All Forum Posts by: Matt Everling

Is it true when underwriting small storage facilities that you should use a high cap rate between 12% - 15%?

Thank you @Heather Hatcher, @Matt M., @Nathan Gesner and @Steve Vaughan for your help. I do have a local PM that screened the tenant, and I was never notified by the Montgomery Housing Authority that 1) They did an annual inspection and 2) That there was an issue. I learned there was some visible termite damage to the property. I sent my permit guy over for and inspection and he called me directly telling me the tenant had trashed the house and caused major water damage to my brand new flooring, drywall and baseboards.

This is my first rental property. I spent $22k rehabbing it. I've only had this property for 1.5 years and don't have another $16K lying around. Probably just end up selling it. Please tell me it gets better.

Seeking solid advice. I bought a SFR 1.5 years ago and did a full rehab that cost me $22k. My first Section 8 tenant moved into it, stopped paying rent 6 months ago and has total trashed it. I finally got them out and my contractor who did the original rehab 1.5 years ago just gave me a $16,000 bid to fix all the damage! I thought that Section 8 was supposed to guarantee rent? Do I sue the tenant/Housing Authority and get a judgement, can I garnish wages? I need a solid way forward. Really appreciate any help.

I followed up with Wells Fargo and they do in fact lend for purchases and cash out refis for less than $50k min funded loan amount! Thanks @Cristian Ramos!

Looking for a good Freddie Mac lender because I heard that they are allowing 85% LTV loans on rate & term refis, not like Fannie Mae and their 75% LTV max. Any recommendations would be appreciated!

Thanks @Cristian Ramos! I will follow up on your advice. 

Thanks @Momi Rapozo! I will check into your advice. 

Thanks for you help @Greg Parker and @Matt Bell! Much appreciated.

@Greg Parker Thanks Greg! Do you happen to know of any lenders specifically?

Does anyone know of any local banks/credit unions in Montgomery, Alabama that loan on residential properties for less than $50k?