All Forum Posts by: Adam Bradley

I am looking to purchase a house for $50k that is worth $70k for cash. I understand that banks like a property to "season" for a year before they will refinance.

What I do not understand is if this applies to:

1. If you are refinancing with the lender with whom you have your original mortgage.

2. If you already own the property outright, and want to pull cash out.

For simplicity: If I buy a property today and put a tenant in next week, does a bank still want the property to "season" for one year before they will give me a mortgage (70-80% LTV)?

Thanks for your input!

@Hadar Orkibi, thank you for your input. I'm a bit unclear if you were saying that I needed to ask for a referral in a special place on BP or if this thread in which we're conversing now was sufficient.

I need to find a real estate attorney, in Walker county, familiar with seller-finance deals.

Do you guys recommend anyone?

In the course of putting together offers for a triplex just north of Jasper, AL, I've found that no property managers (that I've found on Google) service the area.

This looks like a deal breaker, as I'm not trying to get into property management, myself. Does anyone recommend a creative way to find property managers?

@Kellie Ross, I called the 334 number and it rang and rang and never went to voicemail. I called the local Insurance Solutions Group here in Birmingham at 205,730,2878 and left them a message.

Who do you guys use for insurance for your single family and multifamily rental properties?

Great input, thank you @Andrew Johnson.

@Bryan Mills, thank you very much for your input. Yes, I would very much like to reach out to one of your bank lenders to ask a few questions.

Also, are you a RE Attorney? I may need to reach out to you for others things as well, if so.

Thanks again.

I'm looking at purchasing a triplex with a private lender. Using the BRRR strategy, I plan to refinance within a year to get cash back out. I am planning to build out two more units on the property (already half-built).

Should I leave the two "new" units incomplete until after I refinance so that I can use a conventional loan, or should I go ahead and build them out to make the property commercial (5-units) and increase the property value?

Either way, I will definitely build out the two units eventually, and there is space to add 5 more as well.

I already have an LLC, if that makes any difference.

Thanks a lot for your input!

Can anyone recommend a reliable contractor for a 4 unit rehab job in Birmingham?

Required work:

Electrical wiring and fixtures

Plumbing fixtures

Sheetrock install/mud/paint

HVAC repair/install

I appreciate any input!