All Forum Posts by: John Zuch

@Samson Kay  - just reading through this post and wondered if you went through with this deal and if so how things are going?....

Jon-  Thanks for the reply.  We are also pursuing local banks, but are always looking for chances to work with other investors and expand the different avenues where money comes from for our projects.  We are newer investors and banking guidelines can be all about checking boxes.  We like working with individuals when we can!

My wife and I own a 6 unit apartment building here in NC that sits adjacent to a local college campus.  We have rehabbed the building and signed a 3 year lease directly with the college to lease from us for $48k a year.  They are using 3 units for offices and 3 for residences.  We are looking for $250k, amortized over 15-20 years.... would love and a fixed rate (around 5-6% but are fine with a balloon.  We have a prospectus written up that we'd be happy to email anyone who might be interested.  If there is any other additional upfront info that would be helpful, let me know.

Thanks  - I appreciate it!

My wife and I are working on some deals here in North Carolina. The investor we are currently working with doesn't seem interested in acquiring loans sub-to if the loans aren't actually assumable. We are having discussions with owners of small apartment complexes (25-50 units) with some equity and possibly willing to hold back a 2nd and need a great recommendation for a LTV lender... I know there are typically seasoning requirements, but with a seller second, can we get a new loan immediately?

Strategies, advice, and broker recommendations welcome!

Thanks

John

@Brandon Foken -- I used to live in Toccoa, GA. (It's a pretty rural area) Would you PM me the details? Thanks.

@Wayne Brooks we are looking for an investor to fund the project and those are the terms we're discovering with private investors or hard money. We realized we could cut out the middle man by just approaching the seller with the same terms we were already planning on having to pay.

@Bill Gulley I'm not entirely sure if you were trying that hard to help or just wanted to go off on a rant. What I proposed wasn't off the wall but apparently triggered something for ya! :)

Thanks for chiming in! @Brian Gibbons

Frank,

Exterior -

re-siding the building, new windows, some landscaping

Interior-

new kitchen cabinets, counters, appliances, and adding dishwashers.

new flooring throughout

tile in kitchens and bathrooms, laminate throughout remainder

patching, painting, etc.

they are 2/1 units with 800sq ft.

We will be all in at $165k, and renting at 2 students per unit minimum (although we intend to have 3) will bring in $4800k per month with potential for more.

Bill,

I didn't intend to imply we were out to take advantage of the owner because that's not the case... I was simply wondering if there was room for creativity. Also, I'm not sure I understand your recommendation...I'm not sure how 3.5% (apr, right?) is better than 1% per month with a 6% minimum. What I suggested was a typical investor loan except that perhaps the points up front would be lower . Maybe I wasn't as clear the first time around! Thanks for responding @Bill Gulley

We have a SFH under contract and want to ask the owner to owner finance it. (it's free and clear...has been sitting empty 2 yrs)

If he agrees, do we have to set it up in with conventional bank style terms (x amt per month for 6 years @ x%) or are we only restricted by what he's willing to do...can we structure like a private investor loan and say 0 down with 1% (interest only)per month for a year, with 6 month minimum??