All Forum Posts by: Will Gaston

@Alex S. It hasn't been that bad in my experience. However, I would recommend getting 3 or more banks that could work with on a re-fi.

I don't trust banks when it comes to the balloon. They say there's no reason for them not to renew the loan but the paperwork says they can call it due. Hasn't been an issue in my case but I think it's always good to have options. 

@Mike McCarthy I've closed plenty in 30 days or less. 

The best way I can describe portfolio lending is borrowing money from a rich person that cares mainly about two rules.

1) LTV

2) Debt Service Coverage

If your LTV is below 75% and your DSC is about 1.25 you're almost always in good shape. Your mileage may vary but that's been my experience.

The amount of listings seems to be stagnant in Columbia, SC. Plenty of buyers still but not a lot of sellers, at least in the downtown zip codes.

Can't blame those for not wanting to sell. I mean, where are you going to move?

@Mike McCarthy I do all of my loans with commercial/portfolio lenders in Columbia, South Carolina. Here are some recent deals below in my market. My experience has been great with these types of lenders. So much easier than residential borrowing for a self-employed borrower. 

Arthur State; Quad; 4.0%, 5 year balloon, 20 year AM, 85% LTV, 630k loan closed in 1/21; .39 Fee, Cash out
Ameris: Duplex, 3.78%, 7 year balloon, 25 year AM, 76% LTV, 490k loan closed 2/21; .62 Fee, Cash out
Ameris: SFH, 3.78%, 7 year balloon, 25 year AM, 75% LTV, 245k loan closed 2/21; .62 Fee, Cash out,
Security Federal: Duplex, 4.125, 5 year balloon, 20 year AM, 69% LTV, 260k loan closed 9/20 .77 fee, Rate/term
First Reliance: Duplex/SFH, 3.75, 5 year balloon, 20 year AM, 80% LTV, 480k, loan closed 4/21; .50 Fee, Cash out

@Inna Lauris everyone on one lease. Jointly and severally liable.I do this with all of my student rentals and haven't had a lease not paid in full in 9 years. 

The more people that are responsible the more likely you are to get paid.

@Cody Z.
I like being personally responsible for my success and failures.

Who wants to make somebody else rich?

@Shanequa Sellers I believe my agent can do this in North Carolina. He does all of my student rentals in South Carolina. Just sent you a PM.

@Shanequa Sellers where are the properties located?

@Marcella Hoard My experience in my market is the complete opposite. 2-4 unit property and/or small apartment complexes listed are typically under contract in 24-72 hours. 

Also, the financing world has changed quite a bit in the last several years. There are some great 30 year products available for smaller apartment buildings, even below 1MM Fannie/Freddie stuff. 

I have lots of SFHs but this article seems like it was written by a bored contrarian. 

@Mark Seery RIP to your inbox...