All Forum Posts by: Matt Devincenzo

The best option would be to obtain a copy of the funds/reserve study for the association. Especially give the last few years rapid increase in costs, anything that was estimated or done years ago is out of date and could be underfunded just based on inflation. A new study should assign unit costs and remaining service life to all the items and then determine the cashflow required to provide for everything when it's needed.

I would consider a low cost condo with a high special assessment due to a well done reserve study. Half the battle is knowing what the pain is going to be, once you do then you can really consider the costs and whether you'd like to move ahead. Once the funding crunch is past, the value should rebound to 'market' especially since that community is now a low risk purchase. 

@Michael Baum yes that's my perspective too, it seems like mostly subjective items. I lived there for two years and didn't notice sirens being a constant or regular thing...that may have changed, but I doubt it. The last several guests have expressed how much they loved the yard, and how nice their stay was etc. so it seems like more of just a poor fit.

This was one where I want to stick to my strict cancellation, but better judgement is to refund to maintain the reviews. I appreciate the perspectives.

Thanks John, I'll try to start asking that specifically. I did hear the day of check in that they got in, asked about the TV etc. so until now I thought all was well. But to your point I didn't ask specifically if everything was alright. 

I guess I have a couple weeks to get a few minor maintenance items scheduled while I'm between guests, so I'll use the time as best I can. 

I do furnished monthly stays, and have typically had happy guest. But I just had a guest check out early after staying 10 days in a 30 day stay. This was the first I heard of any issues, and unfortunately one was self induced...I usually don't do same day turnover I typically keep a buffer due to longer guest stays. This time the guest requested the earlier day and I accommodated, but my cleaner was still there when they arrived and I think may have hurried to finish resulting in part of the complaint though she said she had finished. I haven't received any other feedback like this from prior guests:

Just wanted to let you know that I vacated the property. It was too uncomfortable for us. The beds were too hard, the backyard neighbors were squirting my dog with water, sirens all day. Also, i want to let you know that the cleaner didn’t finish cleaning either.

So for the experienced operators out there how do you address something like this? I have another guest after this one's stay was supposed to end so I can't book those days. There wasn't a refund request, but from other posts I'm guessing she can likely get ABB to give her one if she asks...

I currently have three loans with FCI, but I purchased them from a loan workout provider that already boarded them there. Overall everything seems fine, payments are made regularly via ACH, notes show up in the portal etc. I had two payoffs and one BK, all of those were navigated well so no issues there. 

I know currently Madison seems to be a preferred vendor for many SF deals. I've typically heard good things, I only use FCI since that is who had the loans when purchased. 

@Chris Seveney is an active note investor and may have recommendations. Another that is out there if BiFi servicing, which Chris is involved in so he can share if they're doing SF notes.

There have been a few threads on this over the years, and I've had the issue as well. I believe, don't quote me, that it isn't so much a specific bank issue as it is the software provider that makes the connection between Stessa and the bank...unfortunately it also seems to be an issue for many banks including larger institutions. Mine isn't every time, but does happen...though I will say I believe it has improved now that I think about it. 

Overall if you decide to make the switch do so assuming that the connection issue won't be resolved. If it does resolve then that's great, and if not then you're not disappointed. 

Did you tell them you wanted a pre-approval for a duplex with ~$1,900/mo rent on the non owner occupied unit? If not that's likely your delta. From my personal experience buying a duplex with similar financials as yours at the time, I qualified for something like $475-510K for a SFR or $675-700K for a duplex (something like that though I don't remember specifically). So it sounds like your pre-approval may be only based on your income, but when you account for a rental as well it can push the approval higher.

At least that's the first thing I'd check to get some clarity on it. 

Your post is ironic because you're actually advocating for the same market manipulation you're suggesting takes place. No one is buying a home with a gun to their head, they're choosing to buy because they need more space, want a new location or got a better paying job amongst dozens of other reasons. Is pricing high? Sure. And your point is? People are willingly buying, that's literally the definition of a free market. Yes there are marketing efforts to try and encourage individuals to 'buy today', that's what marketing is and you can choose to ignore it or choose to listen to it. 

This is my perspective as an engineer/survey consultant...

The rights associated with a prescriptive easement exist only in 'concept' and statue. It isn't until one of two things happen that they're obvious and apparent. First option is you obtain a signed document from the adjacent owner acknowledging the condition and essentially granting you the easement...obtaining the easement negates the need for prescription since it is now 'of record'. Or you file a lawsuit to perfect those rights via the court, and then a judge considers the statutory requirements and awards you access via a judgement. 

My exposure to PE has been on projects being developed. One was a neighbor making the claim, which they went too far by saying they owned the property...you can't deprive someone of the property itself...but they could likely have won on the PE claim. Instead my client negotiated something else (a license agreement I think). 

The other two projects had old PE listed in title. One appeared to have been voluntarily entered into, and the document discussed the condition and timing etc and how as of the execution there was now an easement superseding any historical claims. That's the benefit to the other owner is you waiving your PE claim if they grant you an actual easement. The other project was a recorded judgement indicating the extent of the PE claim and the obligations for each party. I assume in the court records there were filings and briefs that would have given the judge the context to then determine what the PE right and obligations were for each party in his judgement. Both title items in these projects were from 50+ years ago, if I remember correctly the late 40's and the mid 60's.

With the info provided, I'm not sure your objective is achievable...

The high DP will be the reason most new investors won't be able to perform. 

The high interest compared to market rate products is why most experienced investor's would likely be uninterested.

Average asset value is ~$120K, so that tells me these are stock that institutional buyers would be less likely to be interested in. 

Not wanting to do OO means your best options on these, local buyers who would buy off market for better loan terms are out.

Based on what you shared, I'd try to find a regional/local investment group or club that might be willing to do a single transaction with no seller finance. I realize that wasn't your question, but your responses indicate that's the best way to achieve your objectives.