All Forum Posts by: Jean G.

@Jared Rine

Thanks for your comment. What I am looking for in fact is to lend on notes, not to borrow. FMC aka APMG is sending out deals they need to fund, and when I inquired on one, I got sent an appraisal that was ordered by Athas, but I couldn't find what relationship existed between FMC and Athas. This is why I came to inquire here, because it didn't exactly add up.

@Sacha Ferrandi

I did look up the mortgage license of the company and the principal, and it did seem in order. I'll PM you about your investor programs.

@Christopher Brainard

I thought Nevada was a tax deed state (ie you are purchasing the defaulted property at the auction) rather than a tax lien state where you only purchase the lien/certificate?

Also from what I could see on the county website, they'll only be selling a single property on Wednesday. Am I missing something?

Jean

Hi Larri,

my understanding from speaking to other local investors is that the most investor friendly title company in Las Vegas is National Title.

You can contact:

Philip M. Bouchard
(702) 525-4240

[email protected]

@Lucila Kerlakian

Try Clark County Credit Union, they have cash out refinance loans for investment properties.

Jean

Hi Linh,

have you looked at Mountain America Credit Union who has a solid commercial dept? They should be able to do a 10y rate with 75% LTC. And there is also America First CU. But I don't think that either of them can do it in 2 weeks... You may have to do hard money first and then refinance? I know that Lendinghome can close in 2 weeks (I did it before when I was in the same situation as you) and you may talk them into doing LTV and not LTC if you have a higher appraisal.

Jean

@Joel Owens

I think you're exactly right, the other buyer did this just to get the property under contract, and is probably trying to wholesale it or something like that, and I also believe that they will start causing problems on day 6 of the DD. My understanding is that they did very little due diligence before making the offer. I made it very clear to the broker to call me the minute that the other deal turns fishy and we'll jump right in, so there is still hope.

@Brian Burke

OK, understood. I spent 3 hours at the property interviewing the manager and touring all empty units before making the offer (the property manager said I was the person among all the prospective buyers that asked the most pertinent questions and found all the problems). I was confident enough to offer $10k non refundable upfront as a show of good faith but my partner said that I can go to the casino if I want to gamble :-) Since it is my first property of this size, I listened :-) Also I'm not sure if $10k upfront would have been meaningful.

Let's see what happens...

Jean

@Ross Greene

thanks for the advice. That leaves me the risk of not being approved for the loan at the end though, right? My understanding of a financing contingency is that I can get out if I am not approved, but not for any other reason. So if I waive my inspection contingency after my sucessful due dilligence, and have say 10 more days after that by which the financing contingency will waive automatically, then there is not way for me to get out during these 10 days after the inspection and before the automatic waiver of the financing contingency? 

Please explain if I misunderstood how this works.

Jean

Hello,

I was trying to get a 48 unit complex (rural but stable area with just under 10% cap) under contract. There were 2 offers being considered by the seller (ours and that of another group) and we were asked for highest and best due yesterday. The broker highly suggested that we make the earnest money non refundable at some point in the process, or waive the financing contingency, but my partner in the deal (much more experienced than me) was adamantly against this, saying that we would loose all leverage in case of any misrepresentation/surprises discovered later on in the process.

I was just informed today that the seller selected the other offer, mainly because they agreed to make the earnest money non refundable at the end of a short 7 day inspection period.

I know that the story is not over till it's over, but I was wondering how common it is to make the earnest money non refundable at some point in the process (specially if your offer is financed and not cash), in a multifamily deal? Do you consider this risky if the due diligence was thorough?

Maybe Brian Burke can chime in?

Jean

Hello,

I am also considering a first trust deed investment with them and I am also not finding any information here. Apparently they are also called FMC Lending and are somehow affiliated to Athas Capital (although I'm not exactly sure how.).

If anyone has any experience on them, please share.

Jean

Just wanted to provide an update: I haven't found the information I was looking for, but found some other interesting information about USDA loans for multifamily properties: these loans are not intended for acquisition of a performing property. The loan requires that a minimum of $6500 of rehab be performed in each unit (this is the minimum, typically the USDA requires more). Also, while these loans can go to 90% LTV, they only go to 50% LTC.

So this is not what I was looking for at the moment.

Jean