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18 November 2024 | 16 replies
@Philip Jones we've helped our clients do over a hundred.As some of the lenders posting have pointed out, the challenges are:1) Property value and corresponding loan size2) Appraisals have much better comparables than 5 years ago, but may still be an issue.3) Property condition can be an issue via the appraisal4) Ownership seasoning - most lenders looking for 6+ months or incredible documentation for cost of improvements made.5) Most DSR lenders require professional property management.Always try a small local bank or credit union, but most will expect you to transfer your business bank accounts over to them.
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13 November 2024 | 5 replies
I believe it is gathering STR data which is only partially relevant.
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11 November 2024 | 2 replies
Is anyone using Stessa and importing Airbnb transactions into Stessa? Works really well (I used the CSV option) - but the Stessa import tool does not bring in the GUEST SERVICE FEE from the Airbnb transaction. Any ide...
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19 November 2024 | 6 replies
A lender will use market data, conservative comps, and always side on the fence of "what if" - as in, what if they have to default you and take over the property?
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11 November 2024 | 4 replies
This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.Since the passing of this amendment, all properties in Michigan have two property tax values associated with them:State Equalized Value (SEV): supposedly equal to 50% of the market value of a property, not based on recent sales price.Taxable Value: the SEV annually capped as long as there is not a transfer of ownership.City Assessors are charged with determining how much property values have changed each year.
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13 November 2024 | 18 replies
Fannie/Freddie absolutely will allow you to transfer your property into an LLC after closing.
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14 November 2024 | 25 replies
Been renting for 10+ years, before venmo / zelle - whenever I asked my tenant they used to prefer bank transfer or checks.
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15 November 2024 | 10 replies
They offer data migration assistance for when you switch to their system, as well.
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13 November 2024 | 4 replies
I don't know that Crexi has any information on the owners, just data on multi and apartments.Based on a Zoom call I was on last week it sounds like Crexi is stepping its game up trying to compete in the CRE world.
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14 November 2024 | 21 replies
You can find a lot of that info in city/county websites and real estate data providers.