All Forum Posts by: Billy Brown

@Wayne Brooks that projection was off short term renting the top unit.  We did not get those numbers.  Top unit long term is $3k-$3500. We are about to make the switch now.

This is geared more toward an owner occupant buyer than investor looking for ROI.

tried to edit and correct but wasn't able, sorry for the confusion.  Property is sold subject to. Take the house, contents, rental income,  with the 4% mortgage note.

Correct.  property comes with it

Perfect for a house hack.  We are assigning the note on this house for $100k.  4% rate, 30yr am, guaranteed for 5yrs with option of 7yrs.  The $100k includes ALL contents, lights, bedding, washer and drier, sheets, pots, pans, games, couch, curtains, etc, etc.

PITI is $2900. Could be lowered with owner occupied because it is taxed commercial

Top unit was used at short term rental.  My partners and I are shifting focus onto commercial deals and away from residential.

Can live like a king on the top unit, or if you want to truly cash flow, kick out one of the tenants below.  

Pool in back can be restored or decked over.

Photos of upstairs here.  

Not sure where to put this topic.

I have a contract on 23 units just on the outskirts of Indianapolis.  21 are rented out.  Cap rate is 17.  I have under contract for $325k.

I'm not that familiar with Indy.  I've spoken to a property manager that has properties in that area and it is lower working class with higher crime.

Here are my needs:

As a lender, i have yet to find a lender in the area that likes portfolio loans on this asset class. (which makes me worry). Any recommendations?  These are townhomes that i'm getting at $14k each.

As an optimist, i wonder if there is a way to get rid of the rif raf that is causing the high crime in the area.  Has anyone worked with local community leaders to make that happen with success? Or just bought the homes from the criminals and kicked them out?

I posted this a while back, but couldn't find a way to edit. I've lowered the price to $300k.

This is a 8.5 cap including PM.  You can always put more money into it, but nothing is needed.

New roof and hvac in last 5yrs, just replaced the main line inside the house.

Corner lot, dead end street in the hottest zip code in Nashville.  Back way to downtown in about 15 minutes. 1 mile from grocery store and restaurants.

Can send photos upon request. Unit B listing for RENT

Unit A Listing for RENT-Old photos

Have 2 other properties for sale. Both would be geared more toward an owner occupant who wants to  house hack.

Only updates needed are a few new windows in the future. This is a 7.5 cap in a very nice neighborhood called Donelson.  10 min from downtown Nashville and close to all the major interstates. also on a corner lot with 1400 sqft basement and 2 car garage/carport.

My wife and I own this and another property at 202 Rains Ave, Nashville, TN 37203. We will be selling that one for $300k. Rented at $1395 per month. walking distance to Fairgrounds and project new Major League Soccer stadium.  5 minutes from downtown.

Some commercial lenders offer a period of interest only and will allow for repairs as long as the NOI works to cover the DSCR. Believe it or not, if you ask, and ask the right person at the community bank, they can work with you. Very few bankers have the ability to think outside the box, so you have to guide them to what you want and need.

Agree, conventional financing (usually 75% LTV on 2-4 units) until you can't go anymore. Then after they season a few years, and you acquire more properties, put them into one portfolio loan.

I'd start at 1.5x market rent and see what kind of response you get.  i thought about running an add for our triplex and tagging people who work for big employers in the area like HCA, HEALTHWAYS, ST THOMAS, etc.  Since you are the marketing genius, i was going to reach out to you and pick your brain.  :)