All Forum Posts by: Jeremy Anan

@Tarik Turner @Givo Aghasi The purchase price is $790K.

Hello @Scott Wolf - I am/was avoiding the hard money route because of the cost. That route is totally back on the table. The lender is a small bank that has financed 3 of our properties so far. From the lender's own words, ...."at this point in the real estate cycle, the bank is getting more conservative...".

Hello BP - We currently have a few small multifamily properties. We just went under contract for a new one; a 8-units. 

One unit is vacant. 

All rents are under market. 

The current yearly gross for the 7 occupied units (1 vacant) is $70K. 

The projected yearly rent will be $99K. 

We will bring rents to market right after closing with minimum repairs.

We reached out to our lender yesterday. We need a loan of about $630K. Without even getting to the appraisal, the lender is concern that the current rental income won't support the loan that we are seeking and thinks they can only do a loan of about $450-$475K.
We can't acquire with cash or hard money, bring rents up to market, stabilize the property and then go to the bank to refi.

How can we convince the lender to see what we are seeing and give us the $630K loan?

Thank you BP

@Dale Summons, indeed I will NEVER buy a used appliance again. I get a new one with 5 years warranty.

Wow...Great stuff.

Hello BP - 

I am currently rehabbing a 5-unit multi-family and need advice on kitchen cabinet choice/quality.
The shaker doesn't look like an option that would be able to stand up to some abuse.
What is your kitchen cabinet recommendation for a rental?

@Chris Levarek Great stuff.

@Jaron Walling Are you suggesting that the $20k that he pulled out would have grown to $200k?

My understanding is that @Jonathan Cevallos needs these funds to invest, not "keep food on the table". Jonathan, do your due diligence, take calculated risks, and if possible, use ALL available retirement funds to invest in RE. You won't regret 20 years from today.

@Nathan Gesner Thanks a lot. That's exactly what I was asking.

@Jimmy Chao I NO longer buy used appliances for my rental. I had a terrible experience with a gas stove. I now buy new with warranty. When there is an issue, the tenant contacts the seller and the appliance is back in service fairly quickly.

By experience, I know for a fact that a 20inc appliance is more expensive that a 30inc one with the same features.