All Forum Posts by: Kyle Penland

Hi everyone, Wanted to get some thought on who/where I might could do this.  I've exhausted my loan options via unsecured and my bank has turned me down now.  In fact 12 banks have turned me down.  I've just finished a flip, and I'm out of money until it refis which is another couple of weeks.  A house has just come up that I want really bad.  I have a car that is paid off almost, owe very little on it and its worth a good bit.  Know of anyone who could refinance my vehicle and allow me to pull money out of it?

Hi everyone! So far I own 7 SFR and have just purchased a restaurant. Ive owned the restaurant for a year and am looking for a large line of credit mainly so I can use half for the restaurant and the other half for REI. My local bank which used to give me unsecured lines of credit for one time use won't help me because my business has ZERO assets...I have nickle and dime stuff but nothing big that will amount to anything to put a lien on. But this business and I made great money last year. ....Anyone give me any insight or advice on where to go for commercial lines that will lend on a profitable biz? I am a LLC single member.

I am selling my 6 sfr in NW Tennessee.  I am looking for the cash to invest into another business.  Currently they generate 2600 a month in gross rent income.  I am asking 160k.  If anyone has any further interest please feel free to message me.  They are currently professionally managed by a management company in the area and are completely turn key.

Addresses 412 Pate and 226 Pate

Dyersburg TN  38024

I am selling these properties because I they are the ones I started with.  2 good properties with good rental history.  1 is rented, 1 is vacant.  412 Pate is a 3/1 no HVAC, 226 Pate is a 2/1 with a HVAC unit.  They rent for 325 each a month for a total of 650.00  Taxes are 600 combined.  I have a bank willing to lend on these properties because they made me a loan on them.  My PM would like to stay and manage them and he is good at it, but your choice.  

@Benjamin Morris Hope so...Sounds like a good deal..But also sounds expensive.  Good luck!

Personally speaking, I think your repairs are low, also 100 bucks is eaten up easily with a single repair... and 500 bucks could be wiped clean with a new water heater...Im in TN, my properties take brutal ICE storms and sometimes these are costly.  I assume you are paying cash...Personally this doesn't look like a deal to me financing wise. I buy properties, finance them, pay taxes and insurance, and still make 200 bucks per door...Just an example.

Personally speaking, the best city to invest in will be the one you like the most...I would recommend 1 hour or less from your current location.

Ryan, you are going to need a cosigner to help you.  It won't happen without it.

Well its either a great deal or not...I have a seller who is doing seller financing...Basically he is financing it on a 10 year balloon note with 30 year amort.  He is taking smaller payments and in the end, I will refinance the property and pay him out.  Hoping to do this year 8.  My deal doesn't sound as large as your deal does...So that may or may not work for you.  Every deal is different.

Look in the marketplace for hard money lenders