All Forum Posts by: Darryl Dahlen

Figures it'd be that easy. Thanks for the help and add me to the list!

Maybe I'm missing something, but I don't see where I can add the link to my Linkedin profile.

I am sorry this happened to you Mary. I don't agree with the way this company handled things, and it is these type of people that give us a bad name.

I can't help but think that if the broker kept the lines of communication open things might not have ended like they have. Too often, people shy away from giving bad news so they don't do anything and leave their client hanging.

No matter what the reason is why your loan didn't close is, the fact remains you shouldn't have been kept in the dark to what reason is nor have to be forced into a corner to get your your money back.

Are you asking if there is a list of contractors who have participated in HUD 232/221(d)4 projects? If so, then not that I've seen.

You can look at the list of HUD approved lenders and then go to their websites. In almost all cases, they will have list of completed projects that include short descriptions. I doubt they will list any detailed information, but with some legwork, you can find out who owns the project and then look at their websites.

Those sites "should" have some useful information.

I'm not saying there aren't bad apples out there, there are, but that applies to just about anything in life.

One should do their homework before getting involved with another entity. You would do some checking on a lawyer or doctor before trusting them, why not on a realtor or broker?

To paint an entire segment of the real estate sector as a bad egg based on no fact whatsoever is simply uncalled for.

What an incredibly ignorant statement to make! As a broker, I take offense to your comment and couldn't disagree with you more.

I don't think he needs to worry about loosing the house in a drug seizure over a single plant. It could even be legal, but if not, this isn't a case where the DEA is going to raid the place.

Per your own words, you have a tenant who is clean and pays her bills on time. All of that could change if you threaten eviction. At this point why risk the legal costs, possible loss in rent, and risk damage to the property over something that you could very likely solve with a simple conversation?

I would have a sit down with her. As mentioned, perhaps she has a medical card to grow the plant. Perhaps not, but by having an informal talk with her you ought to be able to resolve the issue in a civil manner. I wouldn't even mention eviction since that could put her on the defensive.

As some have mentioned, approach this from the point that the wiring is an issue and that you need access to the garage. IF that doesn't work, then you can take it to the next level.

Indeed, but it is far easier for me to vet a borrower then for you to find a funding source. I'm dealing directly with the person I need to and with proper questions/docs, I can make an informed decision very quickly as to if I want to proceed.

You have fight your way past the gatekeeper (broker), and if you make it through them, you then need to get comfortable with the lender. That would drive me nuts.

The upgrade in speed is noticeable and greatly appreciated!!

Not fun is it? There SO many flakes out there, and unfortunately, no sector is immune from them.

My plight is with borrowers who are so out of touch with reality it makes me wonder how they were ever successful. I had someone approach me recently for a commercial loan after being turned down by his bank. He was turned down because he stopped making payments on his loan. He thought since he was refinancing his property he didn't need to make any more payments until he closed on the new loan. I about fell out of my chair.

Borrowers have to deal with shady brokers, lenders who are cherry picking deals, banks who aren't lending at all but won't turn the deal down until months later, and on and on it goes.

I know it isn't easy to sort through the lending minefield. Looking for reputable equity and JV firms is even harder since they tend to operate more under the radar then hard money and conventional lenders do.

I wish I could help you, but I don't have much depth in that category myself. The few I do have are very niche specific, and to be honest, they have all the business they can handle so it really isn't the best use of my time to make deals work that need a JV or equity component.

Personally, since finding, and then successfully soliciting these groups, is so challenging right now I believe it is almost easier to strengthen the deal internally by bringing on an another partner and/or scale down the project to where it works conventionally or perhaps with a mezz component instead of an equity/JV structure.