Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Marshall Smith

Marshall Smith has started 11 posts and replied 25 times.

Post: Multifamily Lender for Mississippi Needed

Marshall SmithPosted
  • Specialist
  • Jackson, MS
  • Posts 25
  • Votes 14

Im searching for a Multifamily/ Commercial Lender in Mississippi.

Sale Price: 300k

I have 10 years experience as an rental investor, and going after my first Multifamily.

Post: Down payment on DSCR

Marshall SmithPosted
  • Specialist
  • Jackson, MS
  • Posts 25
  • Votes 14

@Jacqueline Wright can you quote me for a price on a 5 unit multifamily in Mississippi? Im viewing the property tomorrow!

Post: Best loan options for 5 unit multifamily property

Marshall SmithPosted
  • Specialist
  • Jackson, MS
  • Posts 25
  • Votes 14

@Erik Estrada My local lenders want a 7.8% 5/1 am only. Its all they offer...

Post: Best loan options for 5 unit multifamily property

Marshall SmithPosted
  • Specialist
  • Jackson, MS
  • Posts 25
  • Votes 14

@Emran Chowdhury thanks!

Post: Best loan options for 5 unit multifamily property

Marshall SmithPosted
  • Specialist
  • Jackson, MS
  • Posts 25
  • Votes 14

@Jaycee Greene re hab is needed, but won't occur until 2026.

All units are currently occupied and have leases in place until January 2026

Post: Best loan options for 5 unit multifamily property

Marshall SmithPosted
  • Specialist
  • Jackson, MS
  • Posts 25
  • Votes 14

Needing advice: What loan options are best for a small-time landlord purchasing a 5 plex.

Im using existing equity and cash to fund my investment.

I own several SFH, all successful, Ive been a landlord for 10+ years.

This deal is priced at 300k.

Post: Loan type for 4 plex purchase and rehab???

Marshall SmithPosted
  • Specialist
  • Jackson, MS
  • Posts 25
  • Votes 14

I have my eye on a 4 plex I'd like to buy, renovate, rent, and hold.

What kind of loans are best for this?

4-Plex details:

-currently occupied

-estimated sale price 265k

-ARV 400k, and 4k/mth in rent

Background on me:

-I have an LLC

-I own 4 single family rentals

-each has around 70k + in equity

-all cash flow well

-credit is 800+ with adequate income.

If yall were me, what loan options are best to buy, rehab, and rent a 4 plex?

Post: Complete Rehab and Hold/Rent

Marshall SmithPosted
  • Specialist
  • Jackson, MS
  • Posts 25
  • Votes 14

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $42,000
Cash invested: $50,000

2bed/1bath 1,100 sq/ft SFH completely renovated. Stripped to the studs, new electrical, new plumbing, restored original wood floors, and brought a 1946 gem back to its original form!

What made you interested in investing in this type of deal?

Simply put. Value Add deal. Immediate equity.

How did you find this deal and how did you negotiate it?

Found the owner and asked if they would like to sell.

How did you finance this deal?

Personal finances

How did you add value to the deal?

Complete gut job. Real value-add renovations. Rent went from $800 to $1250

What was the outcome?

$30k in equity and 100% cash flow besides taxes and insurance.

Lessons learned? Challenges?

Demo is easy, and sheet rock dust is the worst! Honestly, it's not that hard. Just hire an electrician, hire a plumber, and you can do all the rest. Like anything else, it takes a lot more time and money than you think. Don't let these get rich quick fools fool you.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No

@Venecia Baez

First: read Brandon Turners books.

Second: decide how "hands on" you will be.

- are you able to diy? Or contract all labor?

- will you self manage, or not?

-can you accurately analyze deals? If not, learn how ASAP. (Every market is a bit different so know your market)

-remember: you win or lose the day you buy your deal. Buy 80% under value is a good place to start. If you arent laughing all the way to the bank then its not a good starter deal.

Google "rental property calculator", use the one under calculator.net. Its simple, quick, easy. Factor in accurate, but worst case scenario numbers. Analyze lots of deals in your market until you understand what a good deal looks like.

Post: Tenant wants to break year lease after 2 months

Marshall SmithPosted
  • Specialist
  • Jackson, MS
  • Posts 25
  • Votes 14

@Sarah Albert Keep the deposit, have them pay an additional months rent. This gives you 60 days of cash to find someone else. Its not worth the headache to force someone to stay who is just gonna not pay you anyways.

Have them sign an early termination addendum after you are paid in full, they have vacated the property, and keys are turned it.