All Forum Posts by: Adam Craig

I have a portfolio lender that is okay with a second position as long was everything cash flows.

So it looks like I should source private money for rehab costs. Is this something only to be found locally through networking or would searching the internet be worth my time.

I own 10 single family homes but am looking to move into apartments. I want to start with 30 unit/ 1MIL max which is doable in my Cleveland market.

I really want to buy slightly distressed or mismanaged properties and attempt to turn the business around like I do my single family homes. 

I have a commercial lender that will do 80% loans - My plan (and hope) is to ask the seller to carry as much of the remaining 20% as possible. I can bring my own money to the table but if I can use OPM I am happier :)

Other then your own pocket - where are investors raising capital for rehab? Would this be considered a construction loan and what kind of terms are typical?

I am shopping rates on my 10 rental properties. The agent from American Modern asked for a dollar figure I wanted to insurance for. My guys at Nationwide never asked me this they just insured for a set amount.

Example - I bought a house for 50K - its now valued at $70 - the replacement cost is 169K - do I want to insure for the full replacement cost amount? It seems high and I know it will bump up my rates.

Right now I have nationwide - they are great for my own home but my commercial policies on my rentals are very high. Before I shop around I was wondering if anyone had recommendations for rental property home owners insurance - I have 11 properties

3 weeks ago I had my own roof replaced because of wind damage. I got a $8000 roof for $750 deductible. 

I just had my contractor tell me the rental property I acquired last year needs a new roof and it looks like there is definite wind damage. Would it be a good idea to try and get another roof in such a short amount of time? Could they drop me?

My own home is through nationwide - I have 11 single family rental homes all on a commercial insurance policy though nationwide but covered by 3rd party.

Between all 12 properties I have an estimate 265K in equity. I wont be refinancing my own home - just my investment properties.

I just want to put that equity to work so I dont have a certain dollar figure in mind. Ideally I would like to use as much as possible to increase my rates of return. Many of my properties are returning 12-20%, not including appreciate and tax benefits. If I can borrow at 5% it seems to do this as much as possible until I retirement nears or I plan on needing cash.

Right now I own 12 single family homes in the Cleveland market all financed between 4-5% with most of them on a 30 year term and 2 of them on 20.... All of them cash flow between $200-$450/ month.

With my current business income I am able to purchase about 3 properties a year. Because I am young (27) and have time on my side - I feel pulling some equity out to accelerate my business might be a good way to go.

I know everyone has different levels of risk tolerance butI want to get some BP member thoughts about doing a cash out refi on investment properties before I make a decision.

Pros/Cons?

I got a quote to refinish the floors for $3200 or $2.50/sq ft. This includes the first floor, the stairs going up, and 3 bedrooms upstairs. I have used him before and he does good work -

I do this because I like not having to replace carpet but I was thinking I might have him refinish everything except the 3 bedrooms upstairs. Do most tenants prefer carpet in the bedrooms or should I just pony up the money and be done with the floors for years after refinishing.

I am using a commercial loan for these properties. Thanks for the tips I should probably just ask my lender.

I buy and hold single family rental homes - Terms are standard 20% down.

I just started a strategy of increasing my offer price to get some closing fees paid for. For example. If the accepted offer was 50K - I would revise it to 53K with the agreement the seller will give me 3K towards closing. This reduces my out of pocked.

Can I use this strategy and just ask for cash at closing in addition to having the closing costs credit? I would be happier paying more for the home if its going to cost me less upfront.