All Forum Posts by: Lauryn Meadows

Has anyone developed a small community of small SFHs for rent? Has anyone done this in phases? For example: four houses at once on one construction loan, finishing it then doing the next four. 

@Derrick E. @Trebor Johnson the meetup location has changed to the old Alma's restaurant in Ashland, KY. The address is 207 15th St., Ste. 101 Ashland, KY. 

@Derrick E.

https://www.facebook.com/groups/193503334672447/?ref=share

@Trebor Johnson we also have a Facebook group under “Tri-State Real estate Investor.”

Hope to see you there!

Network with other real estate investors in the Tri-State area (KY, WV, OH) at Blazer's Restaurant, Thursday, December 12th at 7pm. 

Contact Lauryn Meadows, (606) 232-1200, with any questions.

Anyone specialize in purchasing probate properties? I have a friend that has contacted one of the beneficiaries of the estate. One of the owners says she’s been calling the attorney that’s handling the estate, but is not getting any answers. From my understanding this has been going on for six months. The person that passed was in a nursing home two separate times during the last two years. I’m not sure the length of those stays, so the nursing home may have a lien against the home. What would you guys do to make the process speed up? I’ve never purchased probate before to give any insight.

@Brandon Sturgill once we taped off sq footage we've realized our rehab is going to be closer to $48-50k. Our local bank refinances on the bank end at 80% LTV. Not banking on a large cash out on this one, but we should have little to no money in the deal and the duplex will cash flow $187/ door after all expenses/ cap x/ vacancy/ maintenance and a future management fee when we decide to use property management outside of ourselves.

@Harvey Yergin IV thank you! Their minimum loan amount is $100,000.

Hey all! I have a duplex under contract in Southern OH for $10,000, rehab will be around $60,000 or less. ARV $90,000. Does anyone know of a HML that will fund such a small loan for the rehab period? I have a local bank that will do the refi. I can use my HELOC to complete the deal, but I don't want to tie up most of my LOC.

Thanks!

Hello! I could use some help analyzing/ negotiating terms for this deal. Any creative financing ideas are appreciated! The seller is willing to do owner financing with a down payment.

I think I’d rather do owner financing on the down payment and refinance out in 3-5 years into another portfolio loan.

Here are the numbers.

Asking price $410k

One 6 unit, One 4 unit.

GMI- $5200

Monthly overhead excluding mortgage principal and interest- $1905

$400k financed at 4% interest on a 30 year amortized note- $1910 P&I

Cash Flow= $1385 (this does not meet my criteria)

This property is under value in rents, and owner pays water at the Six unit which cost $500/ month.

Conservatively rent can be increased to $5800 and I’d like to bill back units for water. Subtracting that $500 expense and the new rent the cash flow will be $2485/ month. This meets my criteria.

Estimated value of all 10 units is $450k.

How do I balloon out of the owner financing in 3-5 years with still no money in the deal? Do I just need to pay down the additional equity or possibly the new income will help the value allowing me to pay off the owner the down payment without bringing cash to the table? What am

I missing? Could I position this is in a better way?