All Forum Posts by: Matthew Mueller

I've dealt with six or seven property managers in PA in the past, (for 14 years), and this is the first instance I've ever received this pushback.  But I cannot find a regulation or law anywhere compelling this.  The management agreement does not explicitly say anything about provision of leases. 

Are property managers required to provide leases to property owners in PA? If the owner requests copies of the lease does that change anything?

I am being told in a specific instance that copies of leases are not provided to owners because the legal binding agreement is between the property manager and the resident.

In this case, I would have zero visibility on the nature of the lease terms, as well as who is responsible for certain costs borne (utilities, etc)

If this exclusion to owners is allowed, what is required in terms of document retention in the case of termination of relationship? Would be hard for me to believe that a manager can fail to provide leases in a situation where management is being transferred to somebody else.

Just wanted to refresh this thread - I have heard some lenders are increasing their minimum loan size and treating each property as its own entity - therefore houses in cheaper areas are more challenging to get a quote at all bc it is not worth their time.  In addition, LTVs for non-primary in some cases have slipped to 60%.

If anybody is seeing higher LTVs and lower loan limits, especially in TN and Indiana, would be grateful.

For NOO on SFH, I have been quoted 3.875% on 75 % LTV with one lender, and 3.375% on 70% LTV. Has anybody been able to get a rate better than 3.875% on a NOO Investment SFH?

I continue to be mystified by Millvale.  I certainly understand the 'hipness' factor and the proximity and relatively lower cost, but I cannot get past the massive floods that seem to happen over and over.  I also find personally that the values aren't there consistently compared other neighborhoods.  I'm all for hearing more but I have analyzed dozens of properties there and the rent metrics never seem to match other neighborhoods of comparable price.

@Ryan Leckie

It’s more of a question than a response, as I am still thinking This over myself, but any thoughts on Stanton Heights?

On the loan estimate I had dated in early February, the rate was 4.25% (my existing rate on property is from a 2013 vintage, 5.375%)

Prop value estimate was $125K, I was going to pull 80% LTV out or right around $100K.

Total estimated closing costs were $4,676, so i was expecting to get about $95K once all said and done.

My payment was going to be nearly the same as the existing payment ($532 now, going to approximately $570)

Hi,

I am rather experienced at investing in real estate but earlier this year I had a refi on a house in TN, in the final stages post approval/post appraisal get 'postponed indefinitely' effectively bc the rate agreed upon got pulled and instead I was asked to pay 5 points - from a prior situation where I was getting credit to close.

This was through a conventional mortgage broker who I'd used in the past. I have checked in every two weeks since this time, and the general message I get is 'there is no investor demand for these types of loans' in the secondary market which is killing this deal.

The amount of total $ we are talking about is relatively small. I work in finance and I am acutely aware of what is going on in the country, but the continued 'no bid' to this kind of market I find a bit shocking. There is a good bit of capital appreciation on the property, it has been tenanted continuously since 2013 and I was mostly looking to cut the interest rate and pull out a little bit of money. There is nothing really speculative about it.

I am looking for recommendations or a connection to help me close this deal as the appraisal is still rather fresh. Happy to go over details further.

Thanks,

Matt

Hi all,

I am an experienced real estate investor (10 years) and I have a specific deal in the Pittsburgh area.

I am looking for a private money partner and would be happy to go over the merits of this specific deal as well as my background investing in this area.

I would greatly appreciate your taking the time to connect.

Regards,

Matt

Bumping this thread as I am genuinely curious about it, having evaluated a few investments myself but as of now yet to act