All Forum Posts by: Manuel Sarabia

So I've decided to install the fire extinguishers and double check that the smoke detectors are in working condition. I already have Carbon Monoxide detectors on there. I'm not sure what else there is to do as a landlord/owner. Should I install fire extinguishers on my Single family rentals as well? Wouldn't I be less liable if the tenant is responsible for the fire? Not saying that would be the case but if it were, wouldn't this make me less likely to get screwed in court?

Just saw on the news that a nearby apt from mine burned down and resulted in one death. Sucks for all parties involved but now its got me thinking it could happen to me. I have the place insured but something tells me this is not enough. I have smoke detectors in all units. I recently put a fire extinguisher on the exterior but before that section 8 never mentioned anything about having them(not sure if they are the right people to check for this).  All my tenants are good people but I wouldn't doubt someone takes me to court because the smoke detector did not have batteries.

Totally forgot about the NAR these are terrific recommendations. Will likely start with these.

My test is scheduled for the first week of August so hopefully soon!

I'm looking to start up a property management company in my area as I believe it's a good opportunity. I have a few rental properties and have been doing my own property management for about 4 yrs now so I have a decent idea how it works. But I want to expand my knowledge as much as possible to be able to manage on a very large scale. Any books I can start reading or memberships/clubs that cater to property managers?

 What does a hard money loan payment typically look like? Interesting that they can take your property with one missed payment.

If ficos and income are not the issue, what do they look at in a borrower?

I'm looking into taking this route in hopes I can get a loan. My situation, My middle score is about 610. My business income(RE commissions, etc) is low but my rental and flip income drives my total income significantly high. But most lenders I've gone to don't consider my flip and rental income when trying to obtain a conventional loan. I have 4 properties that are paid for, 1 with a mortgage that pays for itself.

I have about 150k tied up in flips and another 40k or so in my bank account. I'm hoping to get some sort of loan(50k-75k will suffice) so I can have enough to repair all three properties at the same. So my questions are.

1. Do I fit the ideal borrower for a hard money loan?

2. What property does the HML use as collateral, is it one of the flip properties I want to use the money on, one that I already own, or my primary residence?

3. How long does it take to close a loan?

4. Does the hard money loan show up on your credit, and does it have any negative impact?

I sent out an email inquiry to two lenders in the San Diego area. Hopefully I get some communication going by Monday. 

*Meant to say 5 months prior to closing(don't see an edit option anywhere).

 By any chance would you have a link where I can read on this? I closed on a flip in March of this year. I actually opened escrow about 3 months before but the lender told me(like 35 days after the offer was executed) that we had to redo everything until the 90 days were completed.

Just closed on a home I can remodel in about 4 weeks. I was wondering if I can list on the market and get an FHA buyer before the 90 day rule. Or do I have to wait until the 90 days are up to get a contract signed? I figured, get the buyer now, work on his closing and by the time the 90 days are up he will be ready to close. Don't care if I have to pay a 2nd appraisal.