All Forum Posts by: Zach Edelman
Zach Edelman has started 19 posts and replied 1227 times.
Post: A refresher on what to look for when buying in the Smokies
- Lender
- Austin, TX
- Posts 1,263
- Votes 1,284
I've seen some Smokies owners that cashflow well even with high-leverage debt. Obviously - I have also seen the latter, but I don't think having a loan at 75% or 80% LTV automatically rules you out for strong cashflow. Lenders also have interest only options that could help with cashflow especially on acquisitions to allow you to get the listing up, and have your listing gain momentum (some listings start off slow while they accrue bookings, reviews, etc.)
Post: Looking for fix-and-flip (or rent) loans
- Lender
- Austin, TX
- Posts 1,263
- Votes 1,284
Quote from @Robin Simon:
Hi - I recommend talking to @Zach Edelman on this - Easy Street does both fix and flip (bridge) loans And DSCR Loans so can help in whichever scenario or strategy you pursue - and if you want to do something like the "BRRRR Method" where you fix and then refi - you can do it all with the same person/rep/lender which helps a lot too!
@Robin Simon thank you for the referral. @Joy McQueary sent you a DM!
Post: How has your experience been with PadSplit?
- Lender
- Austin, TX
- Posts 1,263
- Votes 1,284
Cons I would say are achieving financing. PadSplit's have been difficult to finance because they are considered modified collateral. Lenders unfortunately don't want to foreclose on a home with 6,7,8 homes on a property that's a true single family home. Secondly, the appraisal often notes functional obsolescence because of this and a lack of a common area. The cashflow is great, but getting financing is difficult, especially for refinances post modification.
Post: Loan type for 4 plex purchase and rehab???
- Lender
- Austin, TX
- Posts 1,263
- Votes 1,284
Could do a hard money loan (fix and flip/hold), into a DSCR loan with a cash-out refinance. This seems like a great candidate TBH.
Post: Seeking Advice for Starting a Short-Term Rental Investment in Pennsylvania
- Lender
- Austin, TX
- Posts 1,263
- Votes 1,284
I'd recommend speaking with Michael Klein at Savvy Realty. He is an expert Poconos STR realtor and I believe would be a great resource for you.
Post: Hard money lenders who have you used?
- Lender
- Austin, TX
- Posts 1,263
- Votes 1,284
Should be a list of Bigger Pockets recommended list of Hard Money Lenders to refer to as well/make the search a bit less overwhelming.
Post: 23k to refi??!!!!!
- Lender
- Austin, TX
- Posts 1,263
- Votes 1,284
You could find a lender that can go up to 80% LTV, thus even if there is this amount of closing costs, you still are ending up not bringing any money to the table, and essentially financing the fees.
Post: Private lenders/ DSCR/flippers
- Lender
- Austin, TX
- Posts 1,263
- Votes 1,284
Christian -
Happy to chat with you - I do a frequent amount of deals in South Florida, specifically/especially in Tampa. Would love to see the deals you're looking at and provide you with terms/quotes!
Post: Nags Head Short-term rental
- Lender
- Austin, TX
- Posts 1,263
- Votes 1,284
That's a sweet looking property!
Post: Lenders offering 9 unit financing
- Lender
- Austin, TX
- Posts 1,263
- Votes 1,284
@Sonia Jones I can offer you quotes on DSCR loans for both 5-10 properties and mixed-use. Would love to chat. DSCR loans are 30 year loans typically (at least that's what we/I offer), but on our mixed-use and 5-10 unit product, you get a large pricing boost using a 5/6 ARM. Happy to send over multiple options!!!