All Forum Posts by: Ben Kniesly

@Cameron Tope. Well you’re still a step ahead of me do you think your credit union will work with me I’m in Tampa Florida

@Ben Kniesly also the fatal flaw with refinances ..you start paying on the money before using it , revolving line allows money to be available until I can find a deal ...in this market it may take up to 24 months to find something that meets my criteria.

Somebody may suggest a simultaneous close to grab money and close on the next deal the problem is most deals worth buying ate cash only and you have to close fast , this is not an option if you need to refinance first

@Ben Durwood. I’ve looked at that and you may be onto something the analysis isn’t quite straightforward..... commercial loans may be slightly higher but refund costs are orders of magnitude more expensive in terms of fees have to break even analysis. Good point though I’ll do it

@J Cicero yes I read a book on 1031 exchanges contacted an intermediary (to facilitate the 1031 exchange) & several Commercial Broker’s regarding Multifamily. After doing some research and setting up a model I determined that cap rate are so compressed on Multifamily I will actually be losing cash flow even after leveraging my equity by three times.

Very surprising... if and when interest rates ever do go up I suspect there’s going to be a lot of trouble in Multifamily.

I have also considered some commercial options like car washes and laundry mat... seems like that requires more time to manage and also a learning curve ....I’m getting a little too old to risk it all ...would rather just stay the course of single-family.

my 10 rentals are in a very desirable area in South Tampa all centrally located within a mile of one another for self management efficiency. I expect some deals are gonna pop up after the federal stimulus wears off and I want to be ready ...trying to extract some equity out of my portfolio without refinancing each individual loan ,that’s way too expensive. I’ve got about 1.6 million in equity and I can’t find a way to get to it efficiently.

Seems like consolidating the loans and opening up a revolving line is my best option ,just looking for the best product. Thx. Ben

@Cameron Tope. I’m shopping around different ways to consolidate these loans. I’ve heard of something called a “interest rate swap”. Unfortunately the folks that suggested that product would not work with me because of  uncertainty related to Covid.

I’m still looking. I’ll keep you posted , I’m not gonna pull the trigger unless I can at least match my current principal and interest payment with the now loan. I’m surprised you were able to get 24 mortgages.

You did it with credit unions? Can you share more with me on that? Thx. Ben 

@Ned Carey that’s exactly what I’m attempting to do I’m asking around for different financing options. Thx for input.

@Stephanie P. My total loan is 1.2 , value is approximately 2.85 so I should have some space to borrow? I think

@Ned Carey. That’s what I’m trying to do. While freeing up some equity. Thx. 

I have nine individual single family homes with 30 year fixed  mortgages in my name. The home portfolio has 70%  Equity.  valued at 2.85 mm

I would like to consolidate the loans , lower the principal and interest payment while opening up a revolving line... 25 year amortization 10 year fixed. Let me know. Thx. Ben 

I would like to consolidate the 9 30 year fixed mortgage (currently in my name) into one loan and open up a revolving line of credit to move on additional deals.

The nine houses have 70% equity.

I’m a professional engineer by trade, this small portfolio , valued at 2.9 million, took me 15 years to assemble it cash flows very well I’m conservative but interested in how to grow

Thanks for your suggestions.