All Forum Posts by: TJ Nowitzki

Hi,

I am looking for lender recommendations that can do fix and flip loans. Only need around 25%-35% LTV with loan amounts around $100,000 - $150,000 for 12 months. Looking for no pre-payment penalties and the ability to close in less than 10 days (quicker is better). Okay paying points if the lender can close fast enough.

I have seen Accolend and Kiavi mentioned occasionally so wanted to know if anyone recommended them or anyone else.

Thanks,

Trevor

Hi all,

My question is if the current owner received a grant deed that was issued title insurance in 2010. Does that mean you would only need to track chain of title back to the last grant deed that was issued title insurance? Or do you need to track title back to when the property was built to be sure that there are no senior liens? (This is related to properties in California)

This is related to buying properties at foreclosure auctions.

Thanks

Thanks for the recommendation Dave. I am still looking at the moment. I will reach out to you too Joe. Thanks.

Could someone  please recommend a good insurance agent for the Sacramento area? I am looking to get umbrella and builder’s risk insurance policies for the S-corp that I flip through.

Hey all,

I am in the process of finalizing my flip spreadsheet but wanted to get a better idea of how applicable J Scott’s flipping estimating figures are for the Sacramento market? I do intend to get quotes before finalizing but just wanted to get an idea of what I should be expecting when I talk to contractors and tradesmen.

Thanks

Hey all I have searched the forums but don't seem to be finding the answer I am looking for. My question is related to a commercial mortgage with three partners holding an apartment building in an LLC. Since the LLC is new we will have to personally guarantee the debt. My question is since we each guarantee the debt it is my understanding that the liability is 100% counted against our DTI ratios. However we are only able to offset our DTI with our percentage ownership of the profits which in this case is 33% each.

To better illustrate my question below is how I roughly understand how the DTI calculation for our partnership would work.

Partner 1 Net Income share: $50,000

Partner 2 Net Income share: $50,000

Partner 3 Net Income share: $50,000

PITI: $100,000

For this example each partner would have there DTI negatively affected by $50,000. Is this understanding correct?

Is there a solution to this? Can we just personally guarantee 33% of the loan each so our DTI does not take such a large hit? Another option I thought of is alternating which partner personal guarantees the loan for each deal. It's not a huge issue for the first couple of deals but something I want to be mindful of as we grow.