All Forum Posts by: John Pettas

Would there be a demand for a STR in your neighborhood just North of the Navarre bridge across Navarre Pkwy if you were to buy another house there? That could be an option if you run into issues financing a condo. Ill be testing how STR would work in the same neighborhood soon with some multifamily apartment units

@Guifre Mora will do thanks.

@Jared Rine understood, thanks for the input. I've been calling all of the lenders that I found in Scotsmans Guide. I came across Valor through a google search months ago looking for something on a commercial property but I couldn't find anything about them on Biggerpockets or heard of anyone who has used them. You confirmed they are the real deal thank you for that

@Jared Rine yes that's correct

They came back comparable with rates to most other non QM lenders. I have gotten two quotes from them for different projects and they always say they have to call their investor so I think they have private lenders.

Good news is I was able to give them information about my FICO, the property, and the type of loan I'm looking for and was able to get a rate without a full application

Hello Biggerpockets,

I am shopping for non-QM loans to refinance some equity and purchase new properties and I came across Valor lending group. They were quoting me rates in the high 4s to low 5s when I have spoken to 4 other non-QM lenders the day before that didn't even come close to that with the loan amounts, same subject properties, all of the same information. Has anyone used them before? There are three one star reviews on Google but that is where people go to complain. I'm looking for feedback from investors who have used them to their success.

Ryan,

I am also a Marine flight student. I PCSed from Quantico last October 2018. I've been looking for multifamily only in order to scale and get some experience in that realm. But 1% rule can certainly be met depending on the area, and house hacking a duplex or single family home with some buddies would be a good way to start.

DM me for some more info or questions if youd like. I'd be happy to share what I've learned and set you up with an investor friendly agent

Hello BP Community,

I was wondering if anyone had hired or worked with the company Specialized Property Management Atlanta. I spoke to Jerrod Cook and he sounds experienced having self managed his own units and his investing values reflect mine. He understood what troubles I experience self managing from afar as well.

There's no start up fees, no lease renewal fee, minimal charges of I find my own tenant using them to only place the lockbox and take photos, otherwise it is 75%. 

Management fees are at 8%, them what has made me worried is the "sign with us now with two properties instead of the one and I'll reduce management to 7% this week only". I've found with PMs you get what you pay for. Any past or current client feedback would be appreciated.

I am locked and loaded to close on a HELOC and I was wondering what others have experienced in terms of their FICO score once closing on it? I have to do a few cashout refis and I would like to get a new 30 yr loan to purchase another investment property.

Doing 5 credit checks in less than 30 days bumped my FICO score from 727 to 706-676 depending on the bureau. Per FICO guidelines it should only count as one inquiry and do far less damage, so I am extra sensitive about credit effects. I don't want to decrease my credit score further by closing on the HELOC and hurting my chances of getting good terms on my cashout refis.

I need to close my desired loans and do a new investment purchase in the next 3-4 months as my work situation will prevent me from doing any real estate deals for the next two years and I will no longer live in this area where I want to buy.

Any advice would be greatly appreciated.

I met an investor here who very graciously showed me his park that had similar units nearby, and he walked me through the ins and outs of investing in single wides MHPs in my area, and even toured the property with me. I concluded that this was not the kind of investment for an out of state military investor to try to get a good property management company to manage effectively. I passed the deal on to him, so this really is a testament to being involved and connected on Biggerpockets. Thank you everyone for you input and advice

Update: Got the MHP under contract at 96,000, 7 days due diligence.

@Ed Emmons that is what I was afraid of. Looking at others and based on the fact rent hasn't been raised in 6 years, I was hoping to raise it to $400-425 and then there would be an incentive to purchase for that amount or more plus 200-$250 lot rent.

The problem I think goes back to the fact that the homes are in average condition from what I can see from the outside, and the homes are the following years: 1964, 1967, 1972, 1981, 1988.

With the closing costs maybe $1500, potentially 5 elevation surveys needed for insurance at a $2000 total, other miscellaneous immediate repairs, I'd easily be all in $100,000.

If I can't owner finance them to the tenants for that $100,000 total, do you still do the deal waiting to get your money back to eventually enjoy collecting lot rent only?

That to me is the only reason to own a mobile home park