All Forum Posts by: Siedda Herbert

HI @Jamon Stanton

Its great to see you being active. Anyone you come into contact with, you should tell them that you are a real estate investor. I am putting in an offer on two duplexes tomorrow. Both will be through short term seller finance. Im going to get a business loan from a relative for the repair cost, and then do a refi on the property.  

multifamily @Trevor Sie-Duke

I'm sorry @Brandon Johnson. I meant within one year. June 2016  to June 2017

@Michael Noto @Mike H. thank so r the information. It is greatly appreciated! 

@Mike H. thanks for the great informations I have heard the term quit claim before. What's exactly is that? All of the properties will be multifamily properties. I have investor friends ready to owner finance and I have investor friends ready to give me funding for rehab. I just want to make sure I am planning my exit strategies correctly. 57 units is more than the norms, so I need to make sure I m doing this the correct way early on. I want to run into as less problems as I can when it comes to refinancing. 

Hello @Alethea Bell I am not using hard money funding to acquire the property. I am receiving a personal loan from a family member. 

@Brandon Johnson yes 57. That's why I'm always emailing you b/c I have to get this right from the beginning lol. Which financial institution in Baton Rouge would be considered a portfolio lender? I'm trying to wrap my brain around the different funding entities based on names (Regions, Citizens Bank & Trust, Affluent Hime Loans). The appraisal report that I have is from January 2015. 

 What are non-recourse loans 

 Thank you! 

Hello BP Members, 

I have a question about the refi part of the "BRRR Method." I am having trouble understanding if I should do a residential or commercial refi. I am buying the property under an LLC. I spoke with a broker, and she stated because I am buying under an LLC that it would be a commercial loan. Is this true? I am confused, because I thought commercial loans were for big MFR projects (5+ units). I am buying a duplex in Baton Rouge. My goal is to obtain 57 units this year, so I want to position my set for the best success possible when it comes to refinancing.

Also, How should I go about calculating my numbers based of the LTV for the refi, which is my exit strategy. How do you run your numbers if you are dong the BRRR Method? I have an investor friend whose duplex on the same street appraised for $114k in 2015. Should I go off of this or the recent comps? I am buying the property using a hard money lender, but the seller is doing an owner finance option with me. Purchase price will be $15k, rehab cost $50k, closing cost fee, appraisal fee, etc.