All Forum Posts by: Jonathan Liu

I didn't get any feedback, but figured I'd update this in case someone is looking in the future. 

I took a deal I needed to be funded to Spectrum REI. I asked them for their NMLS number, references, and sample recent deals funded. They said they would get back to me with those, but I haven't heard anything since. Nothing conclusive, but definitely suspicious IMO.

Agree completely, but just wanted to add that there are some asset-based lenders who may be willing to fund your deal. You may need to save a bit more--some want to see 6 months of debt service saved up, in addition to down and closing. The interest rates will be higher than what you can get through conventional/agency loans. However, this may be an avenue, if traditional banks are turned off by your large debt. Good luck!

Hi Jeremy,

You can certainly lease for less than a year--the standard C.A.R. lease agreement is set up so you can make a month-to-month arrangement or set the lease term by dates. Some cities have local ordinances regulating STRs, but those are more for Airbnb/VRBO type rentals. That said, there are some practical implications for having such a short lease term (i.e., turnover, vacancy, limiting your tenant pool, and so on). Would need to more about your situation. PM me if you want to brainstorm/chat some time.

Jonathan 

I have been looking for solid asset-based lenders (I left my job last year to focus on real estate so I can't get conventional financing). I recently received a call from a rep at Spectrum REI (www.spectrumrei.com). Their rates and terms for their 30 year fixed products seem attractive (80% LTV, 5-7%, and 2 points). However, their website is pretty sparse and the only thing I found when I googled them was a negative review on another forum. Has anyone worked with Spectrum REI. Would greatly appreciate any feedback good or bad.

Thank you in advance!

@Jorge Garcia can you please send me more info (including property address, P&L, and photos if you have them)? My email is [email protected].

Thank you!

Great advice and insights. Thank you everyone!

 They have been there for over 5 years. So far, they have been relatively good tenants. Vacancies are normally less than a month in the area. I like the idea of enforcing after the holidays. Thank you for your input!

I purchased a duplex and inherited my tenants. I recently raised rents and the tenants were fine with the increase. One of them signed a one-year lease, but the other side does not want to commit to a year because she works far away and isn't sure if she wants to move within the year. My property manager told her there would be a month to month "premium" of $50 a month. However, the tenant says she cannot afford the premium. My property manager does not want to press for the premium because she thinks it will be difficult to replace the tenant this time of year. I don't want a vacancy over this $50, but without the premium, I don't see any incentive for the tenant to sign a long term lease.

What should I do?

Can you please also send me more information? [email protected] or 949-329-8485

Thank you!