All Forum Posts by: Jeremy B.

Out of state investor with ties to Rochester looking for a local agent with experience working with out of state investors, particularly for small multi-unit properties. 

Quote from @Joe Vesey:

Bucky Beeman is a good resource in "Roch"

Thank you, Joe!

Hello - I’ve got family in Rochester, MN and I believe in the long term growth of the area. Any recommendations for investor-friendly agents who are comfortable working with an out of state investor in the small multifamily space? 
thanks for any referrals/suggestions!

Quote from @Jaycee Greene:

@Jeremy B. What are you estimating the value, $450k?

 Likely closer to $500,000.  About $375,000 remaining on the mortgage.

Quote from @Erik Estrada:

Quote from @Jeremy B.:

Currently have 8.675% 30-year on a 4-unit in Hagerstown. I'd like to refinance and would welcome any recommendations you may have.  Credit score is excellent and the property cash flows, so I'm hoping this will be a relatively easy process.  Thanks in advance!

 Hi Jeremy, 

Are you looking to refi on a conventional loan or DSCR loan?

Erik - I have a conventional loan at the moment.  Would be interested in either another conventional loan or a DSCR.

80% LTV, each unit rents at $1,000 - no cash out.  Thanks!

Currently have 8.675% 30-year on a 4-unit in Hagerstown. I'd like to refinance and would welcome any recommendations you may have.  Credit score is excellent and the property cash flows, so I'm hoping this will be a relatively easy process.  Thanks in advance!

I'm in the DC area, under contract for a condo in a 150+ unit complex that I'll use as a long-term rental.  The condo complex has recently switched management companies, and the new management company is actively trying to dig out from a bunch of deferred maintenance and collect from owners who are delinquent on their dues.  When this turnaround is complete, the complex will be in much better physical and financial condition and I believe in the long-term value of this location for a rental.  

As a result of the number of delinquencies, the complex is unwarrantable and on the Fannie/Freddie unapproved list.  Complicating matters, some of the deferred maintenance is the repair of some sprinkler systems, which will take 30-60 days to complete, plus however long it takes the county to inspect & approve the work.  So the complex is currently under firewatch, and will remain so for at least 3 more months.

I have a lender lined up who is comfortable with the unwarrantable and Fannie/Freddie unapproved situation, but will not lend to a property currently under firewatch. 

My next plan is to ask the seller if they're willing to consider seller financing, at least until the condo complex gets stabilized.  But if that's not an option, does anyone have any ideas for lenders who would entertain an unwarrantable condo that's on firewatch?  Thanks for any leads!

Thanks for all the feedback - @Christopher Salazar, I would be interested in any deals that you have in the SFR or small MFR arenas, especially on the Iowa side of the border!

Hello,

I'm interested in recommendations or references for a reliable plumber and electrician who is licensed to work in the District.  Please PM me if you have any good suggestions - thank you!