All Forum Posts by: Kyle Lewis

HI @Allison Jane - congrats on the deal! It's definitely harder to fill units in Cleveland during the winter, but not impossible. We were able to fill ~12 units from September to October of last year. I'd recommend offering a move in bonus and try to sign 16-18 month leases so that you don't run into this issue again. Good luck!

Hi @Brock Malinowski - PM me and I can share a recommendation with you.

At first glance, I'd say 55k is low. But it all depends on the scope of work. Do you have a list of the work you hope to have done for 55k?

@Dave Foster - good point

@Justin Frye - my feedback is assuming the property would achieve my performance goals even with the new debt service created from of the refi

Hi @Justin Frye - congrats on the deal. Personally, I would refi and put the cash out towards the next deal, but it sounds like my goal (cash flow) is quite different than yours. If you're really only looking to grow into larger and larger multifamily as quickly as possible, I'm guessing 1031 would get you there faster.

Also, I'm investing in the Cleveland market. Feel free to reach out if there's anything I can help with in the future.

I believe it is still the 3 year appraisal process.

If they aren't causing any problems, I'd be okay with it.

Welcome to BP!

How about leverage VA entitlement to purchase a fourplex with low money down and rent out the other 3 units? This way you wouldn't need to share living space with your tenants and you'd generate more income. Good luck!

I've used Wells Fargo on loans < 50k. Rates have always been competitive. Good luck!