All Forum Posts by: Ed O.

Thanks for all of the replies. I wasn't aware DSCR loans are sold on the secondary market, thanks for sharing this info with me. I meant to indicate I wasn't looking for other's rates on fannie/freddie secondary type products.

Did a lot of people leave this site? I'm surprised that no one has chimed in to indicate a rate they've closed at recently.

It seems like the rate environment has finally crested for sure. 

Previously, I borrowed where my rate was the 5 year treasury plus 2 points. When the 5 year treasury fell too far, the bank doing this told me they were at the floor. This rate for me was 3.3% on a 5 year balloon with 20 or 25 year ams. These have been bank portfolio loans. All, at most, have had minimal fees - $500 for origination, etc. 

I closed a cash out refi this past week at a miserable 8.25%. The lenders I have historically worked with have not punished my rates for new construction, cash outs, etc. They've held to 80% ltv, which is fine for us.

I've got another lender now offering 7.49%. 

Where is everyone else at? 

I'm not interested in secondary market loans as they're a totally different animal. I am interested in DSCR loans, portfolio loans, or any other product that could work for me.

Thanks!

Well, since this thread is ice cold and perhaps everyone here is not aware of other conferences, here's a few on my radar. Please feel free to add to the list. 

OREIA

https://oreiaconvention.com/2024-special-sessions/#dealmaker

https://elitedealmakers.com/schedule/

I've done the dealmaker's forum a bunch of times - it's legit. For some reason tho, I never made any good connections from it, like I have at some other conferences. 

Am I the last person standing from when Biggerpockets had its first conference 10 - 12 years ago? $200 admission, strict no selling by the presenters... ahh the good old days. There was a huge crowd and lots of great people brought together from it. 

Wow, those terms look prohibitive. 

Have you checked with a bank? I do realize bank financing isn't available to everyone for a lot of different reasons, but it would seem really hard to make a deal work with those terms. 

Can you fill it in? I've seen this done before - cost would be a lot cheaper. Can you modify your plans to avoid the full removal? 

I don't like doors as a metric but appreciate it when a newb starts using the terms in excess as it tells me they've started in the last 2 years or have 1 or 2 "doors" without me having to ask. 

You're doing all that work for $50/month?

where's the breakeven on it?. Probably not worth the work from the limited info here. 

That's a quick turnaround. You might post it as coming soon... there could be someone who wants to be on the block you're on and will wait.  

That's a pretty aggressive turnaround for a kitchen granite and trim out.

It was touched on earlier - just abou always best to go piece rate on new construction. 

How many SF of drywall are we talking across the jobs? 

Have you paid anything yet? I would hold the payment back as it's the only leverage you have. It's difficult to know if some upcharges are justified and what they should be based on the limited information here. If you've paid them the 19k, you don't have the leverage.... 

You'll want to ask for an itemized invoice if they do not adjust downward significantly and plan on spending some money on an attorney to come up with a strategy. 

Did the drywallers - start in May? If so, something is off here..... our drywallers typically start and finish in 7-10 days....

Your company opened its doors on March 25, 2024. 

The story doesn't add up - anywhere. 

You'll get a lot farther as a newb being honest and answering questions.

Refusing to share the most primitive, non descript details is also a big indicator of newb thinking. 

I remember when I was worried someone would steal my deal - when I was starting out. 

@Don Konipol

Since we're sitting in front of computers and not having a conversation, I can't tell:

1. Are you being sarcastic? 

or 

2. Did you not read the post?