All Forum Posts by: Matt Skinner

I am looking for gap funding (second position deed of trust or willing to be creative) for $350,000 on a 125 unit multifamily deal in Dalton Georgia.

Purchase price is $1M.

Current NOI - $130k (12 month trailing)

Lender appraisal shows current value at $1.33M

We have $150k and just need $350k for 3 to 4 months while the balance is syndicated.

Will make it worth your while.

Must fund by September 22.  Close by September 30.

Please text/email/call to discuss.

Matt Skinner

www.12SRE.com

818-419-0202

[email protected] 

Anybody have a killer Flex Option Agreement they wouldn't mind sharing?

I specifically like short, no-nonsense agreements... About as close to a handshake deal as possible (for this kind of thing)... but am wondering if you have an agreement that you have been using that you wouldn't mind letting me take a look at.

Please message me, or shoot me an email:  [email protected] 

Bombsaway!

Matt Skinner

Nice tri-plex for sale in Long Beach.  Perfect House Hack.

I am flexible.

If you have a down payment I can carry until you get your loan in place.

If you can qualify for the loan but need down payment assistance, I can probably help with that too. 

Perfect for first time investors.

Great property.  

Matt Skinner

818-419-0202

Text me your email address and I will email you information.

The most effective yellow letter is the one that goes out consistently and repetitive. Frequency is more effective than messaging. Telling your prospective seller over and over again that you are ready and willing to buy is better than telling them you empathize with their situation in one well researched letter. I often tell my team it's better to send 10 people the same letter 10 times than to send 100 people one letter one time.

You must get lien releases before any and all payments made to a contractor. You could file a claim against his bond - they will pay you for all unfinished work and they will collect the money from the contractor. That is what a contractors bond is for. You could take the contractor to small claims court and have a he said she said battle in front of the judge. I hate to say it but... Pay the $1200 and move on with an education. If you are successfully flipping houses your time is worth more than the effort it will require of you to win on principle.

If you want to be a real estate entrepreneur neither a degree in finance nor a job in construction are the fast track to doing so. Go work for someone that does exactly what you want to do and never stop pursuing your education.

I emailed my broker.  This is his response:

The mortgage insurance stays on the loan for the duration. It is recalculated after each payment so it's shrinking, but never leaves.

On Jun 11, 2015 6:19 PM, "Matt Skinner" <[email protected]> wrote:

With the FHA loan does the PMI burn off?

If so, when?

___ 

Sometimes it's not necessary to know all the answers if you know the right people to ask.  = )

@Danny N.

@Steven S.

Haha.  Thanks @Matt R.

Two basis points per million is $2,000. PMI takes your rate from 3.5 to approximately 3.7 (effective rate).

x35 years = $70,000/million

And yes it would be best to get the PMI removed at some point but should probably weigh very little in deciding to take this loan. For one, there are no other 35 year commercial loans so the cost of refinancing would be more than the cost of PMI. Not to mention the value to your buyer being able to assume this debt is priceless.

with a 3.5% long term fixed rate on several million dollars, quibbling over a few basis points of cost for PMI seems petty. I don't really care if I pay PMI until the loan is due - in 35 years - when I'm 78 years old.

If someone offers you free money don't negotiate with them on who's going to pay for gas for you to pick it up.