All Forum Posts by: Paul C.
Paul C. has started 41 posts and replied 105 times.
Post: Billboard construction and program
- Atlanta, GA
- Posts 108
- Votes 42
My family owns some land outside of Dothan Alabama with decent road frontage on a highway. I am thinking of ways to create revenue streams for the property and one is by constructing a billboard and collecting money from renting it. Does anyone have experience with this and/or any contacts in the industry that I could talk with more?
Thanks in advance!
Post: In Town Atlanta ADU Build Cost
- Atlanta, GA
- Posts 108
- Votes 42
I called Dekalb Zoning as I wanted to do something similar and the lot has to be ~10,000 Sq ft minimum which gets rid of this option for me...I wish they wouldnt be soooo stingy!
Quote from @Napoleon DeCiutiis:
Quote from @Paul C.:
Any luck @Napoleon DeCiutiis? I recently purchased through the STS on the forgotten coast and looking to acquire more potentially.
Thanks,
I did get linked up with one here. Did you work with Richard? He's great!
Yes, Richard was great to work with! Any chance you can connect me with that contact as well? Thanks!
Any luck @Napoleon DeCiutiis? I recently purchased through the STS on the forgotten coast and looking to acquire more potentially.
Thanks,
Post: Poll - Which Property Management software do you use?
- Atlanta, GA
- Posts 108
- Votes 42
I currently use Tenant Cloud, but they just announced fees for all ACH transactions. I was thinking about leaving anyway due to the amount of manual entry that must occur, but this helped push me over the edge. I would love to hear others experiences. I would love a tool where I can do property management and accounting together, but that is not a requirement.
Post: Which Banks/ Credit Unions will do a HELOC on investment property
- Atlanta, GA
- Posts 108
- Votes 42
Quote from @Kerry Baird:
I've gleaned these lenders from the kind people on BP. I have used PenFed and TD Bank for HELOCs on investment property. Post back if you find another lender who serves you well, and I will add them to my list and pay it forward. These were all sourced pre-CV19, so eat the fish and spit out the bones. It doesn't hurt to call.
Ridge Lending All in One, first position HELOC
AFCU does 80% LTV on NOO. Utah
Americafirst 80% LTV on noo 65% LTV Utah
Arvest Bank AR, OK, AL, MO
Bank of the west
BB&T will loan on a rental portfolio
BBVA Compass
Boeing employee credit union
California: Cal Coast Credit Union and Fremont Bank
Citizens Bank -Minnesota, only in-state. Kyle Potswald
Citizens first position HELOC
CMG a financial 70% LTV
East West Bank, up to 60% LTV with "no docs"
Figure 80% on a rental, not in LLC
First Florida Credit Union https://firstflorida.cumortgag...
First Commonwealth
Great Lakes Credit Union
Veritex , Texas HELOC
HSBC 70%, for premier clients only
Huntington 75% LTV
Hurst Lending and Insurance Investment property
HELOC in Texas. No seasoning.
Key Bank, FLorida flexible lender, HELOCs on second
homes and rental properties. 90% LTV on primary.
Merchants Bank MN See Pavel Ushakov
PenFed - max 3 other properties, 89% LTV
Regions- yes HELOC but no LOC
SCCU Florida 70% LTV, 6.25% interest only, not LLC
Signature Federal Credit Union 75% LTV
Sound CU "non-owner occupied HELOC, capped at $150K and interest rates are prime + 2%, 3% or 4%, based on credit, not to exceed 70% ltv."
S&T
TCF Bank
TD Bank
TIAA Direct was EverBank
Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties. Automated appraisal.
Trustco
Union Bank, specializes in noo HELOC. KCMO, NE
Union Bank, MUFG.
US Bank
Vectra Bank
Wisdom from Ann Bellamy:
I also never keep much cash in a bank account in the same bank where I have any mortgage. For example, I have a mortgage and operating account at Bank X for one of my businesses. I pull out most of the surplus cash from the operating account and put it in an account owned by the same company but in Bank Y. That way I get to determine how it's used, not the bank.
Hi @Kerry Baird, any chance you have an updated list from this? PenFed is no longer offering fyi…
West Georgia in particular Carrollton, ga
@Marcus Auerbach I agree a great agent can't be beat. I have used the agent finder on BP and everyone is based on Atlanta and not any submarkets. Should I just contact them and see if they specialize in my smaller zipcode? Every agent I've ever talked to says they are an "investor agent" or have great knowledge of my area, but that tends to not be the case except for my first real estate agent who I will not name, but he was the best I ever had and met him here on BP. Unfortunately, he is too busy with his own game to help me out on a regular basis.
Definitely not trying to break any rules here, but I believe this concept was actually pitched on the BP podcast when they were discussing leverage. I only do this on properties that have been sitting for a while and it’s actually been pretty wild the amount of “inside information” that I am getting from these agents that I would have never gotten from mine. Now that may be a sign that I need a better agent but unfortunately I have not found one due to the size of the market. I had one agent send me his original proposal to his client where he recommended a sales price 120k less than what it was listed for.
Hey Guys, I am trying a new strategy of not using a real estate agent myself but trying to get the sellers agent to be a “transactional agent”. The thought is this would get them somewhat on my side(although not officially) so I have a better chance of negotiating and knowing exactly what the seller wants. Also, I am trying to get them to use a lower commission rate and reducing that from the sales price as the seller will still see the same amount. Has anyone else tried this and do you have any pointers or success/failure stories. Thanks!