All Forum Posts by: Casey Marley

I signed a contract with Estero Investments for a Duplex in South Gulf Cove of Port Charlotte.  It was needing Trusses when I signed the contract and it's still needing Trusses today, 7 MONTHS LATER!  I missed my 1031 exchange window and the builder refused to make the contract assignable, even though it changed nothing on their end.  I found another buyer for the property in which we would do a double closing upon completion.  That buyer just backed out as the builder was unable to meet their 1031 exchange deadline as well. I poke them every week asking for updates on the trusses and they still can't provide a date.

In addition to Estero Investments, I signed a contract with Rue Homes 19 months ago to have one of their duplex models built on a vacant lot.  It's been 19 months and the slab still hasn't been poured. In speaking with other buyers, they're having the same issue with Rue Homes.  I would stay far away from both of these companies

I haven't, but I'll start looking into it.  I may PM you depending on my findings.  Thanks for the suggestion.

I have a commercial loan on a 10-plex in which I'm looking at pulling out the equity to invest in additional properties (BRRRR strategy). My main issue is that I have an early payment penalty for the first 5 years of the loan and I'm only 2.5 years in. Do options exist to do an equity line of credit on commercial properties instead of refinancing to avoid paying the early payment penalties? If so, how comparable are the interest rates? I also recently heard that some banks don't look at whether or not the property is conforming to zoning regulations, but primarily on incomes? It's currently zoned as an 8-plex but is operated as a non-conforming 10-plex. Anyone have any experience on that?

I'm looking to get the most equity out of my property to reinvest and would like some input.  I bought a 1977 10-plex (only zoned for 8-plex) 2 years ago for $715k.  When I purchased the property, the current rents were really low for the area at $800 a unit.  I started rehabbing the units as the became vacant and then increased the rents to roughly $1150.  I increased rents on the non-rehabbed units  to $900-$950.  I'm looking to remodeling all of the units which would provide a higher rental income.  Is the annual income the main driver in refinancing based off of a new bank appraisal?  How difficult is the process for attempting to get the property rezoned for a 10-plex rather than a 8 unit max (R2M)?  How successful have people been in doing this and was it worth the money and time?  I'm guessing that this would make a significant difference for the appraised value during time of refinancing.  What would you do?

There are not many buying options for the size of plexes I'm looking for in this area. Because of that, I was looking at construction rather than buying existing structure. I have an option to purchase property from a relative so I am getting a great price on the lot compared to others in the area (1 acre is going for 150k in some areas, I would be receiving 2.5 acres for 60k). It is located dead center of Wasilla, AK which is one of the fastest growing cities in the nation. I would plan on eventually building 2-3 plexes on this lot if I were to go the construction route.

The majority of buying options here in AK are 4 plexes built in the 80's or older. If i were to go this route, my concerns would be the overall cost of purchasing several buildings (cheaper to buy one 16 plex rather than four 4-plexes) the upcoming maintenance costs.

Sounding like I should be patient and wait for some larger complexes to sell? Anyone else have the same experience as Ryan to buying old versus building new?

I have google'd plexes and any similar key wordsi could think of, not finding many options for around the 16 plex range, finding mostly 4-6plex floor designs.

I am some what new to real estate investing. I currently have a 4-plex and a house I am renting out. I am wanting to expand my real estate in the near future and looking for my best options. Would you guys recommend investing into multiple smaller multi-family buildings (4, 8, or 12 plexes) or consolidating units into one 16-20plex building? My thoughts would be that I get better Cash return on purchased price if I were to purchase a single larger unit complex. Although buliding a 3 story complex would require sprinklers systems, multiple exits, and most likely more code regulations.

Also, does anyone have a good website that offers floor plans for 12-20 plexes?