All Forum Posts by: Jeff Jansen

I have 2 new seller financing deals that I would like to refinance to better interest rates and need a little help deciding to look for private lending or conventional from a local bank. Located in upstate NY

Deal 1

13 properties 43 units

Net cash flow a month $11k-12k before debt service

$1,100,000 purchase price 7% interest

$1,550,000 BPO

Deal 2

2 unit

Net $900 month

$50k purchase price 7% interest

85k BPO

I would like to refinance these out quickly is it better to use a private lender or go the confectionary refinance route?

@Michael P.  I was actually able to close this one with only 5% down

@Mark Allen Kenny Thank you. Yes. There would be. It is right at about 15% cap at this price. There are a few strategies I would contemplate. As is, it is a great buy and hold. Also, I've had many offers on individual properties. There are a mix of single and multi family as well as one plot that includes 32 acres. Purchase price would be around $38,000 a house with the ability to sell off individually in the $50k-70k range.

I have been working to sell a large portfolio of 49 properties & 52 units in upstate NY that are fully occupied and stable. The portfolio LLC is owned by a bank and has management in place. With the offers that have come in I'm starting to think I am crazy to not just purchase this myself. It is 52 units with a net of over $273,000 a year. The bank is willing to finance the deal with 20% down. So here is where my question comes in, what is the best way to get funding for the down payment which will be around $360,000.

Did you find any information on them? I was wondering the same. 

@Harriet Baldwin Thank you! Yes, I was actually just speaking to someone about those meetings. I can't wait to attend one. 

@Christa S Rickard I am sure you will find something soon. I searched for about 4 months to find the perfect deal. All of my mentors just said you need to jump in and you can't sit on the sideline or you'll never play the game. I probably crunched numbers on about 50. 

It is funny you say that because I may have another deal already!

@Shiv Jey Have you looked into the market in upstate NY?

@Douglas Mcqueen Is spot on! 

I would definitely outline the benefits for the buyer. That is what got my deal closed. Finding out their motivation then working around that in your deal is excellent. 

We also had a lawyer draw up ours. He did it in 24 hours and had done a few before so it was quick and painless but helped move the process along and everyone felt comfortable. 

You are on the right path and good luck!

@Heath Jones Congratulations!  That is exciting