All Forum Posts by: Tracey Williams

@Brian Murray Great tips! So, it's necessary to ask the seller if there is a Reserve Account once the LOI is submitted, so that I can incorporate it in the PSA correct? I can't wait to read your book!

How much will the bank typically wants to see in the reserve account? 10-20% of purchase price? Or just a flat amount?

@Chris Eaker are there any criteria for assuming the loan? Will you have to go through any process with the lender?

Good luck!

Congratulations @Luka Milicevic ! 

@Ken P. Thanks for the article 

@Michael Boyer - Awesome summary! I absolutely agreed; to develop a system to manage people and your property. It takes a lot of practice & discipline. 

@Terrill Clark - There's a very good podcast by @Andrew Cushman , am not sure of the number but I've watched it a couple of times on YouTube and I will recommend it to anyone planing to get into MF.

Good luck 

I totally agreed that you should pull your own credit and add a copy to your loan application when shopping for a lender. You can explain to the lender why you don't want your credit to be pull yet.

I made this mistake last year and can't  wait for all the pulls to drop. (A lender even pull my credit twice within two weeks)

Good luck,

Tracey 

I have used more than one agent for my deals but I only deal with one agent on one property.

Agent for my flip - I have an agent for my downtown and flip deals. She brings me a deals and I buy through her. When I finish rehab she sells. She knows the area very well, stage the house, on point with comps & appraisals. She knows I buy rentals and we talk about tenants & Section8 all the time because she is also a landlord.

My other agent- I use him for buying my rentals & we've been working together for six years. We've close several REO's & HUD using him. He even jokes that he need to come to me for training when he his ready to flip his first house.

Good luck,

Tracey 

@Denis Davydenko, 

I will suggest that you speak with others that have invested with them & have an attorney review your agreement with them.

Good luck!

@Steve Cook

This is Colony Capital LLC in AZ?

Thank you 

@Steve Cook

Thank for sharing your experience with the various lenders and your field back with Colony. 

Just for clarification, you will be converting the portfolio to a term loan with Colony?

Great job!

Good question!

In addition, Ask for how many transactions they have closed in the last twelve months.

Good luck.

I received a second call from an anonymous caller today, that works in the city. He said he believes that drug dealings is going on in one of my SFH. He has called about three weeks ago with the same concern. The caller said he thinks several families are living in the house, because three SUV always packed in the driveway and cars are always going and coming.

He mentioned windows blinds has been damaged and tenant doesn't take care of property or their trash. He said the neighbors are seriously worried about the property and the kind of people she brings to the neighborhood. 

The property is about 45mins away from me and is been managed by a PM.

I called my PM and we visited the house after his first call.  The tenant explained that the reason for the noise at her house over the weekend was because she had a party for her son.

It's a very nice quite neighborhood and just few blocks from an elementary school.

She's been living in the house for about 18months and her rents are paid by CHMA. 

Am planning to drive by tomorrow and Friday. Should I just give her a 30 days notice. I am honestly concerned the caller could be right but I have no proof. He has promised to send me pictures taking when he walks his dog tomorrow.

What is the best way to handle this?

Thank for your great contributions,

Tracey