All Forum Posts by: Benjamin Seibert

Hey @Kimberly Rodriguez I was in your shoes a couple years ago. I would recommend finding a real estate investing club on campus (some schools have them). If not I would just analyze as many properties as possible to learn potential markets and hone in on what you'd exactly like to do after school. You could also intern with a realtor for a week over the summer to get a little more insight into buying and selling. Definitely read as many books as possible too on REI!

Hey @David New I try to refinish existing wood flooring wherever possible in my units. Where I have to replace flooring I replace it with a durable vinyl flooring like Lifeproof. It lasts a long time and is waterproof

Unfortunately, not many people are. I know my PM has tried to invest there many times (and he mostly has his own crew to rehab properties). It's super tough to keep vacancy consistent and manage the properties that far west - not many PMs who will touch properties out there for how cheap they are and the minimal returns for them.

If the 5th unit isn't legal and permitted then banks wont like it very much. Some may stay away others may just not consider it in the value of the property and it just be a 4 unit.

Congrats on the deal!

Hey @Connor Koehler since you're going for a 5 unit you'll likely have to use commercial lending or hard money. I'd recommend going with a commercial loan on this (a little higher rate than conventional - probably around 5-6% right now). You probably can find one that loans on the rehab as well and has more preferable terms, like less than 20% down. Are you trying to BRRR this property?

I'm currently in the same boat right now. A good local attorney is usually the most preferable since they're more familiar with the local market and regulations. I'd recommend reaching out to other investors in your area first and see who they use. Other than that I would recommend just calling around to other local attorneys and getting more information on their expertise.

Congrats on the completed deal @Joey Barcelos!

Congrats on the completed deal - do you know what the cash flow will be after the refinancing of this? Not sure if you need refinance contact in the area I've used a few different banks for this.

 I'm currently under contract for another deal in Hagerstown as well. Deals have slowed up alot in the area.

@Mike Price also curious how banks would look at it since most seem to want any investor over 20% stake to guarantee the loan.