All Forum Posts by: Cassidy Burns

@Chris Mason Thank you!  Very helpful.  Happy Holidays!

Hi BP,

Quick question: 

I have a duplex under contract, have found 2 different banks that will finance this for me.  Both very similar rates and packages offered.  How do I go about choosing the best option?  I obviously want the fastest close as possible. Do I send my information and the information for the property to both and see which has the fastest response rate in terms of turnover and production of the financing?  Will having both of these banks running my credit as well as working on the deal hurt my credit and reputation? 

Thanks! 

Hi @Ned Carey, very helpful!  Thank you.

Hi @Andrew Ware @John Johnson @Dexter Williams @Ned Carey when you are paying these investors are you typically paying interest monthly or annually? I have a few individuals that want to invest and love the idea of real estate and are interested in what I have been doing. Do I set up contracts with each individual person? Form a LLC and incorporate them in the process?

Thank you!  

Hi BP,

I taken the last two days and called multiple banks in the areas that I am looking to invest in to hopefully find portfolio lenders. I have made a few good connections and found a few that will lend. A few have said they do Business loans, and quite frankly I do not know the difference? Can I only get a business loan through an LLC? I do not currently have an LLC. Will these work on duplexes and SFR's?

Here are a few of the terms that the banks have offered.  Which do you think I should pursue first:

Option 1:15-20% down

               3 and 5 ARMS

               20-30 year amortization

Option 2: 20 year fixed amortization

                7% interest with 1% origination fee

                1 year loan refinance

                 Only do loans in person, nothing online, very personable.

Option 3: 20-25% down

20-30 year fixed, potentially ARM based on property

                seems to be the most knowledgable and creative

Thanks BP!

Hi @JD Martin yes that is what I meant.  Sorry about that!  @Justin Fox it will need a little work, but one unit has already been renovated.  Will have to rehab the side where a tenant just moved out of.  

Hi BP,

I am pulling the trigger on another rental property.  A duplex.  Based on the numbers it looks like it is just going to hit the 2% rule.  Purchasing for $31,500 w/ $1,500 seller credit and potential rent is 400-450$ per unit.   Since interest rates have increased a little since election I am flirting with doing a 15 year loan(4.375%) vs. 30 year loan(5.125%).  Cash flow is about $50 less on the 30 year loan.

Thoughts? 

Hi @Jean Norton I have the same question as @Bill E.  How do you go about finding out if the title is clear and there are no liens on the property?  It has the title information sheet attached but I am having trouble reading it.  Anything in particular that I should be looking for?  The current property I am looking at also says it is occupied, should I be cautious??

Welcome @Luz Benito

Hi BP,

My brother will be moving to Miami, FL to pursue his career following college.  I am trying to take this opportunity to study the market and purchase my first FL investment property.  Any suggestions on location, safety.  Market trends?  I'd like to purchase a multifamily but it seems like they are flying off.  I am looking at condos, thoughts?  He will be working in Brickell, FL.  8th St. to be exact.  

Thanks for the help!