Best thing you can do as an investor is go mystery shopping and tour other rental properties - you'll be shocked sometimes what you see!

You’d be shocked by how little actual screening many PMC’s do!

You’d be shocked by how little actual screening many PMC’s do!

This will be a shock to all and we want to handle this the best way possible, as many believe this is their home and would like to stay for years to come, understandably. 

Hi @David Kimball, first things first, you are going to get sticker shock from the rates.

Have you done any preliminary analysis on developing the front parcel?

I just closed on 2 HML/Private Money deals and I really was shocked to see the BPO that came back from the agent/broker who was assigned to value the properties.  

I must say I was floored by the sticker shock of the offer but when you have money you can do those types of loans.

You can at least get an overview of the process, maybe meet with them, ask for any preliminary paperwork to fill out, etc.  

I had thought since we were so far out it’d be a small penalty if any, but now I’m learning years 1 and 6, 2 and 7, 3 and 8, 4 and 9 are considered equal for prepayment % (5,4,3,2,1 percentage respectively), which is nuts to me but I’m sure is nothing shocking to you folks who do this daily.Anyone ever hear of CURRENT lender waiving this penalty if the new loan is with them also?