All Forum Posts by: Wei Jie Yang

Closed today finally! This one dragged out for weeks due to some mistiming, but as a result I received a better product. Bridge was AMAZING in their quickness to respond to ANY issue. I might buy again from them real soon if Voepel works out.

Now I am waiting on Voepel to tell me what I need to do on my end. This transition is something I'm a bit worried over, just because this is the first time when the turnkey company isn't the PM company. That being said, apparently a tenant has been found and will be moving in two weeks.

Word of warning(not really the right word for it) Bridge does hire a inspection company to do the third party inspection for you. You WILL be charged for it during the close. So don't hire another third party once they already did it because you will be paying double on the inspection criteria. Same thing with tenant placement. Bridge will charge the 50% tenant placement fee that Voepel charges during the close.

@Andrew Korver @Kim Tucker @Jake Riordan Thank you for your help and suggestions!

@Jay Hinrichs  Thank you for mentioning this. I am still researching multiple markets and couldn't for the life of me understand why I saw some tax years jump or decrease 2x what it was the previous year.  I don't believe there is such a thing in NY (at least not in the 5 Boroughs anyway) so I was completely unaware of this.

@Nathan Brooks Does KC Kansas or MO have this sort of homeowner tax exemption?  I'm not going to stop my purchasing even if there is of course, I would like to know for my future calculations.

I am doing 15% and paying a lump sum PMI at closing. Doing the math, the bigger the deal, the better this deal is. My current lender had the Lump Sum PMI at 1.49% but I've talked to others that had it at 2.2%.

Note: if you instead choose the monthly PMI, it usually ends up being a higher amount then the lump sum before you can extinguish it, since there's a minimum time period that you have to pay the pmi before you are allowed to get rid of it.

 Do you use Voepel as your PM or do you use another company that specializes in Short term rental management.

Closing has been delayed by at least a week due to mistiming of the Appraisal. During the scheduled appraisal a lot of the repairs were not completed yet. We had water seeping in thru the cracks in the basement floor, cracks in several basement areas, an open electrical outlet and other smaller issues. That being said the bathroom and kitchen seems to be immaculate and the appraisal came right on the money.  

Once the appraisal and pictures were received Bridge immediately(~30 minutes after the appraisal was received!) sent someone back to the house and took pictures to confirm those were NOT issues any longer. As a result of the bad timing though, the underwriter has requested a structural engineer to look at it and the appraiser go back into the house to confirm everything has been done before the deal can go thru. 

I feel a bit bad for the team at Bridge because they have been great throughout this entire process and has been rapid in dealing with any issues that pops up, and this happening will increase their holding costs. But these steps is protecting my investments so I can't say I'm too upset. :)

I also found out this from my lender. Fannie/Freddie changed guidelines regarding title and loans. If you want 10 loans for you and 10 loans for your spouse then don't put your spouses name on title. They are now counting the title against the spouse even though the spouse is not on the loan. 

With the new KC house I am investing in the Ruskin Hills (not heights) area. I think what I'm getting is a house in the Frayser(38127) equivalent for Kansas City. I even got the same lines about the neighborhood from Bridge that I did from Midsouth Homebuyers when I asked about Frayser.

That being said though, companies like Midsouth, Crestcore, and Memphis Buy and Hold makes questionable working class areas work for investors (at least that's their reputation anyway). There's no reason for me to think Bridge and Voepel won't do everything in their power to make this work, as their reputation is stellar as well.

I'll keep everyone up to date in regards to what's going on. If this goes well I'll probably be buying from someone again around June or later.

@Nathan Brooks just got back to me and said Bridge would cover any possible fees that comes up with this issue. So on my end, I'm satisfied. I have nothing to complain about with Bridge. Bridge has definitely  been great all around.

Well, first slight bump in the road with Bridge Turnkey. Just got word from my lender that apparently when the appraiser came, not all the renovations was done yet and the appraiser has to come back, for an additional fee of course, even though we already rescheduled precisely because of this issue already.

Haven't gotten any word back from Bridge themselves if there will be any resolution to this issue, but it's literally only been ~ 20 minutes since this issue has been bought to my attention so I'm holding out hope they'll cover any additional fees.

@David Katz I do have a version that I fixed up and that I am using to evaluate individual properties. That being said, I was just confused as to what's causing it, since I believe the formula is actually correct, I'm just getting incorrect numbers from it. 

I did end up figuring it out on my own (for the 2nd time actually since I already made a template that corrected the issue, I just forgot what it was!) 

I did PM @Chris Clothier and  I believe he has solved this particular issue I was having as well. He offered to have a GotoMeeting with me where he can explain the issue and the fix.  I have not replied (I know I should) but I am declining since I figured it out.