All Forum Posts by: Account Closed

We got several letters from them too.  They offer one of the Co-Owner #'s and tell you to call, however, it dumps right to voicemail with no one ever answering.  Has anyone actually ever closed a deal with them or are they just an aggressive marketer with spotty performance?  

Call Audubon Savings Bank.  Ask for Caroline in their commercial department.

@Michael Johnson we were unable to proceed with purchasing the home. The HOA ends up being their own worst enemy. They would not let us purchase and when I explained to him he has 9 other REO properties in their community he shared how the banks never pay the HOA monthly fees. Some have been sitting for 2-4 years and it is depleting their reserves yet they had no initiative to work with an investor even to grant a temporary, no occupancy agreement for us to rehab and resell to a 55+ end user.

Hoping someone has success with it and can share an alternate route they may have used to get the deal done.

@Meghan McCallum

Thanks so much for the info. Property is currently in an LLC. In speaking with the local banks the commercial departments are all pretty in sync offering 10 yr loan w/25 year amortization. After year 5 sounds pretty common that they will adjust the rate. No problem proving what was spent on the renovation. On #4 you mention "(check with the bank and find out what their EXACT policy and procedure for transferring the property into your LLC)"  Do you mean if the refi were done in our personal name to get a better rate/fixed pmt and then once the mortgage was in place on the property transferring it into our LLC at that point?

Do you typically buy your properties in your personal name, pull your cash out on a conventional mortgage to secure better financing terms and then transfer the property into your LLC?

Thanks for your help!  

@Jason Timmerman

Go into your municipal building or try the link below and file an OPRA request for them to release tax records to you.  

Try this - http://www.twp.howell.nj.us/FormCenter/Community-3...

Looking for insight from landlords or Brandon(the man, the myth, the legend himself) that have done the BRRRR strategy as coined by

@Brandon Turner

We bought our 1st rental cash, all renovations are completed and we are getting it ready to list for rent. We are hoping someone can explain what to expect when trying to refinance and pull our cash out for the next one. Property is currently owned in an LLC so it appears we're most likely going to have to get a commercial mortgage which will probably be adjustable? Do people hold rentals in their personal name so they can get more favorable rates/terms/lengths on the financing and just pile on an umbrella insurance policy for protection?

Any and all information will help!

Thanks,

Ray & Hannah

@Shaun Weekes 

Conservative ARV is $160k. We're a 3/2/1400 sf with partial finished basement. 2 doors down a 4/1.5/1288 w/full finished basement sold for $173k. 4 doors other way a 3/1/960sf sold for $145k.

Hi All,

Looking for recommendations on a small, local bank to do a refi/cash out on one of our deals.  We bought it cash and it is fully renovated. We have experience with 25+ flips and are now migrating into rentals as well.  Any help/suggestions would be helpful!

Ray

@Mark Vandzura welcome to BP. We have a ton of great buys locally. Have you bought anything recently? What type of rental properties do you like to buy--SFR,multifamily,etc??

Tyler-cheers to the plunge into the education and desire to learn!  Thank you also for your service in the reserves.  You sound like a busy man.  My wife and I started a small fix and flip business (2 years into it and 2 dozen deals later) and are now beginning to get into buy, reno, rent, refi, repeat or brrrr.  We bought our 1st rental 11/28 and we utilized one of our private investors to buy and reno the property.  We're nearly done with the rehab and hope to have it available for rent by 1/15.  At that point a cash out refi will allow us to repay our investor and hopefully move onto the next with tenant and cash flow in place on the 1st rental.  If rates stay near current ranges you may have some success tapping into that $60k of equity in your property as well.  Our target is to pick up a minimum of 2-3 additional rental properties/year from 17' forward.  Keep learning but don't stay on the sidelines forever.  Best of Luck!