All Forum Posts by: Tim Watcke

Hello- this question is for hard money lenders.  What challenges are you anticipating on Oct 3 this year when TRID is supposed to be implemented? 

Based on my research, it looks like HMLs doing more than 5 loans a year are required to conform. 

Any thoughts? 

Thanks  

( I lend HM in SLC, UT)

The stainless steel crimp rings system work great. You only need one tool for all pipe sizes (just different ring sizes) You can buy the tool on Amazon for 50$

Yes you need both. The note spells out terms of loan (int rate, late fee, payment schedule , amount etc) The trust deed or mortgage (depending on state) is the document that is recorded with county that encumbers/liens the property and that gives the beneficiary power to foreclose.

All the above reasons make sense. I personally sold a 22 unit building I have owned for 6 years that was making excellent cash flow and was easy to manage just to use the equity to pay off other debt.

Well said Ken Vesely ! I couldn't agree more with everything you said. If anyone has a cheaper / easier alternative to HM then of course they should use that. A 203k is for owner occupant loans only. I lend HM also and I feel one of the most valuable features of HM is how quick loans can get funded. Lenders routinely can fund deals in a day or two. Great for short sales with expiring approval letters !

There could be many reasons a home sits on the market. But, with no exceptions (assuming the home is being marketed to a realistic pool of buyers,ie MLS) there is nothing price can't fix. Every property has a price that will compel a buyer to make an offer immediately. Often when I list my flips, I err on the low- mid range, thus getting tons of showing. I just listed one this week and have 20+ showings in the last couple days. 5 offers and counting - asking for highest and best due in a few days. I feel by doing it this way, the "market" is setting the price.... (SLC,UT under 200k is extremely hot right now)

Cozy.co is good for free ACH. It does take a few days for the money to hit your account but it's a nice user interface - automated and my tenants seem to like it. Intuit payment network works well too. I use that for one time payment requests like deposit and move in money. - there is also a recurring monthly option you can set up. I also use PayPal, Square Cash, Venmo, the more ways to receive money, the better in my book.

I am in SLC, UT and 1/1 are my favorite (Downtown area) high demand, typically one occupant, very easy to rent....   My building of choice would be a 10-20 plex all 1/1.... 

What I normally do on flips, is not have the outside unit installed until after the new buyer closes. Write it in the contract, home builders do this a lot around here.