All Forum Posts by: Jenni Utz

@Geoff Husa that means the bank wants to make sure there is no conflict of interest. The contractor that you choose can't be a family or friend's company, or in my case, it couldn't be my personal remodeling company. 

Hey Ben this is awesome that you are taking the initial steps. You are correct however, that a lot of lenders don't offer this type of financing for an investment property. However, there are some that do. Some things to keep in mind, when you are using a 203k loan, you don't necessarily have to use a bank contractor, however the contractor that you choose has to be approved by the bank. The banks are going to require the contractor to be licensed, insured and also provide company financials to show the lender that they are a solid and financially stable company. They are also going to make sure this contractor is at "arms length" meaning no relation to you. 
Another thing to keep in mind is most of the time the lender will have you pay the contractor their drawls, and then the bank will reimburse you. This means you will have to have some cash in order to front the money.

Hope this helps!

@Andy Mirza amazing! Do you ever partner with syndicators on your deals to leverage their investors?

Hi Shantice- I would recommend:

MONSHOWER, MILLER & MAGROGAN, LLP

Their office helped the Maryland Real Estate Commission write the laws pertaining to real estate. VERY knowledgeable in all areas real estate!

Hi Ryan- I am a real estate broker, and property manager in Maryland. Welcome! 

I'd love to connect. I have plenty of fail forward teaching opportunities for you! 

I would suggest reaching out to your local attorneys who specialize in estates and trusts. They could be a great source of leads for you.

Would the owner be willing to hold the mortgage for you? They could be your bank and agree to terms that work for both of you. 
Or I would suggest finding a partner who has money. They can be your financial component, and you can be the boots on the ground.

Unfortunately it's not helping the owners. Everything is currently implemented to help the tenants, including the eviction moratorium. If they don't help the landlord, or stop all of the benefits to the tenants, things will be getting ugly pretty quick.

I'm sorry you are going through this. Real estate transactions can be difficult for this very reason. You do everything right on your end, but there are multiple parties that could mess up. In this situation, if it is going to cost you money, I would go back to the Seller and negotiate they pay for some, if not all of the increased fees.

@Antonio Cucciniello that's awesome! So if your goal is to get more units for higher cash flow, what is the ONE thing you do daily to achieve that?