All Forum Posts by: Greg Spring

Hi!

I have an opportunity to purchase a single family home, 4 bedrooms/2 bath home within 3 minutes of UAH campus in Huntsville, AL.  It would be for my daughter who is a student-athlete at UAH and 3 other roommates. This would be my family, 1st rental property. We live approximately 2 hours away in Franklin, TN. We are looking to save some money on residence hall expenses over the next several years and keep the home as rental after my daughter graduates. 

I am a pro member and have analyzed this property several times with the Rental Property calculator.  It could cash flow right under $100, taking all expenses in account and saving for vacancy, maintenance, capex and paying for PM, not ideal metrics.  The homeowner is a firm on a sell price of 104K on a home that has not been renovated at all and is about 10K more than other homes that have sold around it in the last 6 months or longer.  My question is for anyone that is familiar with Huntsville market near UAH campus, is should I take the sell price and consider the other wealth generators(Appreciation, Tax Savings and Loan Paydown). Any advice would very much appreciate, I need to make a decision fairly soon.

Thanks,

Greg

Thank you, Michael...I am trying to work Brandon's 7 year plan to 7 figures, and get started in Huntsville, but need to purchase a single family home near the campus this year. Do you know if Huntsville has a local REI group to meet local investors and network?

Good Morning Everyone,

My daughter is a student-athlete at UAH, she is a Sophomore, and I am considering purchasing a home near the campus and use it as a rental for her and 2 of her roommates. I also would like to eventually purchase a small multi-family, 4 plex, in Huntsville or the surrounding area. Can anyone recommend a local investor friendly bank in the Huntsville Area, to build a relationship?

Thanks

This was my 1st post here at BP and all of you have given me great advice. I already feel more confident to move forward, thank you

@Dan Beaulieu I do have an LLC set up, I don't mine the commercial loan interest rates if the math works out, I guess I got confused with lender when he said they didn't use the appraised value for the refinance but the cost and the 4.75% was only locked in for 5 years for 20 years, is that typical?

Thanks Andrew, that's great advice

Hi Chris, I attended a rental property workshop through my local REI group and the speaker recommended interviewing several real estate heavy commercial banks to refinance your initial loan on a rental property. Basically, finding out if they have seasoning, which he said will mess up your refinance of your short term loan to acquire the property. He recommended not using Fannie/Freddie even though they have better terms. If I understood him correctly their is a limit on the number of Gov't subsidized loans .

Hi I am rookie, done only 1 flip, looking to purchase 1st rental. Met with a Commercial Lender at the bank where my business accounts are, a small local bank in Nashville, TN. The best terms he could offer was 20% down, 4.75%, 20 yrs. They loan on the cost of the Single Family Home, not the appraised amount. I'm a newbie but I questioned him several times on those terms. That doesn't sound like good terms at all, any thoughts or suggestions, thanks