All Forum Posts by: AL Brown

Has anyone ever used connected investors? Are they reputable? I'm curious if its worth trying out. 

Kerry,

Thank you for the valuable information. 

You are a absolutely correct on that stmt in regards to the misconception. Do you have a list of those lending institutions that provide such services so i can do my due diligence? Thanks in Advance 

The property is a 3-plex so it wouldn’t be considered a commercial property.

Is it possible to do a cash out refinance on a Multi rental property in my LLC name? If so, will they allow me to keep in my LLC name? Have the property for a little over 2 years now. Please advise.

HELP! need some professional advise. I have my eyes on a 95 unit building. From the pictures the grounds look amazing and the buildings look great. They provide a few pictures of the inside of some units however there are 76 down units and the property is 8% occupied. Why not sure but will be finding out. Is it due to bad management, economic or area. Well from what I have done on my end as far as research (pending a response on my request from broker etc) seem to be in a very good neighborhood. So what could it be, management, economic growth in area or just owners who do not care. In any case this could be a cash cow for the price point which is just over $1.6 million. Is 76 down unit a major no no? I know that assuming $5-6k per door and $380k-$480 later not only will the value of the property go up but the NOI this could be churning based on my proforma due to vacancy and what the surrounding areas are demanding.

I would say I'm fairly still a newbie investor. Its just been little over a year and I have managed to acquire 4 units (2 SFH and a Duplex). I think I'm also seasoned enough to take the leap of faith and embark upon my next acquisition which is an apartment complex with 25++ units. I have done extensive research, reading and podcast viewing by biggerpockets among others etc as it relates to gearing before, during and after acquiring one. I have a few silent partners/investors who are willing to put in on the deal for down payment for a decent % return. My questions is has anyone used Sofi for a major purchase besides hard money lender/institution or conventional bank? I am seeing sofi offering loans up to 3M with as little as 10% down and options of interest only loans.

Awesome job on your first BRRRR!! I'm planning on doing the same this summer on a townhouse I got for a steal almost a year ago. Got it for $100k and put $20k down leaving me with $80k loan balance. It currently rented out at $1,475 on a $432 monthly mortgage (prop tax not escrowed). Prop didn't need much upgrade, I just recently ripped out the carpet on second floor and put laminet and the first floor is all tiled. Recent sales in the development are around $115k-125k. Didn't do hard money on this one so hoping to be able to cashout and purchase more to add to my growing portfolio.

@Nathan Click thanks for your advise. I would like to note, I do have and LLC that I created last year to acquire a 3-plex and a SFH. With that being said with the DSCR what will I need to present to the bank? My credit score fortunately have stayed in the 700s with last years investment purchases and various accounts I opened to sustain the business i.e. Merchants accounts and business credit cards. I'm currently looking at a 6 unit online in my area which I'm considering pulling the trigger on if the price drops. It's fully rented based on the add. Just want to have my ducks in a row with the 25% down payment. I'm planning on doing a cashout refi within the next several months to also leverage some funds from that for the foreseeable purchase which I'm trying to do by summer. So what documents do i need to present to he bank in relations to the purchase of my DTI is not the main factor?

@jassem thanks for your advise as well. Every bit of info helps 

My goal for 2017 is to purchase a 5 or 6plex. My question to the BP family is what's the criteria the banks look at in doing so vs 4 units and under for the borrower and property itself which I have successfully acquired in 2016 and looking to increase my portfolio.