All Forum Posts by: Len P.

Hi @Marshall Swatt, I've worked with local banks/credit unions (not the large national banks) and have been able to get 20-year loans with them based solely on the property cash flow. Good luck!

Hi @Derrick Reyes, Kiavi is a large national HML that does their own in-house appraisals. I haven't worked with them so can't vouch, but they do a ton of deals. Good luck!

@Justin Hammerle thank you for the advice! The local banks in my county will not loan on new construction and your post gave me the idea to contact banks in neighboring counties. I will do that now.

Hi all,

My partner and I are purchasing land and building a new home on it in Massachusetts. We have received financing terms from hard money lenders, which is quite high. Are there any lenders out there that have lower rates than HMLs for spec homes?

Thank you!

Len

Hi, I've been using Gsuite for work and personal use for the past 10+ years and I think it's great, especially Gmail and Google Drive.

I recently joined a job where they use Microsoft 365 and Outlook, and I think it's far inferior to the Gsuite.

Excel is better than Google Sheets. Other than that, I would use Gsuite for sure for everything else. Good luck!

Hi everyone!

A tenant just moved out of one of my units and my property manager charged me $480 to clean the unit to get it ready for the next tenant (he used an external service and charged me at cost). That is almost 1/2 month's rent!

What do you do to not have to pay so much for a cleaning service when a tenant moves out and you're getting the unit ready for the next tenant?

Thank you!

Len

Hi Justin, congrats, this looks like an amazing deal!

If you don’t mind sharing, did you syndicate this deal? 

I've also used this Federal Housing site which has great data on a county, state, and zip code level:

https://www.fhfa.gov/PolicyPro...

Hello everyone! I have just completed a rehab on a buy-and-hold, and am looking to do a cash out refi with a conventional 30-year loan. The appraisal came back at $110K and I am confident it should be closer to $120K. The bank has told me they cannot order a 2nd appraisal now because it will appear they are value shopping. They are bound for 120 days with the current appraisal.

If I cancel the current loan application, can I then do the loan process with a different bank in which they would order their own appraisal? Or would other banks also be bound by the initial appraisal.

Thanks!

Len

This is fantastic! The episode with Brandon is awesome and I’m really looking forward to learning from the deal specifics that investors have done. Thank you BP!