All Forum Posts by: James W.

@Jason Bott @John Mocker Thanks for the notes. I am really looking at something that will give me a single commercial policy that meets Fannie insurance requirements, along with the umbrella that Jason mentions above. I don't want multiple policies if I can avoid it...

@Corderos SMith I have a good buyers agent that I have worked with, but I have also brought a full downpayment to the party. If you are looking for a no money down kind of approach, I don't know much about that.

For those of you recommending Appfolio, I will say as a customer of a former property manager, I hated it--or at least how they were set up on Appfolio. I couldn't download anything to Excel, just got a bunch of PDFs, and had regular login issues. Is that consistent with the Appfolio experience for your customers, or was it just a crappy implementation?

To the original question, I have found it hard to find larger MF properties in DFW worth purchasing (I insist on CF, and am not looking for major rehab jobs). As such, I've ended up with duplexes and an occasional quad...

Doug,

To the best of my knowledge, no. You can do a portfolio loan for the whole thing, and then get 70-75% LTV on the properties. If you do a Fannie Mae cash-out refi, you may have more severe limitations.

Regards,

JW

Hi,

I have an investment portfolio of duplexes in the Dallas Fort Worth area, and I just recently purchased a property which contains 2 four-plexes in the same area. (Single property, two buildings). I also hold some raw land in an LLC. I am looking for a couple of reputable insurers to bid for my business, as I know I need some mix of personal liability coverage and coverage for the entire portfolio. I live outside of the country, and so the typical "put your auto, life etc" insurance in with the same company isn't really an option.

If it matters, some of the properties are on fannie mae loans, and others are on personal loans. 

Anyone have good or bad experiences with a company or agent? I'm always curious to hear how other folks handle this sort of a situation.

Regards, 

JW

@Corderos SMith I own duplexes in Fort Worth, Dallas and in Granbury. The market is pretty hot at the moment, with few triplexes or 4plexes, and a few more duplexes. It's possible to find stuff that cash flows--are you looking to live in one unit or not? If so, it should be easier to sort out.

With poor credit, I don't know what to tell you, other than get pre-approved and make sure you have a decent downpayment available. In my experience,most of these sellers won't do business with you without a pre-approval letter. You will also need to have a few months "if it is empty" cash on hand to qualify for the loan, at least with a typical FNM loan. Best of luck.