All Forum Posts by: Darryl Dahlen

How does one fully occupy 6-12 units in less than 3 months? Were incentives used?

The lack of historical financials is going to be a tough obstacle to overcome. Do you have any collateral to pledge? How does your credit and personal income look?

No questions just a huge thanks for all the hard work you do!

I would be happy to answer any questions you may have, but first off, let me ask you a question. By townhomes, are you planning on renting these or selling? I only ask because the 221(d)4 program is for rental property only.

Obtaining a HUD loan is great considering the terms are unbeatable, but they're not for the faint of heart considering the expense. It's a tradeoff though as the money it costs to obtain the loan is more than offset by the terms. Especially for construction projects.

I'd be happy to email you the basic outline of of the 221 program with regards to the terms, process, fees, etc. I deal with a MAP (Multi-family Accelerated Processing) lender which helps with the underwriting timeline. Not to say that makes it a quick process though. It doesn't as HUD is backed up on 221 requests so you can expect 9-14 months for approval.

Also, there have been some changes to the program:

1. The DSCR requirement for market rate properties has been bumped to 1.2. It's still 1.11 for HAP projects.

2. FF&E is now a mortgageable expense.

3. The working capital escrow requirement is now 4% instead of 2%.

4. The absorption rate for all units is now 18 months.

There are some other changes, but those are major ones for the 221 program.

Again, feel free to email me and I'll send you some loan program details.

I'm happy that justice has been served. I saw this picture online and felt it about sums up what a lot of us are feeling today.

I am very sorry to hear of this. I can't imagine how frustrating it must be to deal with that level of financial red tape.

Unfortunately, this is not all that uncommon these days. Not to say it's common practice to be put through the ringer either, but with lenders being skittish aboutl lendding they are really making sure they can sell of the loan on the secondary market.

My suggestion would be to find a portfolio lender. I think you'll find that you'll have less hassles getting a loan from one since they don't sell their loans off.

I view LinkedIn as an online resume. Since it usually comes in first on a Google search for your/company name it can be useful for those who are looking for you.

I know some people in the tech indusstry who get job offers (legit ones) based off of their LI profile, but for those of us in real estate, I think it is better suited as a vetting tool.

What a great post. I hope it works out for you and can't wait to see what comes from the meeting on Sat. Best of luck!

I had a high school friend that was an RX7 enthusiast. It was unreal what he turned that car into. I don't remember how much HP we squeezed out if it, but I know it was a lot more than I ever thought I'd see come out of that rotary engine.

Love the Hummer. I only drove the military version of it, but it was a pure blast to drive.

Try as we might to get one stuck, we never managed to. As long as you had the width, it would go over just about anything.

A friend of the environment they are not, but if you don't mind living at the gas station, they're a lot of fun. However, like you stated, a Jeep is whole lot cheaper for probably just as much fun.

What a beautiful car. I love the picture since I'm also a huge fan of the P-51 Mustang.