All Forum Posts by: Sara Reeder

Does anyone have any recs for reliable lenders offering DSCR loans? We are attempting a DSCR in Denver right now and it has been an EXTREMELY painful experience thus far... Of course, when we started this 1.5 months ago we were quoted 4.5%... We were supposed to close today but through the jerking around of the lender, the rates have jumped to 7.5% in the past 2 weeks and have, in turn, effectively killed our DSCR. Their latest stall was that the appraisal came in substantially higher than our purchase price... In a logical world, you would think more equity out of the gate would be a GOOD thing for a lender, but now here we are.

 I realize this thread is a few months old, so maybe this is a newer setting that Innago has recently added, but you can go to payment settings on their website and elect to cover the transaction fee for tenants. 

@Richard Neuharth

Thank you all for your input. I figured they would be expecting requests for this information - I just didn't know the normal timeline and when to request certain documents. I suppose they just have you sign an NDA in case you decide not to move forward with an offer?

Second question... This property has been on the market for a loooong time (over 450 days) and they have only dropped the price by 10k. Is it reasonable to ask their agent what's the deal?

For those of you that are Property Managers (managing rental properties for others) or as owners managing your own properties, are you changing any of your procedures (conducting showings differently, rent collection, etc...)?

I am property manager for a small Management Firm in Denver and we are trying to figure out what changes we need to make to continue working for our owners while at the same time following CDC guidelines and keeping everyone safe. Also, are you giving any leeway on late rents? I don't believe it's happened here (yet), but I've read in various places that evictions may be halted during this time, so I'd rather get a game-plan in place on how how to work with our tenants during this crazy time. 

Or, if you work with a property manager, what changes are they making?

Any suggestions/recommendations are welcome.

Thank you in advance for your help!

Sara 

They removed so much info - especially in the expenses tab! Before it listed out almost every expense category and you could calculate them by a percentage. Now you have to manually enter every dollar amount AND  category (which allows you to miss a lot of expenses). Why would they do that? If feels like it was supposed to go to Beta for testing and someone deployed it by mistake. Glad they still have the old calculator available. 

If Zillow is charging in your state, Turbotenant will no longer be able to post to Zillow and its affiliate sites without paying.  It'll say it's posting to it, but it will show as pending (or processing) for a week or two and then it will eventually error out saying you need to provide more information or proof of ownership.  After speaking with various people at Turbotenant and providing numerous documents, it was found that it was a payment issue with Zillow. Nothing else. This change is hitting all of those free listing sites pretty hard. 

@Sam B.

Thanks for your insight Sam. Nowhere near 5%? What's a more realistic rate for a small noo Multi?

@John Teachout

From what I can tell, just the first one is free and subsequent listings cost - at least that's been my experience. I am a property manager in Denver and haven't gotten a freebie since they rolled it out over the summer.

@Al Pat

This rolled out in Denver over this past summer. After trying several workarounds, we finally bit the bullet and paid up. Though I still use Facebook and Craigslist and some other syndicate sites, my highest response has always come from Zillow and it's affiliates so we couldn't just ignore those avenues. That's where people are looking. Maybe in your area, it's different?