All Forum Posts by: Quinton Oake

Quote from @Daren Lang:

I am under contract for a 5 unit apartment. 100% rented. $128k purchase on ~$350k arv. Very light rehab needed that I can pay for. I also own a duplex. Scheduled to close 2/20. Would need 75% loan to make it work.

"too rural, not expensive enough, not enough cost per door." ect....

Anyone want to do business???

 I sent you a contact message. Let me know.

Good time. Nice meeting some new connections. Thank you for the meeting.

Do you want to invest in the commercial property or not? It should never matter what the money costs if it is making you more. Don't forget the penny doubling per day rule. 
That being said, it is best to get the lowest you can but I would take a HELOC or if you can a LOC as suggested and as long as the numbers work..... JUMP

Quote from @Stephen Dispensa:

Hey Joey,

I manage properties in Port Tampa City and we are getting above $2k per month for 2br / 1 bath apartments so I think you can do better than the numbers you are suggesting on a rental. 

Personally, my strategy would be to do a light rehab to make it presentable and maximize rents. Put new tenants in place with maximum cash flow, and then begin planning for the two new homes. Once you get planning approved, you could sell off the land and development package to a developer, OR build it yourself. I have solid experience in all of these areas if you want to shoot me a PM for more specifics.

Steve

I agree, rehab and collect rents while you determine highest and best use if you have never done construction before and are leaning that way. It can take a long time to get plans approved. So better to collect $ while that process is ongoing if you can.
That being said, run the numbers. If it truly is going to cost you $10k to rehab, will you get an acceptable ROI for the multiple months you will be renting it out to get the property ready or would it cost you less to have it vacant, pay a mortgage and then ultimately tear down and begin construction?

Another good question for you, are you looking to become an investor in real estate or would this be a one time project? That may help you decide what is best for you personally between options 1 and 2. Side note, you may be able to partner with someone that does have experience in the area who may have another idea for highest and best use of the land that you haven't thought of. This is also a great way to get started if you are looking to start into real estate investing.

Quote from @Brian Ortins:

Mind sharing the funding source? I have multiple single family investment properties in the Tampa area and need to place long term financing on them.

reach out. I may have some that will work if your are investing under an LLC or business entity.

Why not do both? It depends on your expectations/business plan really. But what is keeping you from making both projects work?

Hello Jennah, I know of someone that lives/works in St. Louis that may be able to help. He does most things but your question is vague so not sure what to ask him. DM me if you would like his info and then you 2 can talk.

Quote from @Zac Smith:

Hey everyone, 

I'm trying to figure out how to minimize the down payment on this CRE MF acquisition. The seller has agreed to 75% seller financing and terms I like.

I contacted just one HML so far and was told I would need to have a dp to cover most of the leftover purchase price (they said they could lend up to 65% on this project).

I figured I could just have them cover the 25% dp and refinance in the first 6 months. Are there HML for CRE open to covering this 20-25% down payment?

open to any other creative ways to structure this! 

Hello Zac, congratulations on your upcoming purchase. You may get lucky and find a lender that will do that but would be hard pressed to find someone that offers 100% financing. Almost all lenders I know, including myself, would not lend to a 1st time investor with no skin in the game.

That being said, you stated that the seller is financing 75%. Simple numbers example of a purchase of $1,000,000 would mean they are financing $750,000 and you would only need $250,000. Maybe I am misunderstanding but, do you have any skin in the game so far?

Quote from @Helder M Da Silva Santos:

Hello BP family,

different type of post,

our family is planning on moving to Florida this year, we are a little tired of the weather in WA state. We have not decided between Orlando, Tampa and Jax to which place to move to. 

I would like to connect with someone that i could pick his/hers brain in the best areas to look into buying a house and where i could be finding a good neighborhood to raise a family.  

My plan is to quit my job and once i am settled to look for a job there, I am in the auto industry working as a service advisor we will be renting our house here in Seattle and we have a rental property in Detroit that we are trying to sell to use the cash to reach other goals. 

I will also be looking to grow into real estate investment. 

Thanks for reading. 

 came from Tacoma in 2000. I personally wish I could move back nearly every day in the 300 day summer. I do however enjoy the 65 days of "winter" here. I cannot speak much to Jacksonville except that there is a Navy base there too just like Everett. Tampa is great and I do like it. Orlando is tons of fun especially if you have younger ones. My issue with Orlando is the ocean is an hour away and the gulf is a little farther. Not sure if you are a water person or not but that factors into my decision. Whichever you choose, def keep the house in Everett and become a snowbird as soon as you can. You will probably miss parts of being up there like I do. Plenty of jobs down here and do connect with me for investing, always good to have someone to bounce things off or possibly connect for partnering. Good luck and happy times ahead whichever you choose.

Hello, I have become unemployed since buying a rental property due to a car accident in January of this year. I am in the Tampa, Florida area. The mortgage I took out was a hard money loan, that at the time I would have not had a problem obtaining financing but needed the money fast. I am now in need of refinancing to get that loan paid off before it comes due in December.  The property is not in the best area but is currently rented at $1150 per month (and current) and the loan I have is $30,0000 but I would want $45,000. The value of the property is anywhere from $85,000 to $93,000 (based on other sales in the neighborhood) over the past year.  

My question is, are there lenders that are willing to do a loan to an unemployed person but with a 2 year history of making payments. Including since January of this year with NO income? Ideally I would like to get a 20 year loan on the property with no prepayment penalties around the 6 to 8% range.