All Forum Posts by: Ryan Raven
Ryan Raven has started 5 posts and replied 6 times.
Post: Property management license IL
- Peoria, IL
- Posts 7
- Votes 2
Hi!
Currently I manage my own SFH portfolio of 7 doors. Currently don't have a license. I have the opportunity to manage someone else's 10 unit commercial building. Just from google search it says I need a real estate brokers agent license. Does anyone have experience with this? Any recommendations would be great! If I'm setting up leases I assume I need this license. Thanks for your time!
Post: Looking for 30 year fixed loans on a refi
- Peoria, IL
- Posts 7
- Votes 2
Quote from @Greg R.:
What kind of properties are these? Single family, multi-family? I find it hard to believe that there wouldn't be an ample amount of lenders here on BP who could help.
4 single family and one duplex
Post: Looking for 30 year fixed loans on a refi
- Peoria, IL
- Posts 7
- Votes 2
I have bought most of my properties cash and when I go to Refi I can’t find a lender that will offer 30 year fixed rates on rental properties. How are investors going about getting these loans? If anyone could connect Kyle to a lender that offers this It would be greatly appreciated! Thank you!
Post: How are you refinancing your BRRRR
- Peoria, IL
- Posts 7
- Votes 2
I’m curious on how everyone is refinancing their properties. I purchased two properties in May of 2020 with cash. I have completely remodeled one and am look to cash out refi. I’ve contacted numerous banks and credit unions. Not many are willing to offer 30 yr fixed rates on rental properties or I can only get what I purchased the property for. Also I do not have any W-2 income. Any help would be greatly appreciated.
I’m currently leaning toward refinancing for purchase price. However, I would be leaving around $14k in the deal and would cashflow around $350 after all operating expenses. Cash on cash return would be roughly 25%-30%. That is still a decent return, I was just not wanting to leave that much capital in the home. Thanks for your time and happy investing!
Post: Need help finding a lender for cash out refi
- Peoria, IL
- Posts 7
- Votes 2
I'm looking to finish my BRRRR with my refi, but every bank I contact says they only offer 5 year ballon mortgages for investment properties. Has anyone else ran into this? I'm looking for a 30 yr fix. The property is in my name and is paid off. Has anyone had any luck with online lender such as rocket mortgage? I'd really like to lock in a low rate for the next 30yrs. Any help would be greatly appreciated! Happy investing!
Ryan
Post: Peoria IL area investors
- Peoria, IL
- Posts 7
- Votes 2
Good afternoon everyone!
Looking to to connect with investors in the Peoria/East Peoria/Washington Illinois area. My significant other and I are closing on our first property in two weeks. Would love to discuss the local real estate and rental market. Also, if anyone has any experience with the BRRRR strategy that would be awesome to discuss as well! Hope everyone is chasing their dreams.
Ryan