All Forum Posts by: Kerwin Montilla

Hello BP curious about these new loans I havent done one yet but want to know if anyone here has done the new non prime loans. Would like to know what are the requierment and at what interest rate are they lending and the over all experience with the loan 

hey we should create a group and network and investigate thoroughly investigate this subject because to me it make good sense the rental market is very strong rent are real high so I dont see why not only thing im not familar is with the building aspect of things 

Ok First I would like to start off in central florida because its location and growth then later on i would consider the homestead area

Hello BP I recently move to Orlando and have been searching for multi-family and have seen there is a shortage of duplexes , triplexes , and quadplexes has anyone built any in the last few years that can lead in the right direction 

Good evening I property that fell on my lap and wanted to see if is a deal it is a multifamily in a college area where the rooms rent for $500 a piece. The property has 7 bed rooms. The asking price is 150k needs about 20k closing cost 8k ARV around 210k and 220k. Lender giving me 140k I'll be in the deal for like 38k out of pocket. $3,500 in monthly like 900 in postive cash flow. Is this a good Brrrr stagedy deal ?

Thanks everyone for your opinion. I found a comercial bank that is giving me the following options --LOAN AMOUNT 70% (LTV / LTP aka Loan To Value or Loan to Purchase) $112k AT 7.125% with an origination fee of 1%

or

7% with an origination fee of 1.25%

or

6.875% with an origination fee of 1.875%

with a 321 prepayment penalty

Thats what I'm Doing contacting a few more banks. My confusion is I thought the banks lend on lend 70% - 80% on the ARV thats why when the banker wrote that about my taxes I was lost

Good evening, I'm running into some issues with the brrrr strategy.  I baught a college rental for $82k rehab cost $15k which bring me at $97k property is worth $150k. Rented it out brings in $4,200 a month.  Went to a bank to get a cash out loan and these are the exact words I looked at your 2017 tax return. The cash flow for those two properties would only support a very small mortgage (less than $50,000). I know that sometimes what is on paper may not reflect reality, but the tax return is all I can go by. Any suggestion ?