All Forum Posts by: Justin Joseph

@Jason Hirko the rate quote and decision to lock/not lock was made on 02/14, long before two weeks ago. I have accepted that not thoroughly reviewing the documentation I signed, which included the "No" option selected for the rate lock, is plainly my fault. I think it's terrible service and horrible representation since anybody with a pulse, much less in the field knew interest rates were going up, but ultimately my fault.

That I accept responsibility for, grudgingly. 

What I think is unreasonable is that they withheld the terms of the mortgage until after I had incurred costs.

Hi All,

Have been enduring a frustrating experience with a lender and I am wondering if I might have grounds to file a law suit against them.  I am looking to refinance a home I own and have engaged a new lender, primarily because they quoted a much lower rate than the lender I typically work with.

Opened a loan app with a lender in early February.  Sent them a round of document requests, including tax returns 2/15. Appraisal ended up being scheduled for March 6th.  Survey ended up being scheduled for March 9th.

On March 7th they tell me they need payoff requests for my car loan and a credit card. I inform them that this is the first I have heard of any need to payoff these debts to proceed with the loan and I am not interested in taking that approach.  I did not hear back.

On March 10th I am told that I cannot proceed with the refinance unless some of the funds are applied to paying off my car loan and a credit card balance.

They had my financial details for 20 days before telling me of the terms of the loan, and I ended up incurring over $1100 in expenses (survey and appraisal) related to the loan. Had I known this information in a reasonable time, I would not have gone forward with the loan. 

With money already invested in the loan however I felt compelled to move forward, but only because after inquiring they told me they would not refund me any of the costs I had incurred had I sought to cancel the loan application.

Now, and I realize that this part is completely my fault, today I receive notice that my interest rate is going up 0.5% from what they quoted me because I did not lock it. That is my bad for not catching that in the original documents, but it also speaks to how incredibly poor the service of this company is. Everybody with a pulse knew interest rates were going up, yet they didn't lock in my initial rate. This change is going to cost me $31/mo for the life of the loan (should I go forward with it).

Anybody think there's a chance I have a claim against them based on negligence or anything else? I really detest these people, their incompetence is astounding. I'll admit I bear some fault, but I feel like I was bait and switched once (with the requirements to use funds to pay off other debt), and now again (interest rate going up).

@Nitin Dhiman how did things turn out with CMG?  I was told this by one company, and also want to get a competing offer from the other company I am working with?

Thanks,

Justin

Hi Travis,

I have property just south of the Crown Hill Cemetery (decent street in an otherwise rough area), Lawrence and Cumberland.

Discover did not mention areas they would not manage.

Happy to help!

I would strongly recommend staying away from Barron Property Management unless you're a local owner.  Had a construction contract with them, their work was disorganized, poorly managed, and they refused to prove to me they had done all of the work they were hired to do, because they hadn't done it.  I intended to use them as a management company, but never got that far after they cheated me.

Also, do yourself a favor, stay away from the following companies like the plague:

Garner Properties and Management (I dont have enough words for how poorly they do their job. They might be con-men too, but more than anything they are an exceptionally poor excuse for a management company.  If you want someone to collect rent from your tenants when they voluntarily decide to pay, these are your guys.  If you want your property to sit on the market for months, these are your guys.  If you want eviction proceedings to begin against your tenant without being notified, these are you guys.  If you want your calls and emails to go unanswered and completely ignored for several days stretching into weeks, these are your guys.  I can't think of a single thing they do well.)

Barron Property Management (Never actually got around to using them as a management company because they failed to perform construction work they were contracted for)

Axiom Property Management (Helped me buy a property under the agreement that they would manage it and refused to manage it once the purchase went through)

Hi Everyone,

So I just wanted to give some feedback for anyone still looking or looking in the future.  I interviewed four PM companies a couple weeks ago.  Honestly, I was impressed with all of them and would have been happy to sign up with all of them.  I didnt have any negative impressions from any of them.  The four I interviewed were:

Discover 

BHB

USIG

Brick Lane

I chose Discover, but I was really happy with all four companies.  Discover, BHB and Brick Lane all seemed to have a good handle on dealing with the "less desirable areas".  USIG did as well, they just weren't as fond of them and made a point of steering me away from them, which is also fine.  

I try to be a tenant friendly owner (as much as can be, obviously it's not always possible) and both Discover and BHB really came off to me as relationship centered and I think that goes a long way with tenants as well as owners.  That's also not to say USIG or Brick Lane weren't focused on connecting with tenants, but it really jumped out to me at the other two.

Discover and BHB are cheaper than USIG and Brick Lane.

Discover and BHB have primarily in-house maintenance and construction services.  USIG and Brick Lane both use vendors.

Brick Lane is the largest company (over 400 properties), USIG and Discover are both 250-300 range, and BHB is around 130.

Discover, Brick Lane and USIG all use AppFolio management software.

Yea.....PM me if you've got any specific questions that you think I might be able to answer.  And I'll try to remember to get back with an update on Discover in six months or so (since this thread has been running for a LONG time now).

I'm interviewing several managers this week.  Not really that helpful because you dont know what you have in a manager until you've been with them for 6 months +, but I'll try to remember to leave some feedback.

Hi @Rodney Kuhl I saw Jynell mentioned on another post on a similar topic and reached out to her.  Thanks for your recommendation!