All Forum Posts by: Tanner Morrill

People do cash out refi all the time on new builds. What percentage equity will you have when the project is finished? It will have to be high enough for a refi (20-30%) or you are screwed.  Sounds like you have a lot of negotiating to do with a debt partner. Would you be making payments during construction? Can you afford that? Is your GC willing and able to sign on the construction loan? What will be your collateral? The land? Are you 100 Percent the project can move forward with the city? Do you have written approval? Will you buy the land before you have a building permit? What skin in the game do you 3 have if things go badly? What down payment do you need (I bet 20-30 Percent)? Multi-family starts are way down nationwide, maybe due to financing, I'm not sure. Do you have enough money to start construction before the construction loan kicks in? 

I stopped in today to get a HELOC at America First credit union, because I'm told they're still doing them and no one else is. They will do 80% LTV loans still on rental property. 6% loan I think is what she said. They go off the county tax records for value, which is stupid, so be prepared to get an appraisal on your dime.

This may or may not be a great way or "proving" that you've been receiving rent. I had a tenant deposit cash into my checking account monthly and one stupid HELOC banker wouldn't accept that as proof of rental income. Be careful. I think my banker was an idiot.

So, taking a look at listed SL County homes prices 250-400k, there seems to be, based on my quick analysis, about 75% of homes had a price reduction of 1% or more. The homes I analyzed were listed in the first half of October. Some of the reductions were $10-20k. What are you guys seeing? I think it's time to pay very close attention to the market. Wage growth just isn't good enough esp. with increased interest rates. 

I'm looking for a recommended linoleum installation contractor in Salt Lake City Utah area. Thanks!

I just called Marc Tipping, but other options would be nice.

Can you recommend a roofer for a small townhouse roof? Semi-flexible timeline. Thanks.

Many investors use direct mail campaigns, especially when starting out.

I'll definitely go. 

Anybody know of a good bookkeeper  or bookkeeper/CPA in Salt Lake county? Thanks!