All Forum Posts by: Harold Sebesta

Hi,

   I'm looking for a commercial lender for a deal on a 6 unit in Upstate New York. Any recommendations would be appreciated.

I'm finalizing a $100k private note at 30 % APR to fund multiple flips (one property pledged as junior lien). Lender is a family friend new to real estate.
Term sheet basics:

• Simple interest, balloon in 12 mo (option to renew 30 days @ 1 % fee)

• Junior mortgage on a flip with $260k ARV, $175k FMV today PP $150k

• Personal guaranty from me
  Would experienced lenders want both the lien and guaranty—or one or the other? Any Ohio-specific pitfalls recording a junior position I should know about?

Hey guys, I"m looking to talk with some experienced investors. I currently have several single family homes. Been investing for a couple of years now. My goal is to go into multifamily investing. We currently have a property that is paid off and we just did a full remodel on the property and will be worth around $225K - $250K. It will be rented within the next 2 months. My question is, do we pull all the cash out of it and put that down on a multifamily or do we do a LOC on the property and basically do the BRR method and buy/rehab/refinance and pay the LOC back and just keep repeating those steps? Any tips or suggestions would be appreciated!

Hi everyone - I am looking for lenders who will work in St Louis, MO. It will be through an LLC. The LLC is owned by me and my husband and both of us are non-US citizens. Please reach out to me if you would be willing to work. Thanks!

@Harold Sebesta: Thank you. Please send me your website or contact information so I can apply. 

Does anyone know any lenders with DSCR products that allow 15% down? Please DM me if you do.

Hey everyone, I have a 28 mixed unit deal that I'm considering selling in Rochester, NY.  The reason being is that I have a redevelopment deal that I'd like to free up equity for.  Nothing time sensitive so I can be patient.

There are 26 residential apartments and two commercial storefronts.  One of the storefronts is a vintage clothing store and the other is a coffee shop.

Current gross revenue is $319629

Total Operating Expenses are $99,781

Net Operating Income $207,297

All of the apartments have been renovated with the exception of two, which are older residents who have been there a long time.

Our asking price is $3.2M.  We don't need the cash so we are willing to be patient and creative to customize a deal for a buyer.

The location is close to hospitals, and many area arts and cultural attractions.  Also the zoning allows for Short Term rentals which will give it an extreme compettitive advantage because the city if banning STRs throughout all other areas of the city.

Single Family Home

Fico Score - 620 give or take (score tanked due to credit card utilization)

Appraised Value - $875k 

Payoff Amount - $675k

Debating on DSCR or keeping the property for personal use if I need to since the market is so slow. I have no tax returns. I also have two interested renters.

I do not have any additional funds to put towards this property. 

I am open to a short term hard money loan as well until bring my score up.

Hi, my name is Jay and I live in Virginia Beach VA. My girlfriend and I are looking to buy a rental properties. We already have 3 houses together. We each bought a house during pre COVID. The 3rd one is during Covid. We have a Pretty high equity on the 2 houses. We are looking for someone who can expand our options.

thank you!