All Forum Posts by: Justin Sadauskas

Personal touch on a card is fine.  I don't think the card matters that much or is worth worrying about too much.  Volume and timing matters so much more.  You aren't really going to convince anyone to sell, you just need that letter to land at the time they are thinking about selling already which is roughly 1/100 for us.  

Hi guys,

We run a pretty decent sized Real Estate Investment company.  We had two W2 employees that we setup through Paychex and now we no longer have them.  The state has flagged our company saying that we need Workers Compensation Insurance and I said that we no longer had any employees.   Well,  I found out that you need Workers Compensation Insurance for 1099 contractors.   This was news to me.  

Can someone explain what we need to do to get compliant from this point forward?   We easily pay 50+ contractors a year.  

Satisfying the state seems like it will pretty easy.  However, my insurance agent said that once you open up a Workers Compensation policy the insurance company will audit you once a year and I can barely keep up on my work right now, I can't imagine how I'm gonna handle all the paperwork for them on an audit.  Also, are we going to need to call the insurance company every time we higher a new carpet cleaner or something?   My dream would be to just get a workers compensation umbrella policy and never thing about it again, are these a thing?   

All advice appreciated.  

Justin

The projects are all owned free and clear. As far as terms, I'm open to see what people have to offer. Like I stated in the original posts, keeping costs reasonable is more important than getting a very high LTV. Higher protection for the lender.

I don't really follow the question.  We run a real estate investing firm.  We want the money out of our new constructions so that we can use to buy more real estate.  

Hello Lenders!  We are in the process of finishing 5 new constructions in the same area.  We have rough mechanicals in on two of the projects and all the others are close.  We are looking to pull out some money on a blanket loan.  

The areas are Roseville and St. Clair Shores Michigan. We are not that interested in pushing the LTV threshold as much as keeping the costs reasonable. We are looking for around $250,000 to pull out. The listing price of the projects will be around 1M. Current value of the projects maybe $400-500k if no more was done.

If anyone does those type of loans or has some helpful advice, please feel free to reach out.  

I'm looking to sell a note. The property is in Flint, but one of the better areas. Perfect payment history from the borrower since the re-modification, approximately 4.5 years. UPB roughly $35,000. 10 years left. 5.5% interest. Willing to sell at a discount. If you are interested or have a way to move the note, feel free to PM me. I have all collateral files and the note is serviced with a servicing company, it will be an easy due dilligence.

Thanks for all responses.  Too many to reach out to everyone right away, but I will be in touch with everyone that responded at some point.   

Our company has just under a 100 rehabs under our belt and has mostly used our own money or raised money through friends. 

We are looking to consolidate into one large investor if possible.  We buy a lot of stuff at auction, so full appraisals (inside the property) may not be possible.   We do all of our rehabs in Michigan.  

Please reach out to me at if you think you might be interested in working with us.  I will respond promptly.  

Hello,

I am looking at a USDA rural development multi-family property.  I read a clause that if the property is bought at foreclosure that the USDA rent limits would no longer apply.  Is this true?  

What else should I know when buying a USDA rural development multi-family and has any had any experience good or bad with them in the past?

Thanks,

Justin Sadauskas

The seller does not have a real book of business.  The asset needs 100k worth of work and has no renters currently.  I don't need a loan to purchase so I'm not sure advice applies in my situation.