All Forum Posts by: Kelly A.

@Dewayne C.

Time to move on to commercial loans. There are companies that do 30 year fixed. Visio & Corevest just to name two. Shop around, check rates & fees. Good luck!

Hi Tim- Visio’s fees/rates were in line with other companies with similar products on commercial loans. Credit is a factor, over 700 gets better rates. Definitely low doc. No tax returns, only 2 months bank statements to prove reserves.

My homes were rented when I started the process with them. The entire process moved quickly. They say 30 days which is pretty spot on. I’m going back for additional cash outs once I finish up the two I’m working on and get them rented. 

I tried another company mentioned here prior to using Visio and did not have a good experience. Best of luck!

@Philip Marino I just closed 2 loans with Visio. Smooth experience from start to finish.

Recent Section 8 tenant when confronted why there's so much traffic in and out of the house- "Can you not tell HUD that my BF and his 4 kids stay here so I can keep my voucher?"

Another section 8 tenant “ I want to put 1500 sq ft of X flooring in the unfinished basement. It’s going to cost 5K but I got my tax return so I can pay half”

“I have 2 emotional support animals to help with my OCD”

“Why am I being charged a late fee? I had my rent money I just had to get it from the ATM.”

“He doesn’t live here, he just stores his stuff here so his wife won’t take it when he leaves her.”

Just went through this with a tenant 2 months into a year lease. I gave them this option which they accepted, rather than go through court.   

-If they were out by end of current paid month, I would let them out of their lease with 2 additional months rent payments & the agreement to give up security deposit. If they were still there on the 1st day of the next month, they would owe 3 months plus security. They were out quickly and I was able to rent unit out again within a week netting 3 months bonus rent. 

I had the same issue. I simply created an addendum to my leases stating that when the temp will be below freezing, tenants need to let their water drip and if they fail to do so and this results in frozen lines they will be responsible for a minimum $100 call out fee. I had each tenant sign and viola, no more frozen line calls. 

I love section 8 in my area. Sure the paper trail is a mile long, but if you have up to date properties that are serviced regularly and you vet everyone that wants to rent from you just because you accept a section 8 voucher- you’ll be fine. Money is deposited on time every month. My hud tenants are better than my regular pays. They have way more to lose if I complain on them to the Hud office. 

I’m not in any of the areas listed, but I can help answer a few of your questions. 

1- Find out which agent handles the Freddie Mac/Fannie Mae/HUD foreclosures in the given area. There's normally 1 agent assigned to each in smaller cities. This is as easy as checking the homesteps homepath hud sites for a listing agent name. In my experience, these agents are familiar with what investors are looking for.

2- Can’t help there, I interviewed and hired my own.

3- The agents that you find from #1 will also have contractor names as they use contractors to do repairs to get the homes ready for sale. 

Hope this helps a little! Best of luck! Feel free to reach out if you have any other questions. 

I was hesitant a few years ago to rent sec 8 but In my few years having rentals, my sec 8 tenants are way better tenants than my self pays. They seem to complain less & handle items themselves. They have more to lose if I complain to Hud on them. Of course, you screen them just like you would any tenant. Im sure there are bad apples, but if you screen properly it can be easier on you long term.

The hud inspectors are only checking to see if items are to code. Sure, sometimes the paperwork is extensive but guaranteed money on the 1st of every month is great.

It's definitely emotional when there are children at home that depend on you. At 10K net now, I'm living fine. Would I love to buy 10 more and double that? Sure. But at what cost? HML aren't appealing with the costs. Private money needs 60K +in equity which i do have on a few homes but not all. Credit union will do it once my DTI is better so I will trust the process instead of rushing to just get cash now.

Thanks for the feedback, I appreciate it.