All Forum Posts by: Joseph Hammel

Oh, Dec deal was on 7 units but it's a 4unit, DP, and sf all touching each other and all on one loan. The special is only 1-4 units but since they were on 3 diff parcels they made it work all on one loan. 

Quote from @Tim Swierczek:

Quote from @Chris Mason:

Quote from @Joseph Hammel:

Closing paid on the 11 unit I bought in Sept. These rates are STILL out there folks. 

 6 months ago. lol.

If it really were that simple, I'd buy a bunch of Amazon stock at the February 2020 price.

Or I would tell you the price I paid in Feb 2020, and insist that you could "still" buy it for that price. 

 So True!

I currently have an offer in hand from these guys to cash out refi two four plexes I bought in Aug on a fire sale. Quickly turned around. I'm waiting on RCU to review my 2021 p/l because they are giving doing 3.25 for 10 on a 25 am TODAY. I also have an offer from River Bank in LaCross to to a 80 ltv cash refi on a 16plex at 3.5 for 5. 

Just for giggles a 5% 30yr is = payment to a 4.125% 25yr. Only pro would be if you really were going to hold it that long or never refi. You even made that point to me in one of our talks a few years ago @Tim Swierczek That's not including the crazy points in the op post.  

Quote from @Chris Mason:

Quote from @Joseph Hammel:

Closing paid on the 11 unit I bought in Sept. These rates are STILL out there folks. 

 6 months ago. lol.

If it really were that simple, I'd buy a bunch of Amazon stock at the February 2020 price.

Or I would tell you the price I paid in Feb 2020, and insist that you could "still" buy it for that price. 

 I'm still getting these rates TODAY from local lenders and I live local to OP. 1 1/2 hrs away. Here's one we did Dec 20th 2021. 2.875% 25 am 5 yr lock.

Closing paid on the 11 unit I bought in Sept. These rates are STILL out there folks. 

Quote from @Meredith Mihm:

Quote from @Joseph Hammel:

Quote from @Meredith Mihm:

Quote from @Joseph Hammel:

Westconsin CU is doing 2.875 locked for 5 years with a 25 AM

RCU is doing 3.25 locked for 10 with a 25 am. Few hundred in bank orig fees. No points.

Wow, that does give me some thinking to do!  Thanks! 

 I hit you up if you want to connect. I've noticed there may be some deals in Winona. 

Yes, the 30% rule keeps the rental market in Winona pretty hot. We've missed out on a few deals because we were too scared to dive in. What are you looking for? 
Thanks again, I just ran the numbers and I think either of those would be better than my current option, and still cash flow a bit better. 

 RCU stands for Royal Credit Union, right? I'll check River Bank too. 

Yes, Royal Credit Union. https://www.rcu.org/
I was referring to 30 year mortgages not the 30% rule. I usually shoot for a 10 cap.
An example would be a property that makes 30k a year rent minus expense (not debt) would be 300k. 30/300= .1 So a higher cap rate is a better deal. 
I use 5% for vacancy and 16% for maint and capx. 

Quote from @Meredith Mihm:

Quote from @Joseph Hammel:

Westconsin CU is doing 2.875 locked for 5 years with a 25 AM

RCU is doing 3.25 locked for 10 with a 25 am. Few hundred in bank orig fees. No points.

Wow, that does give me some thinking to do!  Thanks! 

 I hit you up if you want to connect. I've noticed there may be some deals in Winona. 

680 is to high at least for my properties. Perhaps yours is higher class than mine. 

To me the one having a high one trumps the low one. I however might ask for some extra deposit because of the feedback from the former landlord. 

Side note if I have a couple break up I #1 don't let the one leaving off the lease. Then they are still legally responsible and won't try to sabotage the other's life and risk being party to an eviction hearing with them down the road. #2 I don't give them any deposit back. Since the other would have to replace it I tell them to ask them. I'm not the middle man then. 

Don't pay 10k cc or even 5k.

I chased the shiny object of a 30yr fixed rate for years. For me it ended up being silly with doing a refi every few years anyway. It may be right for you but I'll ask this. Will you be looking at pulling equity out of this 100k or less property down the road? I realize 30 yr will cash flow better so you do have to watch your dti or in the commercial loan world they call it debt service coverage ratio. The other nice thing about going with commercial loans is they will typically "count" your new income right away. They may require leases, ect. Then you can grow faster. In my above quotes westconsin did a 20% down for me and a 25 am. Rcu will require 25% down to get a 25am. River Bank in La Cross might be one to check as well. They were doing 3.5 5yr 25am and 20% down. Even doing amv for $20 and no appraisal! I also just closed on a 344k loan (430k prop) just recently with westconsin and only had $1800 in total cc including title work! 

Westconsin CU is doing 2.875 locked for 5 years with a 25 AM

RCU is doing 3.25 locked for 10 with a 25 am. Few hundred in bank orig fees. No points.

Hey, I have about 120 odd rent certificates (CRP) to do. 60 in MN and 60 in WI. MN has a fairly slick deal where you can fill out a spreadsheet and it generates and e-signs. Does anyone use or recommend a system for the WI version? Or a 3rd party that makes it easy? I could do them both on the same platform? I usually just email them out so it would be great if that was integrated also.