All Forum Posts by: Mark Lewis

Hey BP'ers!

I have a buddy that has a SFH in the 30315 zip code of South Atlanta. In need of property management to a degree. Lives abroad but doesn't want to actually rent the home just get the grass cut and have any important mail received forwarded. The strange thing is last time someone went to check the mail for him there was a hand written note in the mailbox that said "Vacant All Day All Night". He is not sure who left this or if this is squatters accessing properties that are vacant. I told him to get a Simplisafe system installed ASAP. Any local info on a possible suggestion for his issue would be great.

Thanks,

Mark

Hey Steve,

Sounds like you have a plan. I am in the process of a commercial loan right now through AmeriCU Credit Union and they are pretty solid. Hit up Benjamin Mack for more info, they cover all of New York.

https://www.americu.org/business/

Mark

Thanks @Alex Olson. I do have one I am working with. I will reach back out to him today! I didn't know they all can differ, that's good to know! 

Good Day BP'ers,

I had a question on portfolio loans and how they work. When starting a portfolio loan does one have to have more than one property to purchase at the origination of the loan or more than one? Can other properties be added as you acquire them, and if so does the term on each property differ or is it recalculated and blanketed together as one again like a refinance? 

Mark 

@Joshua Mayo Just wanted to check in on your journey so far with Fund and Grow and if you've acquired any deals yet from creating the lines of credit. 

Hey Andrew,

Thats amazing, how much is the purchase price and the estimated Renovation you budget on for your new acquisition? 

I have an elderly family member that's living in Bennettsville and in danger of losing the property. Was seeing if there was anyone in the area that rehabs. Not sure if its even worth it because that Bennettsville market seems a little risky but I am an outsider looking in. Wanted to get a locals point of view of the market. It is a SFH with loan balance of about 18k. ARV's in the area for 3/1's are about mid to late 40's but the house needs HVAC and full gut on the bathroom. I called for a plumber to come by the property on a Monday and said they couldn't come until Friday. I know its because of the area but talk about a delay. Any advice would be great.

Checking to see if there are any BP investors or anyone that is familiar with these markets? 

Thanks for the insight @Keith C. I inquired on Friday with my credit union and it was at 3% then Monday went to 3.375% then the next day was at 3.250% then back up. I was confused as to what to do. My current rate is at 4.125% on my primary. I guess I just wait now and watch it like a hawk or should I just take advantage of the current 3.375% they are offering now? 

Mark 

Good Day BP'ers,

A buddy of mines has a SFH in Fort Lauderdale close to downtown with a huge backyard. We are considering putting a container home on his land to Air B&B. I have seen some from the range of 25k-40k depending on finishes. Has anyone attempted to Air B&B container homes or have any insight if his taxes would be affected by putting a structure on his property for this purpose in Fort Lauderdale? I am doing due diligence and research just figured I would throw this out to the masses for insight as well.

Thanks,

Mark 

Eric, you possibly might be able to get funding from a local credit union that may do 15 year conventional. I actually found a local one in Syracuse NY but may only be for that specific area. If not the portfolio loan or OPM may be the way to go.