All Forum Posts by: Keith C.

@Russell Brazil Good luck , I have some flip properties- 30 minutes outside Orlando - solid rental community . Price are around $50k , rehab budget $30k rents are $1100

PM if there is interest

@Joe G.@Mark Horn Unfortunately some servicers will report it like this ,, Those people may be able to fight it or hopefully legislation gets passed,, Its not a free walk in the park right now , You Pay or IF you dont it is noted as such 

All  loan service'rs are not equal and need to report SOMETHING to the credit agency. They cant just show on-time  payments  for January through March , Skip  April and May and Than Continue on with June through Dec. that wont fly on a report . something needs to be recorded.

To date there is no Federal Guideline ( that I am aware of ) on what servicers can or should do ..

Note and get in writing -- what the servicer or bank is offering you:

1) Deferment Payment: Allows you to skip payments, and sometimes it puts your interest on pause, too. With deferment, your payments may be due once the designated time period ends or they may be tacked onto the end of your loan (basically extending your loan term).

2) A Forbearance : Allows you to make reduced payments or no payments for a set period of time, though your loan continues to gain interest during this period. The skipped payments are then due at the end of that designated timeline. In some cases, a lender may let you spread those skipped payments out over a few months.

So if you must take the forbearance than you have no choice - take it .. But if you can avoid it it may help you to do so to keep loan history intact.

In future loan lenders will look at those that took a forbearance or deferment .

Unless :: legislation gets passed which will dictate for better credit reporting and not allowing lenders to hold these programs against borrowers

An important note as there is a lot of discussion back and forth recently  on how Forbearance will be looked at on credit report and by lenders.  Keep in mind all  loan service'rs are not equal and need to report SOMETHING  to the credit agency. They cant just have January through DEC and than April and May are deleted .

To date there is no Federal Guideline  ( that I am aware of ) on what servicers can or should do ..  

Note and get in writing -- what the servicer or bank is offering you:  

1) Deferment Payment: Allows you to skip payments, and sometimes it puts your interest on pause, too. With deferment, your payments may be due once the designated time period ends or they may be tacked onto the end of your loan (basically extending your loan term).

  2) A Forbearance :  Allows  you to make reduced payments or no payments for a set period of time, though your loan continues to gain interest during this period. The skipped payments are then due at the end of that designated timeline. In some cases, a lender may let you spread those skipped payments out over a few months.

So if you must take the forbearance than you have no choice - take it .. But if you can avoid it  it may help you to do so to keep loan history intact.

In future loan lenders will  look at those that took a forbearance or deferment . 

Unless ::  legislation gets  passed which will dictate for better credit reporting and not allowing lenders to hold these programs against borrowers 

@Trevor Aydelott    I Disagree with your  assertions   and My Experience with realtors has been just the Opposite. I found most Agents are Great,Responsive to me --while conveying messages and negotiations between the buyer and seller. Not an easy job at times.. Many times  a closing or  loan requires sellers credit concessions or some other simple detail that realtors magically keep the deal together ,, Change your TONE perhaps ,, it might you and not them 

@Turnkey ? Think about it if it was so turnkey why would they be selling ? Of course they may need cash or getting older etc .. it doesn’t matter , as there is no true turnkey properties besides your own house and even that has issues at times .There is always more to the background than what lies on the surface.

On the flip side Many properties can be turnkey if you put the right people and process in place. From prop managers to legitimate handymen.

Don’t pay turnkey price unless you know the property and owner well enough

I hope this helps some people ,, as it FINALLY helped me get  " you have successfully submitted your bank account information " 

In regards to the error  " THE INFORMATION YOU ENTERED DOES NOT MATCH OUR RECORDS PLEASE TRY AGAIN "

 if you keep getting this error message is to enter enter 0 ZERO for your AGI . Not sure why it works but it worked for me and others I know . good luck ..

Some other tips for other messages you may receive is to Enter your address in all CAPS .

Good luck 

I finally got a payout from AirBNB I am actually very surprised, A small percentage of my actual monthly bookings on 5 units in FL but still something , Thank you AirBNB , 

@Lucas Carl- Lets think positive — The 24 hour holding period may be a very good idea. By adding this rule millions of guests will now feel safer in an AirBnB than other facilities like Hotels and other platforms . Use this added “ sanitization period “ to your benefit .

You may also charge a Higher cleaning fee, Guests will understand it costs more and pay extra for their added protection.

And any concerned about guests who will checkout only Friday or Saturday disrupting the next guests weekend plans - I suggest to raise the rates for Thursday’s and Fridays. It’s not an exact science , but you be able to recoup some of the revenue you will loose from the lost day. Get Creative & Think Positive.

@Dennis A Higgs Jr aside from the 3 you listed , you can expand on closing costs to include - appraisal, credit report and other legal costs involved which will will be passed onto to the borrower , even postage charges .

Some more to add would be Property Tax while you own it

Insuarance- you will need to have with any loan .

HOA fees if applicable.

Utilities if applicable.

Rehab Budgets almost always go over and take longer.

Sales usually take longer and go for less than the estimated ARV.

And if your using a broker take deduct their fees and the selling closing fees from your estimated sales price.

Just leave yourself a nice margin at every level , the worst case you’ll make more than you over budgeted , or walked away from a deal that likely wasn’t that good to start.

Best of luck.