All Forum Posts by: Brandon B.

Thanks Genlemen. Definitely two great options.

Didn't recieve any feedback but I've can bring everyone along on the journey that to get one of the properties back into production. For the Property with two rented units, it had a total of 5 units. I didn't want to encumber the property, so I renovated the units one at a time with the rent money and gave a master lease to the commercial tenant downstairs in order have all three residential units rented. I gave them all three residentials at $100 dollars off of market value, so that the units stay occupied, they make a profit and I don't have to deal with multiple parties for rent collection. I stabilized rents on the property and got 4 out of 5 units rented to one tenant and the 5th was shortly rented to another tenant; however, I'm currently negotiating to rent the 5th unit to the other tenant as well. A potential risk will be the potenital exit of the tenant who holds all 5 leases to the property; however, because the property is un-encumbered re renting will mainly be hinded upon the condition of the property if the primary tenant decides to leave.

I have ownership of  a cashflowing commerical property that's approximately 4200 sqft. The property has two rentable units; however, it sits on 19000sqft of C1 zoned land. The structure has offstreet parking towards the front and a parking lot on the side. There is vacant land towards the rear of the structure and vacant land on the edge thats just as big as the parking lot. I'm trying to find a system of analysis that will aid me with the decision on what types of units to build and what type of financing to obtain. The property and land are lien free, so I'm considering commerical financing to build another structure. Any advice?

In most cases you only pay the price of the house; however, you need cash.

I've made two acquisitions in New Orleans this year. Its always better to avoid the MLS because it's where the retailer buyers shop. They usually don't care if they don't make any money off of the home, so when you mix that crowd with investors, you'll see some pretty outrageous bidding wars. I've done the MLS thing but I really like buying at Auction or buying tax property.

Sounds like refi is your best option. For residential investment properties most banks lend 70% LTV, and you can typically get the 15-30 year range, along with market interest rates (compared to hard money, which charge points and higher rates). But I have colleagues who live and die by Heloc and are very successful.

The main downside of Zillow is that it doesn't show the seller subsidies. Sometimes the subsidies are between 2-10k depending on the market, and can have a dramatic effect on the price of the home. I normally look at everything sold within the last 3-6 months and compare the number of houses on the market vs the number of houses sold. Some areas are dead and the house will sit forever if nothing has moved faster than 30-60 days.

Thanks Mike.

Hi Everyone, 

I'm Brandon Briley, a real estate investor from New Orleans. I recently relocated back to New Orleans after a decade in the D.C area. I specialize in multifamily homes, but I'm looking to flip single family homes to build a stronger multi family and commercial portfolio. 

Oscar, Who did you end up getting insurance with. I just purchased a home in the same area.