All Forum Posts by: Argi Avetisyan
Argi Avetisyan has started 4 posts and replied 11 times.
Post: Flood insurance cost very high - Flood Zone AE - quote is $3-3.5k
- Los Angeles, CA
- Posts 12
- Votes 5
Quote from @John Mocker:
Argi,
Yes, there are now dozens of "Private Market" flood programs. Most are using their own algorithms to calculate the rate for a specific property. Many can quote with just the address and a few other items. I routinely runs quotes with most of the markets because there are often large differences between programs rates and which will be most competitive differs from property to property. If your agent can not access all these markets PM me and I will get you some recommendations on who can.
Post: Flood insurance cost very high - Flood Zone AE - quote is $3-3.5k
- Los Angeles, CA
- Posts 12
- Votes 5
I have a rental property in flood zone. I am refinancing and the lender requires flood insurance. My insurance agent told me it would cost $3,000-3,500 per year to insure this through NFIP/FEMA. Are there any alternatives to this? The property is in St Louis, MO and not in an area that is very high flood risk area compared to other areas.
Thanks in advance.
Post: How to pull cash out of rental that’s worth $55k
- Los Angeles, CA
- Posts 12
- Votes 5
Originally posted by @Andrew Postell:
@Argi Avetisyan as mentioned above the loan amount will be a big challenge for you. Lean on some other real estate investors in your area (or the area of the property). Try posting in that state forum. Bigger Pockets has some great state forums and usually there are good locals that monitor those. Also, try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet.
Thanks for the suggestion, Andrew!
Post: How to pull cash out of rental that’s worth $55k
- Los Angeles, CA
- Posts 12
- Votes 5
Originally posted by @Roi Ford:
I would consider a HELOC loan from a bank. If you don't qualify for that, then I would go with some type of private money financing. Your challenge will be the loan amount. If the value on the house is only $55K most lenders won't touch it. So, shop around a little.
Thanks, Roi!
Post: How to pull cash out of rental that’s worth $55k
- Los Angeles, CA
- Posts 12
- Votes 5
Hey guys! I own a rental that I bought all-cash, worth about $55k that's currently rented. I would like to pull as much cash out as possible to put into a different project. The property is owned by my LLC. How would you recommend pulling cash out? Thank you..
Post: Commercial Mortgage + Seller Financing = Need Advice
- Los Angeles, CA
- Posts 12
- Votes 5
Hey guys! I am trying to buy an 8-unit multifamily property. The seller has agreed to the owner finance/carry 40% of the purchase price (second position). Ideally, I would put 5-10% down and then get the remaining 50-55% from a lender/bank. The property would cash flow decently even with such a low down payment and conservative rental comps. The PP is $295,000. So far I have only purchased single-family properties so I am not exactly sure how to find financing for commercial. Any tips on how to find lenders who would allow the seller to carry a portion of the PP? I would still have some skin in the game in terms of down payment but not as much as 25-35%.
Post: Seller of an 11 unit portfolio offers to finance 50%
- Los Angeles, CA
- Posts 12
- Votes 5
Originally posted by @Ola Dantis:
Ask him if he will do 100% Seller Finance OR try to raise the remaining 200k if you think it is a killer deal.
The whole no-money-down at all whatsoever is becoming a rarity.
Thanks!
Post: Seller of an 11 unit portfolio offers to finance 50%
- Los Angeles, CA
- Posts 12
- Votes 5
Hey everyone, I have found an 11 unit portfolio in Ohio and the seller is offering to finance 50% of the purchase price (total price is around 400k). I am wondering if any lender would be willing to finance the other 50% of the purchase price. 10 out of 11 units are rented and cash flowing very well! The numbers are really attractive even with both loans. Please let me know how you think I should proceed. Thanks!
Post: Seller financed down payment
- Los Angeles, CA
- Posts 12
- Votes 5
Hey @Brandon Johnson, great job on getting to 33+ properties. What lender do you use in your area that allows seller-financed 2nd position? Thanks!
Post: First sub 30k property
- Los Angeles, CA
- Posts 12
- Votes 5
Originally posted by @Jay Hinrichs:
@Avi Garg I have 3 properties in St. Luis I will finance for you with ZERO interest owner carry !
contact me if your still collecting rentals.. there.. one needs rehab one is tenanted and one just needs light turn over
Hi Jay, I invest in the STL area and am looking to buy within the next month. Please let me know if you have any deals. Thanks!