All Forum Posts by: Mike Burkett

@Benjamin Quaye 75% LTV for cash out refi is probably the maximum you will get in this market.

@Account Closed  My assumption was "Cash Invested" was his all in investment at the sale of the house.  If cash invested only included his downpayment at purchase, obviously, his profit is significantly less than $60k.  Point well taken.  

@Daniel Mendez  For smaller houses, neither will be a big number.  $50-$75 for water/sewer unless you are watering grass in summer.  $50-$100 for electric unless you are running AC/heater all the time.  Neither should have a big impact on economics.

@Daniel Mendez  Frisco

@Brandon H. You still didn't mention where the properties are. A 6 unit apartment complex should be elegible for 30 amortization and some cash out as long as you have owned it for some period of time. The commercial building is a little trickier. Single tenant building without a national credit tenant and without long term lease will probably get you 15-20 year amortization, lower LTV, and fairly short term. I'd shop it around.

 @Alex T. Learning too much while making $60,000 doesn't sound too awful to me.  Congrats!

@Sam M.  Not sure there is a typical.  Depends on what the investor wants.  8%-12% unleveraged is in the neighborhood.  Due diligence:  I would find out what the lender's underwriting parameters and due diligence procedures are and if you agree with them make sure you have a method in place to insure they comply with those methods.  You can do that with a simple reps & warranties document detailing what the penalty is for not complying.  

@Benjamin Quaye  If you have any questions, I'd be happy to try and answer them for you.

@Nick Taylor  Nick, what are you studying at SMU?  I'm needing some help.  Maybe we can help each other until you graduate.  Please reach out to me if you might have some interest in talking. 

@Benjamin Kruah  I can't answer your question without knowing your definition of "multi".  Is that 2-4 units?  Or an actual apartment complex?  And, where are you located?