All Forum Posts by: Account Closed

Bancorp South has a LOC for rental properties, the only downside is that you have to redo the appraisals each year. Also, just like a normal HELOC, if you carry a balance for a year then the bank will require you to begin paying off the balance on a 15 year amortization. My contact there was Brandon Bryant. He's efficient.

Anyone interested in doing an early morning coffee meetup for buy and hold investors? I went to the Wednesday meetup at City & State and while everyone was friendly- most of those attending were wholesalers. This meetup would be for buy and hold investors and we could discuss property management, repairs, tenants, etc- all the fun stuff of being a buy and hold investor.

Right, good suggestion on the through wall AC's. I have seen that most commonly in homes with a one-room addition. The main house has central AC and instead of upgrading the central HVAC, the homeowner just added a through-wall to cover that room.

And as@James Martin shared, not all landlords provide window units. Again, check the competition.

There are plenty of rental units without central AC. Some just have wall furnaces or floor furnaces. I recommend you use a page like hotpads or zillow rentals to see what the nearby rentals offer to see if your unit would be competitive without central AC. Also, the window units are not necessarily provided by the landlord.

At first I was shocked by the $200-$800/month price. Then again, 1 additional home sale pays for it all; it makes sense.  Many of you may not know, but a while back Zillow bought their main competitor, Trulia. Trulia, as the underdog, had brought out a number of innovations such as crime maps, transportation, etc. before Zillow. I would assume that post-acquisition Zillow now charges agents more and innovates less (and probably comes up with more ways to annoy @Jackson Long  than before).

Thanks y'all.

Looking for a reputable hardwood floor installer in Memphis. Any recommendations?

Thanks @Stephen Akindona

I was just about to recommend that you reach out to @Jackson Long but he already responded (he and I have been talking about this topic for a while). The first bank that I found which would do this is Bancorp South. It appears they will loan up to the amount that you put into the property (i.e. show invoices from the contractor + the purchase price) on a 5 year fixed, 20-year amortizing loan. I recommend talking to Brandon Bryant at Bancorp. That being said, I have not used that product.

However, I have done a delayed financing cash out refinance with Landmark. We bought a house for 60k using funds from a line of credit, renovated it for 15 and it appraised at 100. Unfortunately, Landmark would only lend up to the original purchase amount or 80% of appraised value, whichever was lower. That left a lot of equity tied up in the house.

I used nreig and they were very competitive for single family. For multifamily properties, less so.