All Forum Posts by: Timothy Borg

Spartanburg is my primary focus right now.  Nice deal.

Nice.

Congratulation! Sounds like a good deal. Thanks for posting. Post the next one.

I need to figure out how to do a cash out refi on a property with a wrap mortgage. A wholesaler brought me a really good deal. I can just take over the payments and do some repairs and I will have tons of equity. I plan to hold this as a long-term rental. The problem is that the mortgage is at almost 8%!! I don't want to keep that mortgage. I really like that I can basically get into this property with nothing down but the wholesaler's fee. My plan is the BRRR this property.

What are your thoughts??

It is a great idea.  I bought a 4plex with a 203k for my first property.  It has worked out great.  All I know is back then you had to rent it out to people longer than a month.  So generally AirBnB would not work.  You could buy it with a 203k, fix it up, then refi it to a conventional and rent it on AirBnB.

@Victor Jernigan it is a small world.  I called you early today about being my property manager.  I talked to Kelvin.

@Victor Jernigan thank you for your feedback.  The 4plex is about 10 minutes south of Big Ridge State Park, and about half way between Andersonville and Maynardville.

How do I figure out ARV when there are no comps? I am looking to buy a 4 plex that is about 30 minutes outside Knoxville and there are no multi-unit comps that come up when a pull a title report from my title company. This is a BRRRR deal with tons of rehab needed. I am concerned that I will not be able to get my money back out. Would an appraiser use the price/sqft of single family homes in the area?

I just got a HELOC on my primary last month. The house is not paid off but shopping around does pay off. I called every credit union in my state (about 10) to see who had the best deal. I ended up with a HELOC that I paid nothing for (no appraisal, no fees, not anything) at a rate of 1/2 point below prime. It pays to call around.

It all depends on what you are comfortable with.  There is the most "efficient" way to make more money with leverage but you have to do what you are comfortable with.  You might leverage one and keep the other one as a foundation.  A HELCO might be an option to look at.