ($4077):

% of Loan Amount (Points)
Admin Fee: 150
Loan Origination Fee: 700
Processing Fee 575
Underwriting Fee $795

Appraisal Fee $550
Credit Report $50
Electronic Income Check fee: $20
Flood Certification: $12
Mortgage Elec Reg Sys Fee: $12
Tax Service Fee: $90

Title - Attorney Fees: 795
Title - Closing Protection Letter Fee $45
Title - Lender's Title Insurance $133
Title - Title Examination Fee $150

Other Costs ($2236): 

Recording Fees and Other Taxes: $90

Transfer Taxes: $213

Prepaids: $661 (Homeowners Insurance (1 year) and Prepaid Interest)

Initial Escrow Payment at Closing: $800 (Homeowners Insurance per month for 2 months) + Property Taxes $100 per month for 7 months

Owner's Title Insurance: $472