All Forum Posts by: Will Gaston

@Melissa N. Can you tell me about the loan you are seeking? All of my rentals are in Columbia so I have a lot of portfolio loans based in Richland County. I can hopefully point you in the right direction.  

@Account Closed Yes, all of my tenants sign year leases. It's standard in Columbia, SC although I have heard that in some college towns it is not.

University areas are great because of the consistency of tenant availability. One HUGE pitfall that I've learned is the cyclicality of the University market. It is virtually impossible to get market rent for properties in my area outside of a summertime start date.  I've missed the market several times and had properties sit vacant for a semester and even an entire year, a couple of times.

@Doran Summers It's 45k.

All:

Seeking a Hard Money Lender for a short term loan to purchase a rental in my market in Columbia, South Carolina. About the deal:

Purchase Price: 30k

Improvements: 70k

Total Investment: 100k

ARV: 150k

Loan length needed: 12-14 months

Will have permanent financing after the property has been remodeled.

Let me know if you lend in this area and what your terms are. Thanks for looking.

Thanks @Jay Hinrichs. I have only done commercial loans for my rentals for the past 8 years so HML is new to me. Do they typically require 20% down of the total cost?

All:

I'm looking for a construction loan on a rental property, which I assume will probably have to come from Hard Money or a Private Lender.

Has anybody had an experience with doing a construction loan for a rental with Lima One, Visio, etc?  Do they have any restrictions on loaning for repairs/improvements?  

In this case, the repairs will be almost twice as much as the purchase price of the property. I have about 20+ rentals in this area and am very confident of the repairs costs and the ARV.

Purchase Price: 30K

Repairs: 70K

ARV: 150K

Rent: $1500

Any help would be appreciated.

@Donald Stone Thanks, Don.  However, I've found the funding.

Hello,

I am seeking a private individual lender or individuals to lend on the rehab of triplex that I am purchasing in my market of Columbia, SC.  I have 10+ years experience in my market and have a portfolio of over two dozen properties, 6 of which are within 10 blocks of the subject property. I am paying cash for the property and going to make it a very upscale rental, hence the large amount needed for repairs. Here is the breakdown:

-3 Units with 3 BR/1 Bath each

-Est. "As-Is" Value: $50,000

-Purchase Price: $23,000

-Conservative Est. Repairs: $85,000

-Total Investment:  $108,000

-ARV: $200,000-$215,000 (53-50% in Total Cost Basis)

-ARV Rents: $3000-$3600/month

Seeking a one year loan until I get permanent financing.  Have lots of great references from real estate agents and tenants as well as an 800+ credit score.

@Sean Richway Thanks for sending, Sean.  I just sent you note.