All Forum Posts by: Zach Mitchell

@Chris Mason Thought I would follow up on this. Have had experience with both PRMG and Sprout Mortgage now. Long story short..... DON'T USE EITHER OR YOU'LL REGRET IT. Luckily these were not my personal loans but you were definitely correct.

@Chris Mason It’s not the 25 bps, it’s the $6k in lender credits. I don’t mind delays but I definitely don’t want to end up not closing. 

Originally posted by @Chris Mason:

@Zach Mitchell

Just going to leave this here: https://www.instagram.com/p/CCsdFhGjLbF/

Glad I saw this. We ended up with PRMG. I’m not very optimistic, any experience with them?

Originally posted by @Chris Mason:

I see someone just clicked "like" on my post above. Sprout post-March 2020 is a completely different outfit. They've redesigned themselves almost from the ground up in response to changing market conditions (in particular, in response to what paper Wall Street is - and isn't - buying).

In general PSA: any and all mortgage advice from March 2020 or before should be disregarded. March 2020 was a bigger discontinuity for the mortgage industry than 2008.

Chris, I'm about to refi my personal residence with them since they have some really great pricing right now. Have you closed loans with them in June or July? Are they still taking almost two months? 

@Vladimir Fefer That’s about as cheap as it would be. Probably more like $1,500-$2k at beginning. On page optimization (essentially rewriting all your content so it’s unique and will help rankings), off-page (all your local listings, directories, etc), back-link building, consistent content creation, getting that content on high authority pages as a third party contributor, ideally linking back to your site, etc. The list is long and it’s all very time consuming. Also needs to be consistently happening. Can’t just do it all once and forget about it. 

@Anne Jackson Never got any feedback from a user who had used both. I ended up with Investor Carrot back then and don't really have any complaints. The guys over at lead propeller are good as well. To rank well, you need to be spending $1,000 plus per month in SEO so if you're doing that, I don't think it would really make much difference which platform you're on. 

@Jennifer Davenport I see it's been like 6 months but did you ever get this sorted? I can help walk you through how I have it setup, which is how my accountant suggested. You definitely need classes for each property but you log all expenses and costs associated with the property as current inventory. For the purchase and sale you have to log separate journal entries. Let me know if I can help. 

@Brendan Henry-Lambert This depends on the lender. With most hard money lenders, they will send out a 3rd party inspector to confirm the work is completed that you are trying to take a draw on. Then once it's confirmed, they will release it and usually just deduct the fee from the draw. The draw fees/inspection fees should be around $150. Not sure what you mean by junk fees. You shouldn't be dealing with any lenders who have junk fees. 

First thing to do is call municipality and ask to speak with planner of the day. Unless it's a small city and there is only one, then ask to speak with them. Tell them exactly what you want to do and you can find out exactly how likely it is to get approvals for it and also all of the costs involved from the city side. Might be impact fees, water/sewer connection fees, etc that contractor is not including. Also, $100k for a duplex seems really low. Are these like 400 sf each side?

Get professional pictures taken! It's the best $150 you can spend. I don't understand why so many "professionals" in our industry don't let the other professionals do their job. Getting a cleaner in there is obvious, I'm assuming you got a little ahead of yourself and wanted to get it listed before you were 100% finished. We never do that though since you only get one shot at a lot of buyers, and once it's on their "already seen it and don't like it" list it's going to be very hard to get them back. Definitely get professional pics taken and make sure all the little minor stuff is taken care of like suggested above. And don't ever post another pic with a dumpster in it!