All Forum Posts by: Julie Hill

For full renovation/flip in the area!  and... asap of course :)  Thanks in advance!

Julie Hill

We have 2 loans that got sold to shellpoint mortgage and have two issues that THEY CAUSED and it is going to cost us BIG TIME.  Please read because we feel absolutely helpless.  Should we hire a lawyer?  Is there some sort of protection agency for consumers in this situation???  It's basically mortgage fraud but ON THEIR SIDE....   

1) we had a water leak in April. insurance paid out, check has to be countersigned by mortgage company, we sent check in July CERTIFIED.  It was signed by someone in in the company's mailroom.   It is now mid Sept.  They cannot find the check that was signed for by someone in their own mailroom.  It was an 8k check.  meanwhile...

2) insurance company for this house dropped us after they paid out the claim.  We had to get new insurance.  Did that, broker sent proof to shellpoint through their portal (where they want brokers to upload proof of insurance). She has done this now 3 times and it shows it being in their portal.  Yet they are about to charge us $4500 for insurance because they say we don't have any.  

3) The chances of us being able to get this check reissued from a company that dropped us is... probably pretty slim I would think.  But even if we do, there is still the fact that shellpoint doesn't believe we have new insurance. 

And yes... we've spoken to person after person after person.  Are we living in an alternate universe right now?  how is this ok??  But most importantly,  WHAT CAN WE DO??????  ESPECIALLY WHEN IT WAS NOT OUR CHOICE TO WORK WITH THIS COMPANY??? WE HAD NO CONTROL OF OUR MORTGAGE BEING SOLD!!!  Makes me want to open a mortgage company because clearly you can operate with no ethics and definitely no organization.  Are they working in someone's mom's basement??? 

We own two homes in Denver in an urban neighborhood, close to downtown. The neighborhood is up and coming and many of the homes (built in the early 20th century) are being scraped to build 3 story duplexes, townhomes etc. due to the zoning. Right now, our properties are SFR's but we would definitely make more $ if we were able to scrape and build and either rent or sell the units. However we don't know how we could possibly fund this AND have no idea where to start. At this point, we just want to put them on the market so we could pay down some of our other properties or do a 1031 exchange. I just thought I would put this here in case there is a strategy to developing that we don't know about. We are completely tapped out as far as cash goes to be able to put down a ton of $ upfront to be able to do this. Here is the zoning of the properties: "U-RH-3A is a multi unit district that allows up to a two and a half story rowhouse building form.
Apartments are allowed up to three stories, on certain corner lots. It also allows the urban
house, detached accessory dwelling unit, duplex, and tandem house building forms."

 We just closed on a place near you in Gainesville.  Does this photographer work in this area or only the smokies? 

We are under contract on an awesome mixed use zoned property that is currently a commercial office but we will be renovating it and turning into an STR (which is legally allowed under the zoning). This isn't an office building... it's a 1950's house (or should I say used to be a house before the zoning changed). We need a hard $ lender to help us with this renovation but everyone we've talked to so far (not many) say they ONLY fund on residential. The project is in the metro Denver area. I know referrals can't be written here (against the rules) but I'm just curious if this type of lender EXISTS. If they do, I'll spend hours tomorrow digging through the interwebs for leads. If not, we need to move on and figure out another way... TIA!

@Scott Mac I defiinitely didn't need it in 2020.  In 2021?  Going into the biggest wedding boom ever of 2022 and 2023?  We're making almost double what we did in 2019. 

My husband and I have 1 commercial property and a few SF & Duplexes in our portfolio. All are used as STR's. A few of them have at least 100k in equity. I want to move my main company's office and employees (wedding video production) to Denver where I live. I'm currently renting a studio in Southern California for the business. We found an incredible property in Denver that we could convert to half office/storage for my business and half STR. However, it's $1mil and would need a good $200-$300k work to make it workable and cash-flowing on the STR side. I only have $100k to put down. And due to my main biz showing horrible #'s in 2020 (weddings didn't happen), I probably can't qualify for much on the SBA side. Maybe there is a way to refinance some of our properties into a portfolio loan to pull cash out, but then we could lose the STR licenses from the cities since they usually require the homes to be in a person's name, not a company. I'm just wondering if there is any super creative program out there that I don't know or think about. I'm sure there isn't but just thought I'd throw it out here before we possibly try to go down the partner route. TIA!

@Account Closed I hope you didn't just compare me to Trump lol.  Anyway thanks for the rec.   And as I keep saying, I can do math, I just can't "visualize" it. 

@Jim K. I loved reading your reply!  I definitely agree with you.   I started a company 20 years ago because I knew in my gut I would be successful at it.  I knew NOTHING about video production.  I taught myself everything. (so there went my bachelors and masters out the window lol)  I was passionate about it.  Now I feel the same about RE investing.  Although my husband is great at the #'s, I really base a deal on my gut.  and so far, (knock on wood), we have done pretty well.  But man... do I wish I "internalized" all the math I learned in school.  But I didn't care.  So my passion for learning RE concepts gets clouded because I can't "visualize" the returns or what it means 5 years from now, etc.  Sometimes I literally have my husband draw it for me.  Anyway... thank you for sharing!!   

@Jon Q. You are completely right... IT IS A LANGUAGE.  And when I read rich dad poor dad I had never even thought about the fact financial literacy is not taught in schools.  Just imagine if it was...  wow.  And I can do math, I just can't conceptualize it.  You show me a spreadsheet and it means nothing to me unless I can understand it visually.  I guess it's just the way my brain is wired.