All Forum Posts by: Elliot Mitchell

Where about in Maryland are you looking to purchase? I have a couple of local lenders with great reputations I could refer you too. They focus in Baltimore metro area and a few other specific areas throughout the state.

Hey Kevin!

I'm primarily looking in the Baltimore County area but am constantly looking in any area. I appreciate any information you may have!

0 Votes

Baltimore, Maryland

Quote from @Winston Covington:

Hi Elliott. I would encourage you to walk this property with an honest and experienced General Contractor. Get his opinion on what it would take to get this property in shape and make sure to get his bid in writing. Then add a minimum of 10 to 15% to cover unforeseen repairs that will be found once you start your rehab. I would then get a 2nd and 3rd opinion for comparison and good old fashioned due diligence.

I would also recommend that you speak with at least 2 property management firms to get a good feel for what your rental income should be and how long it would take to rent this property to a qualified tenant. Check for the school ratings as well as the Public Information Officer for your local Police Dept. to verify the crime stats.a

If the above checks our well and you're pulling positive cash flow out of the BRRR long term financing , move forward with caution and triple check your #'s. aaa

Hi Winston!

Thanks for the insight! This is a great way to proceed with a BRRR and to perform the due diligence!

0 Votes

Baltimore, Maryland

Quote from @Tyler Welch:

Quote from @Elliot Mitchell:

At a glance, what do you think about this property for a BRRRR?

https://www.realtor.com/reales...

Hey Elliot!

Are you still investing in the Bmore area?

Hi Tyler!

Yes, still investing around baltimore area!

0 Votes

Baltimore, Maryland

Hey Everyone!

I posted recently about lender recommendations and the feedback has been super helpful! Now, I'm looking for any contractor recommendations in the Maryland (mainly Baltimore area) market. I've been compiling contacts myself and have vetted some contractors, but always looking for good investor contractors to keep busy!

Thanks all!

0 Votes

Baltimore, Maryland

Quote from @Jason Taken:

Quote from @Elliot Mitchell:

Hey Everyone!

Looking for good hard money lender recommendations in the Maryland area.

Thanks!

youre going to get 1000 responses here. Can you share a little about the project and what you’re looking for in a capital partner?

Jason,

Projects will be buy and hold BRRRs. Light to moderate rehab. Maybe up to 50K in rehab cost. I have some quotes from lenders for 12% interest and 2 points at closing for a loan up to 70% of ARV. Looking for anything/anyone else that might be able to match or beat these terms.

Thanks!

1 Vote

Baltimore, Maryland

Hey Everyone!

Looking for good hard money lender recommendations in the Maryland area.

Thanks!

2 Votes

Baltimore, Maryland

Quote from @Peter Mckernan:

Quote from @Elliot Mitchell:

Hey Everyone! I'm in the process of applying for my first HELOC and have a couple questions: I've called about 10 banks and compared the terms and this info is the best out of all of them:

Variable interest rate @ prime + 2.84% = 9.84% as of today

10 year draw/30 year payback

Ability to unlock and re-lock a lower rate if and when prime decreases (this will cost $200 to do)

Interest only payments

No initial draw required

Appraisal and closing costs paid for by the bank

No max interest rate, it's just based on prime plus margin

My thoughts: 10% interest isnt great, but its better to get in the game than stand on the sidelines. If the deal is good enough and it cash flows, it doesn't matter. Also, if BRRRR-ing a property, I'm only going to be paying interest for however long it takes to rehab and refinance (maybe 6 months).

What are your thoughts? Am I thinking about this wrong? What do you think about these terms? Fixed rates are more comforting but seems like most HELOCs are variable. Any insight would be greatly appreciated!

Thanks!

Check credit unions and local banks if you have not done that yet. Also, thoughts on Refi verse the HELOC, I know that you want the money to only be out for a short time, but am wondering even with that you could cashout with a better rate still cashflow and push the cash somewhere else (other property for rental or flip). The Refi would be recycling the money again and again as well.

Thanks for the input! This HELOC is on an investment property and they're letting me take a 90%LTV on it. Haven't found that anywhere else for a HELOC on an investment property. Also, not enough equity in the property to do a cash out refinance and have enough cash to invest as I would like to.

0 Votes

Quote from @James Mc Ree:

Did you check with credit unions? They may give you a better deal.

I checked with multiple credit unions. The issue is I need a high LTV and only 2 banks I spoke 2 have high enough LTV for me to use.

0 Votes

Hey Everyone! I'm in the process of applying for my first HELOC and have a couple questions: I've called about 10 banks and compared the terms and this info is the best out of all of them:

Variable interest rate @ prime + 2.84% = 9.84% as of today

10 year draw/30 year payback

Ability to unlock and re-lock a lower rate if and when prime decreases (this will cost $200 to do)

Interest only payments

No initial draw required

Appraisal and closing costs paid for by the bank

No max interest rate, it's just based on prime plus margin

Thanks!

0 Votes

Quote from @Jack Seiden:

Quote from @Elliot Mitchell:

Hey Everyone!

Current investor here, but new to the Baltimore area markets. Looking for any opportunities to discuss investing, ideas, properties, and most importantly, ways to help and give back! I've really been enjoying the feedback and insight from the forums! Let me know if you are interested in discussing your endeavors and networking possibilities!

Thanks!

Start coming to meetups! There’s a great one in Laurel that’s posted on bigger pockets.

Hey Jack!

Thanks for the tip! I saw that post on the forums and definitely will check out the next meeting! Much appreciated!

1 Vote

All Forum Posts by: Elliot Mitchell

Elliot Mitchell has started 9 posts and replied 22 times.

Post: Hard Money Recommedations

Post: Potential Investment Opportunity

Post: Potential Investment Opportunity

Post: BRRR Contractor Recommendations

Post: Hard Money Recommedations

Post: Hard Money Recommedations

Post: HELOC Terms and Interest Rates

Post: HELOC Terms and Interest Rates

Post: HELOC Terms and Interest Rates

Post: Networking and Connection Opportunities