All Forum Posts by: Zach Gordon

I'm at typically 300 basis points over 5Y Treasury (25Y Amort). Usually we end up at like 280 BP over Treasury.  I am going to a local commercial bank in MD. 

Recently opened up a HELOC on my primary with PNC and I am .95 under prime

We are looking for suggestions on where to get cabinets for rentals in MD. We used a RTA cabinet distributor before and while the quality was great, it was a painful process. Ideally we are looking for a local supplier where we can pick up the RTA (or assembled) ourselves incase we find out they are damaged. Having to wait for replacement parts delayed our timeline dramatically and caused us to lose a renter due to unit not being ready on time. 

I am a out of state owner and had a very bad property manager in NC that has since been replaced for a small 4 unit building. They didn't collect rent timely, didn't charge for late payments, didn't evict non-paying tenant, let the property run into disrepair, etc..  All of that is bad, but nothing illegal.

I have received their ledger that shows when rent was actually paid and noticed that the Property Manager has withheld money that they have collected. 

I settled on the Property on August 24th, and rent for the August Period wasn't collected until August 29th or September. I believe that even though the rent was for the Aug 1st to August 30th time period, it was collected after I owned the property so it should be mine. There is nothing in the sales contract that say's how past due rent should be handled. There are also funds that were collected months into ownership that were not sent to me.

Has anyone experienced a situation like this from a property manager and how was it handled? I have requested the funds I am entitled to, but doesn't sound like they are going to pay.

If I get an attorney, am I able to go after them for pain and suffering and have them pay my legal fee's if I win? Does anyone have a good recommendation for an attorney in the Concorde NC area that will be able to assist.

Thanks

zach

awesome, thanks so much for the leads. I sent in a request to a ton of a lenders today to at least start discussions. 

Thats great info to know on TD, I was looking for a bank for a quick LOC so I can continue buying properties while waiting out the 6 month period between buying and doing a cash out refi at new appraisal.

Some of the larger banks told me to investigate the local credit unions and smaller banks. I'll give MECU a call to see what they can offer. 

Fairfax credit union was also recommended for a LOC but haven't been able to connect with them yet. My contact at 1st portfolio is suppose to get aggressive for investment properties but thinks it's going to be hard with a LLC in place.

Yes, these properties are owned free and clear. 

I have been calling around to several large banks to look at financing options for several properties that we are renting out in the DC area. A partner and I own several condos/townhomes and under contract for several more through an LLC that we are 50/50 partners on. We have fixed up the properties significantly and looking to do a cash out refi to pull out most if not all our equity.

Due to our ownership interest being in an LLC, it makes it hard to get a residential loan unless we change the deed to point both our names. We are considering this option but wanted to see if others have an suggestions or lenders that will lend on a 1-4 residential units under an LLC without a limit on number on properties.

Also, does anyone know of a lender that will provide a line of credit using the properties as collateral for quick cash? We will have to wait 6 months to obtain a LTV based on new appraised value vs purchase price which will slow down our purchases. We want to do a line of credit based to pull out some cash for future purchases while waiting out the 6 months for permanent financing.

I appreciate any advice anyone can give,
Zach

Hello, I am trying to find a place where I can park my sales person license for my personal purchases in MD. Any suggestions of where to look would be greatly appreciated.

Zach