All Forum Posts by: Carlos Flores

We've been renting to traveling nurses, contractors, oil pipeline workers, visiting/temporary engineers, etc.

Hospitals have administrators/recruiters, generally in HR, that manage the traveling nurse programs. They may or may not post jobs directly. We provided soft copy brochures to the recruiter and invited her to tour the corporate rentals in the apartment complex. She was thrilled.

Most traveling nurse jobs are posted by Agencies. Look for job postings in your area and contact the recruiter directly. I get the latter may be easier said than done on sites like Indeed, so go after the low hanging fruit like FB Groups--where they are forced to use their personal profile and generally include their direct email in the ad. There are also Traveling Nurse Housing Groups. I was pleasantly surprised the first time I searched Traveling Nurse on FB.

Probably just a Quarterly Income Statement, Payables Aging, and Rent Roll.  I'd start with the IS and RR, and see if they ask for anything else.

Acquisition fee is based on purchase price. AM fee is paid on monthly gross collections. Sponsor proforma should include all fees.

This might help SEC Compliance and Disclosure Interpretations of Securities Act

Never heard of Sofi either. Look at Eligible Properties in their FAQ. Consumer credit only, no investment property.

@William Kyle Walker Yes, nationwide.

Nearly 700,000 people moved to DFW since 2010.  Paraphrasing RealPage's Chief Real Estate Economist from our event the other night, "that's like dropping a metro inside a metro."

All those people have to live somewhere. Two months of housing inventory and hardly anything being built below $500k equals more renters.

Property taxes are a known quantity and can easily be forecasted into one's proforma.

Foundation estimates are FREE. Get one before buying and every couple of years if you're worried about it. If it hasn't moved more than an inch in the last 5 years, it's probably not going to move 3 in the next 5 unless you have water issues. 

I'm good syndicating deals up to $20MM in total cap. Although the numbers rarely pencil, deal flow is fairly steady and I get invited to B&F nearly 100% of the time.

Most deals were lost on price or some combination of price, terms and experience (lots of buyers out there with a thousand doors under their belt).

Unlike aggregating a few balance sheets for the debt -- which can get messy during offering -- the ability to have leveraged a single deep pocket balance sheet up front would have turned a handful of those deals my way.

How deep? >= $20MM NW with $6MM+ liquidity would be optimum.  Even 10 with 2 or 3 would do it.

Ahh, yes, Freddie SBL market tiering - don't get me started.  I wrote a blog about this as well as the new loan limits and other changes that went into effect in February.

I have some of this in a matrix on my website but can't link to it here.  Minimum occupancy is generally 90% for 90 days, preferably 90 for 120.  85% minimum economic occupancy.  Lender fees/deposits: Freddie SBL; ~$10k, Fannie ~$10-20k.  The lender will also require a good faith deposit equal to a small percentage of the loan amount, which is refundable to you at closing.

I'd recommend a Mortgage Broker, but then again, I'm bias.  Many brokers charge a fee on top of the lender's origination fee.  For the most part, we "split" the origination fee with the lender -- so it's still a total of 1%.  Every agency lender is different.  Some like certain class deals in major metros, some are more liberal and creative, and some have a reputation of retrading (sticking you with a higher rate or lower leverage) at the last minute.  A good mortgage broker will navigate these waters for you.