1st RE Deal - 5 Unit Apartment Building
My 1st deal was a 5 unit apartment building almost 1 year ago. Overall, it's been good so far but as I've learned more about real estate investing I have realized I may have made a few mistakes on this one. A little background on the deal:
I purchased the property for $116,900, it appraised at $150,000, current loan balance is $89,937, paid 20% down and got a 15 year loan that balloons every 3 years. The rents were low for the market area and I'm making adjustments to those early this year. The previous owner took great care of the property with the exception of a few deferred maintenance issues with 1 unit already being addressed last summer.
The lender would not finance the property in my company name so it's been in my personal name. How do I go about getting it out of my name and into my company's name?
I'd like to incorporate the BRRRR strategy on this one. The property was pretty much turnkey so I haven't had to do any substantial improvements. From what I've seen, it seems like nailing down a good market value on multi family units like this one are a bit challenging. Any suggestions on a new loan for a property of this type? I'm a new investor and my knowledge of financing is still growing but the balloon element of the existing loan makes me nervous. Is it possible to get financing on a property like this without a balloon?
Thanks in advance for any advice you can provide and I hope you all have a happy, healthy and prosperous new year!