All Forum Posts by: Jason Smith

DO NOT DO IT!!! I had 2 cash out refi's on the table with them. We closed 1 and the second they messed up time and time again. Was promised a 30 day close and after 90 days I pulled out of the process with them and returned my business to Civic.

Dominion promised one interest rate and delivered another by the time we got to closing on the second loan. I called them out on this only to be informed that they dont lock rates. Bait and switch! When they finally sent over the closing docs to title the loan amount had changed from $233K to $171K. I told title we werent going to be closing with those docs. Called to my loan originator Delshawn and he would not return my call. 3 days later he contacted me and asked what the problem was and he told me that I asked for the decreased amount??!! Since all of our conversations were documented via email, it was easy for me to denounce this. He told me that he would have to send the loan back through underwriting causing yet another delay.

Loan processing on the 1st loan that we closed is nonexistent. They do NOT have any web portals to be able to monitor or service your loan. Hoping they sell this on the secondary market soon to get away from them.

@Anjanette Delgado

Sorry to hear about your issues with Dominion.  They are quickly making a bad name for themselves.  I had issues with closing a loan with them.   I can only ask that you too file a complaint with the BBB in hopes to warn others.

I had 2 cash out refi's on the table with them. We closed 1 and the second they messed up time and time again. Was promised a 30 day close and after 90 days I pulled out of the process with them and returned my business to Civic.

Dominion promised one interest rate and delivered another by the time we got to closing on the second loan. I called them out on this only to be informed that they dont lock rates. Bait and switch! When they finally sent over the closing docs to title the loan amount had changed from $233K to $171K. I told title we werent going to be closing with those docs. Called to my loan originator Delshawn and he would not return my call. 3 days later he contacted me and asked what the problem was and he told me that I asked for the decreased amount??!! Since all of our conversations were documented via email, it was easy for me to denounce this. He told me that he would have to send the loan back through underwriting causing yet another delay.

Loan processing on the 1st loan that we closed is nonexistent. They do NOT have any web portals to be able to monitor or service your loan. Hoping they sell this on the secondary market soon to get away from them.

I had the same service issues.  they are making a bad name for themselves and it will soon catch up with them.  

They changed the interest rates at closing and dropped my loan amount by several thousand dollars siting that I requested it, which is completely false.  Bait and switch   

DO NOT DO IT!!!  I had 2 cash out refi's on the table with them.  We closed 1 and the second they messed up time and time again.  Was promised a 30 day close and after 90 days I pulled out of the process with them and returned my business to Civic.  

Dominion promised one interest rate and delivered another by the time we got to closing on the second loan.  I called them out on this only to be informed that they dont lock rates.  Bait and switch!  When they finally sent over the closing docs to title the loan amount had changed from $233K to $171K.  I told title we werent going to be closing with those docs.  Called to my loan originator Delshawn and he would not return my call.  3 days later he contacted me and asked what the problem was and he told me that I asked for the decreased amount??!!  Since all of our conversations were documented via email, it was easy for me to denounce this.  He told me that he would have to send the loan back through underwriting causing yet another delay.  

Loan processing on the 1st loan that we closed is nonexistent.  They do NOT have any web portals to be able to monitor or service your loan.  Hoping they sell this on the secondary market soon to get away from them.

 is that to say that after probate a family member could NOT come after the property since it was not their homestead?

I am looking to purchase a property that was bought by another investor at the tax auction.  I know in Texas the original owner has the right to reclaim the property for up to 2 years by repaying the lien holder what it was purchased for at auction.  I have been told that the previous owners are deceased.  This home will need substantial rehab before I can use it as a rental.  With that my concerns are loosing the property and all of the rehab budget if someone steps up to reclaim.  

Can a family member reclaim a home of a deceased relative that was sold via tax lien?  What would be my exposure financially? 

@John Matarazzo

Rentometer.com is a great resource for the rental market as well as Zillow. While they will help you identify the market pricing and availability it won’t necessarily buy you a great replacement tenant.

I understand that you inherited this tenant but if you don’t have one I highly recommend getting a tenant verification process in place. Including credit history , criminal history and past evictions. This will help you prevent future problems. If someone doesn’t meet your minimum standards pass them over. It’s better in my mind to wait for a quality tenant than rush filling the vacancy and having to deal with the same issues.

Just my 2 cents

After 6 years of slowly growing my rental portfolio and looking to add even more homes I can see a real need to create a website.  I would like to have things such as the rental applications, property vacancies (with pics and virtual tours), and the ability to accept payments online. 

Currently I am listing my homes on Zillow and FB market place and get overran with inquires.  Answering all of them takes the better part of the day and I would much rather be able to refer them to a webpage to answer their questions.

Does anyone have any suggestions as to where to start with this process?  Recommendations on hosting, or designers and so on?

As a first responder myself I have been called to many "welfare checks" over the years for just this thing.  In this situation I would recommend calling 911 for a welfare check they will send police and fire out to check on the resident.  You can  provide them a means of entering the property and if gives you the work around you are looking for. 

I would always recommend an attorney to draw up the docs. There are a lot of online places where you can for an LLC but all to often they do not include everything you need to actually protect yourself. This is especially true here in Texas where I am. To get full legal protection you are likely looking for I'd recommend getting an attorney to help you out. If you are going to be doing this for awhile you will acquire properties and want to KNOW that you have a solid corporate vail that is not easily pierced. Worth every dollar