All Forum Posts by: John E Ceisel

@Mike L. I ended up selling and 1031 exchanging those condos.  Blanket loans can be hairy bc the units are cross collateralized.  One of them was successfully cash out refinanced to facilitate another deal, but the loan terms were not favorable and that was in a better lending environment.  Non owner investments are tough right now bc the clamp down on those guidelines by Fannie/Freddie (they view these investments as risky).  Best shot would be to try Cash Call, independent mortgage broker, local credit union, or private money.   

@Alex Bekeza

Hi Alex, can you share some of the top lenders you know doing non QM?

Still interested in partnering.  Please let me know if there is any new information available on a BP affiliate program.  Thank you!

Marco...

Hello BP!

I left my corporate job last year to be in real estate full time.  This new life is wonderful!  That said, I would like to refinance a condo, finance new acquisitions, etc. (beyond my existing portfolio) in the near future.

Are 30 year fixed cashout refi's out of the picture for someone without 2 years of self employment income history?  

I have heard that some banks will lend based off of DSCR (in lieu of debt to income). That said, I am curious to learn what the experience has been in the BP community with qualifying using DSCR. Are there other strategies to finance long term holds if you don't have sufficient income history?

I appreciate any insight you all have!  

Thank you Sue. I did end up getting a demand letter from the tenant irate about the deductions. However, I bought the book you recommended and followed the process. I took photos of the inside of the bathroom vent fans (one was completely black where they had been smoking). I offered the pre move out inspection which they declined. After which, I included all my documentation in the deposit return. Upon receiving the tenant’s demand, I stood firm and explained (politely) my position. I haven’t heard from them since.

Update - my experience ended up validating what Ron said. I found the trustee (a lawyer working for the bank who foreclosed on the property) and contacted him. He would not deal with me directly and said he had to put the property up for auction (despite multiple conversations trying to convince him I am the better bet). He did put it up for auction and the property just recently sold it. Onto the next one.. thank you for the feedback everyone!

Hello, When performing value add construction what obligations does the owner/landlord have to the existing tenants in adjacent units? For example, I have a duplex and plan to add 2 additional units. This will undoubtedly cause noise and involve alterations to the back yard which will make it different from when the existing tenant(s) rented. I appreciate any insight you have BP! John

Likewise -- any updates on a BP affiliate marketing program? Thank you!

I recently had a tenant mail me a legal letter stating that they are "not accepting any deductions from their deposit" and that the stress of deposit deductions (claiming I threatened him) caused him to lose his job. This is obviously untrue as I simply communicated a warning regarding smoking in unit violations and costly remediation. They also left trash out that stained the concrete in the common area which I said needed to be cleaned or the HOA will hire someone and I'd have to charge them for it. Pretty basic stuff.

Anyways, he's demanding the partial deduction of the deposit back by "xyz" date while threatening legal action for both the partial deposit return and punitive damages regarding his job loss.  As it so happens, I was more than generous waiving late fees on rent payments (multiple occasions) and not even charging them for a broken dishwasher.

Since this is the first time I've encountered a tenant threatening legal action as a landlord - I just ordered the NOLO guide to reference my responsibilities at this point, but wanted to reach out and see how others have responded to this type of feedback by a tenant following a partial security deposit return where there is a disagreement.

I'm pretty sure I have done everything right from a deduction standpoint.  If anything, I was overly generous in not charging them for late rent fees and the dishwasher.  

I appreciate any insight you all have - thank you.