All Forum Posts by: Stephen Hundley

yup!

10% Cap Rate in the city of Lafayette on a 23 unit apartment building! Property is assessed at $734,697 based on rents submitted to the assessor. This is a turnkey property. Property has been very well maintained. Only $26,000/unit! On site manager collects rent. Complex consists of 4 separate buildings. 22 1-bed 1-bath units and 1 2-bed 1-bath unit. Composition shingle roof is 9 years old and metal roof is 12 years old. Vacancies consistently filled very quickly. Some long term tenants in place. Call for complete P&L and to schedule your appointment.

@Brandon Turner 

Can you make a Lafayette, La sub forum? We have plenty of investors here. Thanks 

the long term financing quotes are 4.25% 5 yr fixed am over 15 yrs 

Or 

4.9% 5 yr am over 20 yrs. 

those are my two options at the moment

I bought a house using a unsecured loan from a local bank that's 6% interest only. My monthly payments while I rehab is only about $300/m. It's going to rent for $1,350/m. Once I put long term financing on it my note will be around $900 all in. The bank will give me up to a year before I have to refinance. 

My question is, once it's rented, would you stay on the interest only for the rest of the year and build cash flow or refinance on long term financing immediately? 

@Pavlos Kasselouris

I'm just like you man, I track it monthly and since I started it grows more and more each month!

don't drive a beater but something middle of the road is just fine until you start generating some income 

welcome @Jay L.! I'm a realtor/investor w a similar background in Lafayette! Shoot me a PM and we can connect! Happy to help you reach your goals! 

congrats on taking action! You will learn so much! This will give you confidence and skills to buy more!

hello, 

I bought a house about 7 weeks ago and almost have the renovation complete. I paid $70k, have $105k into it and will will appraise between $150-$160k. I bought it cash with private money and I'm looking to refinance with long term financing and hold as a rental property. 

I've been offered 4.25% 5 yr on 15 am and 4.9% 5 yr 20 am. If anyone can beat those rates or have questions for me please let me know.