All Forum Posts by: Steve Newsom

I also would like an alternative for Stressa

Been unable to download bank information for months at time. Why Bigger pockets is promoting them is a mystery unless they did not do their homework.

Any recommendations on insurance companies or insurance brokers writing Umbrella policies for liability in California.  Cover multiple properties and vehicles.

Was using Stessa for last couple years. But now they are unable to connect to my bank accounts. Problems with Yodlee connecting to download account information. Its been over a month since my accounts were updated. Appears to be a wide spread problem customer service from Stessa is cooperative they are just unable to fix. So what other software is out there. Understand Czy is no longer available?   

Wasn’t sure of difference in services between options. I understand there is a software you can download onto your own site. Cozy takes 5 days to deposit rents into landlords account or charges $2.? Per unit to deposit within 3days.

Standard/default date in rental agreements is five days from due date which gives tenant to the 6th add 5 days and your at the 11 of month.

Unsure of variations of services by other providers. 
Thanks for the input.

Looking at possibly starting to have tenants pay rent online. See older post anyone have recommendations and some pro and con insights.

Hi Bryant,

So what did you finally settle to evaluate valuations of property management companies?

Steve Newsom

Great responses appreciate them. I read the FNMA guide lines so I am aware of them, but these are not the bread and butter loans most lenders wish to process. They take more time and effort and a lot of companies do not offer them or want to do them.

So my original request was to find a company that does them on a regular basis so the odds of success are higher.

Question to Jerry I am aware of the 6 month PITI reserves on all mortgages, but want to clarify the unpaid principal balance comment you made.

So lets say hypothetical you now have six mortgages totaling 1million dollars and your PITI is payment is $8,000.00 per month.

So you would need 6 months reserves or $48,000 dollars. And are you saying you would also need 4% of the total unpaid principal balances which in our example is $1million dollars. So would you need an additional 4% of 1million dollars are $40,000 dollars.

If so you would need the $48,000 plus another 40,000 or a total reserve of $88,000. dollars. 

Has anyone worked with a lender who has successfully used Fannie Mae's 5-10 program in California or else where. 

That would be awesome. Ask them to let me know you referred them.

Thanks again Steve

Have great contacts in California but need some in Salem area for carpet, paint ,carpentry.