All Forum Posts by: Benjamin Seibert

@Scott Steger goodluck on the deal! Let us know how it goes!

@Brandon Allenczy Georgia Ave is a hit or miss street. This area has slowly been getting turned by investors (I just rehabbed a duplex just down the street) but still has its fair share of issues. A 1 BR 1 BA is always less attractive to buyers and the square footage makes it tough as well. I personally don't like the price and rehab amount for this one. Wouldn't rent more than $900 probably either if you had to rent - which technically meets 1% rule but you'd have city & county taxes and maintenance which would hurt cash flow. I'd want to get the property cheaper for a $40K rehab and $80K ARV

@Freddy Morgan I haven't heard of this but smaller banks are usually on one end of the spectrum (more lenient or way less lenient). I would reach out to @Alex Bekeza he is great to work with for refinancing.

@Ashley Benoit it may be possible to do that. Just know that you'll be very highly leveraged in the deal - which isn't a problem but just always a higher risk. Some hard money lenders may be wary to allow that much leverage on a deal unless you have a long track record of REI success.

@Murphy Frankhouser it all just would come down to terms and how you want things structured. Personally, I wouldn't mind having a commercial loan (all my property loans are commercial) to get better terms like a 30 yr fixed rate with more flexibility (like putting it in an LLC).

This site is great for that. Use the property analyzer that BP has on the site. They also have a few intro guides on how to analyze properties. I'd start by just using all the different links and info that BP has - its an awesome resource. Goodluck on your investing journey!

Mine don't but it isn't bad to have a renter as a handyman. All comes down to how much you trust him. I personally don't like to get too close because then its harder to enforce issues

It all depends on your goals. I personally refinance all my properties into a fixed rate mortgage and try to stay away from ARM loans. I liked the stability of a 75% LTV 30 yr fixed rate mortgage. Easy to predict future cash flows and leaves some equity in the deal.

@Alex Bekeza is a great lender who offers these products. 

@Steven May congrats on the successful deal! It looks like it went awesome! Sweat equity is the way to go - plus you learn a lot while fixing up the house.

PS - Also love Kansas City. I was there a few years ago and it was one of the cleanest and nicest cities I've been to. Plus gotta love Arthur Bryant's and Jack Stacks barbecue haha.

@Susana M. I dont have any off the top of my head. I would reach out to some of the smaller banks in the area. You may be able to use some of the smaller banks from more western MD that I've used (Middletown Valley Bank, Bank of Charles Town, Summit Community Bank, etc...)