All Forum Posts by: Marty Happle

Has anyone used this service?  http://nationwiderentsure.com/

Once you get a policy they will pay for an eviction and cover loss of rent.

What has your experience been?

@Nick Giordano Did you start the process with B2R?   I just killed a loan application process with them because they were horrible to work with.  From what I understand they are a hedge fund and they use a company called Digital Risk to actually do the work for them.  I don't know who is the one that is horrible, but I would advise you shop around.

@Meaza Aboye  who did you go with if you don't mind giving out that info?

@Sara Sefcovic ... I've talked to more managers already and no one can do anything to get a good deal closed.  They just came back to me today to say they needed more docs because they expired, but they expire because B2R can't close a deal.  I told them to either close the deal or kill it.  I'm done.  I don't see how B2R can stay in business.   Customer service is the goal??  Start with being able to close a deal then work on customer service.  I'd rather have rude people that can close a deal than nice people that keep asking for the same docs over and over and can't close.

I am in a 7 month fiasco with B2R, we are about to close finally but it has been horrible.  Do not use them. 

Get a copy of your appraisal and see if you can use it with another lender.  Cut your losses and run. 

B2R is dragging me through it too. They can't close my deal to save anyone's life. It seems they use bait and switch tactics. They say something like "oh your credit score went down." Then they say you can use reserve funding from proceeds, drag out the closing so there are no reserve funds anymore and then ask for an account with money in it because they changed their policy. Then 2 months after an appraisal (my 2nd appraisal) they ask if I have a boiler in a 3 unit. They then go by market rents and not my 3 signed leases with account statements from my PM.

@Brandon Turner how do you guys run their adds with all this bad feedback? ... let them know you guys have standards. If you recommend people that aren't efficient, that reflects on BP.

I had the insurance thing too.. I forgot about that.  They said my insurance wasn't good enough (this is NJ, the land of the over insured) and I switched to the company they recommended then said it takes 2 weeks to look into it.  ?????

B2R is dragging me through it too.  They can't close my deal to save anyone's life.  It seems they use bait and switch tactics.  They say something like "oh your credit score went down."  Then they say you can use reserve funding from proceeds, drag out the closing so there are no reserve funds anymore and then ask for an account with money in it because they changed their policy.  Then 2 months after an appraisal (my 2nd appraisal) they ask if I have a boiler in a 3 unit.  They then go by market rents and not my 3 signed leases with account statements from my PM.  

@Brandon Turner how do you guys run their adds with all this bad feedback? ... let them know you guys have standards.  If you recommend people that aren't efficient, that reflects on BP.  

@Owen Buchanan  I have some flexibility with my day job, but I just do a lot of it in the evenings. You may say I have 2 jobs then I guess.  I make time for my wife and 2 year old son and my wife is pregnant, due in July.  I use partners in my flips and the note business is quiet right now, but when I do buy a new pool it will pickup.  Eventually something will have to give.  Owning property in Newark is much more time consuming than I anticipated.  I don't know if it is Newark or if I just got a tough run of tenants but it hasn't been easy.  I use a management company for my rental, but we just started working together so I'm still involved.  Soon it will be totally all in their hands.  They find and screen the tenants which is something I would not be able to do at all.  There are no flippers in the top 500 richest in America  I think, you have to own property or the paper so this is my long term goal.  Flips is capital to get there.  

I spoke to a property management company that specializes in Newark and the area and they said that Irvington has an additional city inspection for rentals.  The PM charges an extra fee for the extra need to meet the inspector and I believe the city charges too.  SF rentals in high turnover areas scare me personally.  Like one of the other posts stated that most buyers will be other investors and it will be hard to get a good retail buyer so you're limited.  Investors want it for free.  You can make money but I'd advise multi family.  All the best to you.

When you borrow hard money there are usually upfront points, interest only monthly payments then you have to pay their legal fees and any costs that come up at closing.  A bunch of lenders still charge app fees and underwriting fees.  To remove these costs by just borrowing money from friends and family is a huge savings and then to not have upfront points or monthly payments is a real relief.

When I borrowed from family and friends I don't secure it and pay them at closing.  

Hope this explains it a little better.