All Forum Posts by: Jacob Sloop

@Joe Fritton

Thanks for the insight Joe!

Interest only would certainly improve you cash flow. Is there a minimum loan size lenders are looking at for this ?

Hi All,

-Looking for advice and to start a conversation with you experienced operators on here about strategy moving forward around these high rates! Including refinances...yikes

-Seeing that multifamily projects usually revolve around a short timeline, 5/10 years how is that affecting your underwriting and confidence moving forward?

- AND how about anyone that is facing a refinance currently??  I'm sure that people didn't project into their numbers a 9% interest rate refinance 5 years ago..  maybe some did but the line between being conservative and actually using a reasonable margin is a thin line sometimes

This is a daunting prospect, especially with other peoples money involved in a project..

-Now surely this cycle will ride itself out over the longer term but for those looking to acquire property in the now and plan on a value add component,  its almost gambling on the future refinance...not the position most are comfortable being in with millions of dollars involved.

I have been running properties through the syndicated deal analyzer and other DSCR spreadsheets only to find inadequate COC, cash flow, AAR, you name it! Even with my "lowball" offer plugged in.

What are others thought? Experiences?

@Jason Sampson

Hey buddy! We’ve met before at TRIG

That sounds great, I’m gonna PM you, we should discuss further

@Taylor L.

Haha that’s a start at least!

Looking to connect with my fellow Virginia commercial / multi family real estate investors !

I’m in the Hampton Roads area, Virginia Beach/Norfolk

Would love to chat with fellow investors property managers , lenders etc..

I’ve been moving away from residential after years flipping and buying smaller rentals

Hoping to hear from you and we can meet up, have a drink/ lunch or just chat

Well done! A giant creative finance BRRRR...and you fixed up an entire city block sounds like

@Tony S.

This is the power of real estate!  And helping a community! Congrats you should feel very proud

Was this in Charlotte?

Also interested to hear how you funded the purchases and rehab?

@Alex Williams

Welcome!

I sent you a message.  What are your criteria for a multifamily deal? 

@My Danh

Welcome!

What part of Virginia are you in?

@Sam Hendricksen

Multifamily is super competitive in this area and you have a huge advantage over your "competition" with the fact that you are owner occupying as most deals nowadays hardly cash flow.  House hacking is going to be a great starting point to building your wealth that you can leverage in the future.  Just make sure you guys are comfortable with the area before pulling the trigger. Living with your tenants can be very challenging speaking from experience. 

I would suggest focusing on Norfolk over Portsmouth,  its a better market with more appreciation.  Feel free to message me and we can talk offline