All Forum Posts by: Stephen Hundley

@Jonna Weber Same here! Much less competition on Friday afternoon's!

@Matthew Smith Hahaha no magic or sweat equity. The entire $15k was cosmetic. We didn't have to do plumbing, electrical, A/C or Roof. We also found a semi retired handyman that doesn't need the money but enjoys working. He did excellent work for a very affordable price. We've had to go through many handymen before finding him.

Seems like every reno we do we find better and better subs.

@Ian Tudor

Great question! Mostly bc my area. 99% of multi family is in a C or lower area. I prefer high quality tenants and rentals. I'm a realtor so I often convert renters to buyers for added income. 

Trust me I want to do large multi family but SFR's give me the highest return and highest quality of life.

Love the convo

@Rico S.

I become a realtor with the idea to learn to learn more about real estate while getting paid. First deal was extremely easy bc the home was move in ready and had a lease signed before closing. 

So many things I learned by taking action that I didn't learn in books. Too many to even name. 

@Sean Tracey

Excellent question! Commercial is just easier. They don't ask me any questions on the refinance. They don't care about seasoning. 

Traditional asks a million questions and has to verify everything. Makes life more stressful. Commercial is too easy with my local bank. 

Plan is for new 5/30 w same bank although I haven't gotten there yet haha. No way I could pay it off in 5 years. 

@Parker Ihrie

It's based on my relationship with this bank. My grandfather and father has been with this bank for over 70 years. We have a very close relationship with the bank and the president. They are not focused on the details of each deal and more focused on myself and my father's reputation. It's a very small community bank so they can do things the big banks can't dream.

@Jeff F. The first three deals I did traditional financing in my personal name. Ever since then I've done the BRRR strategy. I buy with cash from the bank, basically a line of credit, fix up, then refinance with the same bank with commercial financing. They give me 4.9% 5 year fixed amoritized over 30 years.

@Elizabeth D. I did an unsecured loan for the whole amount up front. 

@Cody Barrett

First was a home I was going to list as an agent and decided to buy before listing it. Second was from a relationship w another investor. Third was a house I was going to list. Fourth was from a letter I dropped off. Fifth was from a wholesaler. Sixth was mls. 7th, 8th and 9th I built bc I bought the land for so cheap and was able to fit 3 houses on one lot.