All Forum Posts by: Wyatt Wolff
Wyatt Wolff has started 6 posts and replied 452 times.
Post: Refi or no?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
I second @Erik Estrada, look into a DSCR on the STR. That way you can pull equity out and move that into your HELOC to help get that payment under control. All refinancing is going to do is jack up the rate on your primary and leave you paying more, longer.
Post: Best loan option.
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Curious on what you are actually looking for here... your goals with the portfolio matter.
-Are you planning to hold the entire portfolio for a long while?
-Are you more concerned with debt service costs, write offs, protection from liability...? These arent necessarily mutually exclusive, but having an idea of what you want is important.
-How much equity is in the portfolio?
All of these questions would help you geta much more direct answer. Let us know !
Post: Commercial Lending NC/SC
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
I do commercial lending based out of charlotte and would be happy to jump on a call with you!
Post: Local STR Property Management Company - Raleigh and Across North Carolina
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Jake Mercer:
Hi Bigger Pockets team ~ I run a short term rental property management company that is local to Raleigh, NC and we have a portfolio of 15+ properties that span across the coast to the mountains and in and around the capital of North Carolina. I'd love to connect with anyone in the state that wants to invest in a short term rentals or is looking for advice/ideas when it comes to investing in short term rentals? Happy to chat and share what we have learned about several local markets in the past two years and what I've learned since starting the the company from scratch doing rental arbitrage! Lots of great opportunity out there : )
Post: Purchased Land for $200k Under List in Charlotte!
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Love that deal! Jealous it isn't mine! If you need any help on construction loan products, let me know.
Post: Looking for financing for horizontal development
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Hey Mike,
Shoot me a PM, and Ill give you a call. My lending partner and I may be able to help.
Post: Equity Line of Credit on Lot with Manufactured Home
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Dustin Seager:
Quote from @Wyatt Wolff:
How old is the mobile home? If it’s older than 20 years old, then I don't think you will be able to get a line of credit on it. I could be wrong, but I have run into that problem before
It’s a 1987. Not sure if this will make a difference, but it was fully gutted and renovated this past year. New metal roof, new exterior skin (sheathing, siding, windows, etc). All new plumbing, heavy gauge LVT flooring, new cabinets, showers, etc. It’s basically a new home on the original frame.
I would reach out to a mortgage broker in your area. I’m not licensed in your state. They will be able to tell you!
Post: Need Recs for Property Management Companies in Charlotte, NC
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Hey! I use Lorien Rollins! Shes here on BP
Post: Equity Line of Credit on Lot with Manufactured Home
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
How old is the mobile home? If its older than 20 years old, then I don't think you will be able to get a line of credit on it. I could be wrong, but I have run into that problem before
Post: Heloc and DSCR option
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
There are HELOCs you can get, they are just much more strict about them now. Im not licensed in CA, otherwise Id help out!