All Forum Posts by: Jesse Arriaga

Grant, 

Preferably. We would like a single platform that allows us to track expenses per door. If we have small MF, per door. We want to begin at acquisition and follow through rehab and cash flow. We would also like to track activity, like rehab, repairs, maintenance, marketing, etc.... We lease to affordable housing market and have Sec 8 on several. We would like to track payments from HUD and the tenant separately for each door. Does this sound reasonable?

Jesse

We are reaching out to our friends and the community on Bigger Pockets seeking advice and suggestions on software platforms that are easy to implement, cost effective and track expenses from acquisition through rebab and rental. In addition, it would be nice if property management were included, to track marketing prospects / tenant prospects and general operational issues. We buy distressed property, rehab and rent. We are tracking everything manually and need to automate. We are not particularly tech savvy, so would prefer something that is intuitive and designed by someone that does what we do. Looking forward to hearing some suggestions. Thanks in advance for your thoughtful response. 

John, 

The banks we have spoken with don't have the underwriting discretion to bundle. We may not need to bundle once we get formal appraisals. We don't want to pay for an appraisal in advance that would not be accepted by our lender. 

Thanks,

Jerry, 

We understand the minimum, but would like to find someone with underwriting discretion to bundle more than one property into a rational sized loan.  That, in my opinion, is the discretion a Private Lender would have when evaluating a potential transaction. 

Thanks,

Jesse

We are a Houston, TX based real estate investment business. We have identified an exploitable niche purchasing damaged / distressed houses and re-positioning them into cash flowing assets.  We are buying inexpensive houses using our cash, rehabbing them with our cash and leasing them primarily through Housing Authority Sec 8 program. These assets have no debt on them. We are looking for a Lender to Cash Out Refinance these assets with a clean First Lien. Our strategy is focused on removing risk from portfolio assets before seeking to apply leverage, which will be used to continue to grow the portfolio. 

Some of the issues we have run into are lender requirements for size of loan. Many of the assets we purchase are below the minimum threshold of lenders we have spoken to. Some on Bigger Pockets. While we have not had any of the assets formally appraised, we believe the assets will appraise much higher than our basis in them. That's what we all shoot for right? Assuming that assumption is correct, we would apply no more than 60% LTV based on appraisal and maintain a reasonable reserve account. Because the value of some assets may be below the arbitrary $75K minimum threshold we've seen in the market, we think it would make sense to bundle some assets together in a rational sized package. We believe this is ideal for a Private Lender that is not burdened by traditional bank regulations seeking an attractive yield for longer term money. With low LTV, counter-party risk minimized by Sec 8 as payee and reserve account allowing ample time to release / address turnover, this is a proven strategy.

We are seeking interest from potential lenders and advice or questions on how we can further enhance our positioning. We have a slide deck prepared for potential lenders. Final thoughts. We run our business by the numbers and believe in creating real value in re-positioning assets. In other words, we don't slap lip stick on the proverbial pig and hang a For Rent sign on it. We believe in repairing systems to lower our long term maintenance and operating cost, which also enhances the true value of the underlying assets. We believe that we are providing a public service by providing a quality housing product to a lower income clientele. We take pride in serving this niche with dignity and respect. 

We welcome all questions and expression of interest. 

Jesse Arriaga 

Managing Member

New View Investments. LLC.