All Forum Posts by: Aaron Vargas

I'm looking at partnering with a few people to purchase a smaller Multifamily property (6-10 units) in Tampa with an LLC. I believe this would require a commercial loan. What is the range of typical loan terms for this type of acquisition - LTV, amortization, term, interest rate? I know this depends on a ton of factors but hoping to get a general idea so I can throw into a model to analyze the deal.

Thanks for your help.

My wife and I recently moved to Tampa and have our eyes on a condo that is bank owned.

We’re very interested in the condo, but we’re not sure what the process is like for a property that was foreclosed on. Are cash offers the only way in the door for bank owned properties? Or will there be a chance to get financing?

Thanks for the insight Brad! Having someone change sheets, clean, organize, etc makes a lot of sense. We are early on in the research process. Has your girlfriend been impacted by the new regulations? Looks like nothing comes into play until next year but the articles I've read are not clear on when the new rules will be implemented. 

Ed W - thanks for the heads up. I'm trying to look up what the actual ordinances/regulations are but from what I can tell, they don't go into effect until 2019 and there is no official documentation detailing the regulations.

My wife and I are starting to look into SFH and condos to purchase as an investment property used as a short-term rental (Air BnB) in Columbus, OH. We have a unique work set up where we will live in Lexington, Kentucky, but I will come to Columbus a few times each month for work. I will stay in the property during those few days then we will rent it out the rest of the time.

I am trying to create a model to run numbers on potential properties, but I'm not sure what to use for expected vacancy. I know vacancy is a function of hundreds of factors, but in general, a property in close proximity to Ohio Stadium, downtown, the Convention Center, etc, - what is a conservative overall vacancy estimate for the year when used as an Air BnB type rental?

Thanks for your input!

My wife and I are looking at purchasing a duplex but the local lenders we have spoken with told us that they still require 15 percent down even if the duplex will be our primary residence. Has anyone else run into this issue? Are there any creative ways to pay a lower down payment? These local lenders don’t do FHA loans. We are in Lexington, KY. Thanks for the help!

Thanks for the insight Jim Wilcox This forum is a good start to meet people in the business. I’ll definitely start to work on some alternative strategies in finding deals. We have preferences but are open to different property types, not ruling anything out until we learn a little more, especially about the market in Lexington. Only thing we are not looking to do is house flipping. My wife and I have pretty full schedules and house flipping just doesn’t fit into our plan.

Hi @Ryan Camenisch

We will be working with a lender to help finance the purchase. We already have pre-approval. 

That makes sense. Thanks for the insight @Ali Hashemi

My wife and I are looking to make our first investment purchase in Lexington, KY. Lexington is actually a little bit of a hidden gem. Home to the University of Kentucky and lots of growth in the past five years. We have been looking at a few duplex properties, which are going quickly in the area.

Here is the issue we are facing... Prices in Lexington seem to be slightly inflated. Since real estate is going so quickly, lots of sellers are getting their listing prices or close to it even though lots of properties are over priced. My wife and I obviously do not want to overpay for a property, but at the same time, interest rates are on the rise. 

Here's our question... Do we lessen our standards on purchase price (be willing to pay more) to avoid waiting too long and getting stuck with a higher interest rate?

I know that's tough to answer without the specifics of an investment property, but any guidance would be much appreciated, especially since this is our first purchase.