All Forum Posts by: Stephanie P.

Hey all,

I feel like I'm in a bit of a stand still. No video or google search is giving me the right direction I'm looking for.

I just started getting into buying rental properties December of 2021. I currently own three rental properties that cash flow monthly. Just about to turn 26 and planning on moving back home to Colorado when I'm 27. I'm torn between the idea of only being able to have four mortgages under my name. 

How do I continue building my portfolio? Do I move them all to a trust or llc and start over on my name? Do I start with a portfolio loan? Do I save my last mortgage use for my house I'm planning on buying in Colorado when the time comes?

I appreciate anyones input.

Thank you,

Jacob

@Jacob Vargas, while you can buy only up to 10 properties with conventional financing, you can buy unlimited with commercial financing under LLCs. There are a lot of commercial lenders as now that have interest rates as low as 2% under the conventional interests and down payments as low as 15% depending on the type of property you are buying and what type of credit score you have!

Let me know if you need the info of a great lender and remember in Real Estate the potential is unlimited!

Hello All,

I have a triplex under contract cash and lenders are telling me I have to own it for 6-12 months. Anyone out there faster or is this common?

This particular property is in Alabama.

Thanks!

 What is the rate looking like? 

My mortgage broker, who have been using for over a decade, and have followed from bank to bank as he progressed through his career, told me this morning that First National Bank of Pennsylvania has a new internal rule that no customer may have more than four loans with that bank. Commercial loans do not count, we are waiting to find out if this is per married couple or individual.

Is anyone else seeing this with any other mortgage providers? I have reached out to the other banks that I have mortgages with to see if this is a trending new issue.

 Hey Brianna, 

There are a few lenders that can do DSCR loans for STRs. You will find though, that most will have 5 year pre payment penalties. I would advise that in this changing market, not to get locked into one of these if you are looking to leverage some of that equity or refinance into a lower rate in the next coming years.

Fortunately there is a NO DSCR product that offers a 1 year prepayment penalty and is 30 year fixed.

Hey Guys.  I am running into a slight roadblock here in Baltimore.  I recently purchased a property through the city and now am in need of a loan to rehab.  Problem we are running into is most hard money lenders only want to lend on acquisition and rehab together.  Does anyone have any tips around this where we could get funding for the rehab only?  

Hello everyone - hope I'm in the right place.

Looking for guidance on approaching a mixed-use investment property in my area. 

My background: I purchased 2 duplexes (I'm house hacking one of them) at the beginning of the year under my own name. They have been going generally well. Next steps for me are (1) trying my hand at BRRR investing with other people's money and (2) have a goal of owning mixed-use. I learned a lesson of tying my money up in my existing properties which is motivating me to explore BRRR and learning how to use other people's money.

An opportunity came up where I could pursue both. I think it will be a solid investment, from a primarily cash flow perspective, but due to lack of experience with (A) using other people's money, (B) buying mixed-use and (C) rehabbing, I'm not sure about what kind of approach I should take. At the end of the day, I want to own the building and receive income from the rent. It would be a bonus if I can make money from the refinance part (for my first deal). So here are my questions:

1. Since mixed-use is considered commercial, is it better to buy it through a business entity so that I may be able to use business financing?

2. I think this place might go fast, is it okay to initially finance the purchase and then seek rehab funding? This is in contrast to financing the purchase and rehab at the same time. Ideally, I'd like to do a (private lender) cash-buy offer and then seek rehab financing through another source after I have been able to draft a detailed rehab plan.  

3. Are there coaching opportunities on this topic? How about the Mixed-Use BRRR process in general
 

Hi, 

I have some single family homes, triplex and 4 plex. I'm trying to get into commercial multi family real estate, specifically looking at around five units to 12 units. Can someone tell me which sources or books I can read that can break it down in terms of the steps and the lenders and what the lenders are looking for, and the process of closing? I've heard of the book by Michael Blank Financial freedom with real estate investing, but looking at the reviews it seems to talk more about syndications. I am not planning on doing any syndications right now. I just need some guidance on how to talk to lenders or what lenders are looking for in terms of rent income, loan to value, etc. for five units to  12 unit Multi family property.

Thank you!

Frank