All Forum Posts by: Matt Motil

We currently have around $6 million in assets we are looking to refinance in one way or another. Here is a link to a google sheet with what's still available, the address, values, LTV, rate, payment, etc.

If you're offering financing terms that are more expensive than what's listed on the sheet, we won't have time to respond to you, sorry in advance. If you're brokering for a nation hard money lender, we have seen those rates and terms already, thanks! 

Click here to check out our notes! 

Want to get added to our list of new deals for sale, new note opportunities, and multi-family opportunities, click here!

Looking to purchase portfolio of 11 units (singles and doubles) in the Cleveland, Ohio market. Private lender backed out last minute and need to replace in some manner. Portfolio value 375-400k. Looking for $175k for 2-3 months. Previous lender was going to make 1%/month interest only. 

Currently hold the following portfolio throughout mid and Northeast Ohio: 

69 single family rentals, 4 doubles, 1 triple, 2 quads, 1 five unit, 1 9 unit, 1 28 unit. 

Approximate value of portfolio based off of appraisals and comparable sales: $5.4 million. 

Seeking $4 million (74% LTV) in the 5-7% range. Ideally fully amortized, but willing to discuss balloon options as well.

I have already spoken to most of the big portfolio brokers/lenders, so please don't contact if pitching for Visio, Lima1, Corevest, Lending Home, etc. 

The west side is totally different than the east side. East side, it’s spotty in neighborhoods, I’m sure you know this already. You don’t have that on the west side. Pretty much anything west of 77 is going to be a descent rental area. There are some pockets in the northern side of 44109 that can get rough, but it’s pretty much uniform over here. 

Use aggregated data from sites like rentometer to get a comfort level of the rents you can get in specific areas. Also, that neighborhood grades link is like 3-4 years old at this point. Many of the neighborhoods have shifted in the lower areas, so I wouldn't really rely on that too much. 

As for getting over putting in offers, what's the worst that happens? You get a deal under contract and in due diligence decide it's not a good fit?

A 23 unit mixed use (5 store fronts + 18 residential) building came across my desk yesterday in Akron, Ohio. The current buyer can't perform and is scrambling to wholesale the deal before the end of the week. 

Current as-is value of the building is $960k based on 10% CAP and current NOI. Purchasing around 13%. Building has many value-add opportunties: increase rents, pass utility costs to tenants, enterprise zone, etc.

I am looking for $800k for 4-6 months. Rates and terms are negotiable at this point to try and get this deal done. It's worth not letting fall apart! 

Needs to close this week to lock in current pricing. 

We currently own 135 rentals and this building fits nicely into our wheelhouse. Professional management is ready to step in when we close. We have been in the buy-and-hold business since 2008. 

A few people have reached out directly, so I thought I would answer their questions on this post: 

1. We are not offering equity at this time on this deal. This is a debt investment that we will pay 1% per month while we have the funds secured by the building. 

2. We would consider pre-paying interest at the time of funding. (ie, you would actually fund $188,000 but get paid $200,000 balloon at the end of the term). 

3. We have a long list of references we have done these types of deals with previously. 

I purchased an apartment building (28 unit) in a B neighborhood in Cleveland at the end of 2018 (44135 zip code). The building was purchased for $1,000,000 and the as-is appraisal came back around $1,250,000. As completed, should appraise around 1.4-1.5. I have a first position for 845k. Looking for a 6-month private money loan for $200k in the second position. We will be refinancing long-term during this time. 

Give my guy @Ryan Ingram a call. He’s handling my insurance on my portfolio and he’s an investor as well. We can’t post numbers here but he works for Thomas & Grushon.