All Forum Posts by: Ben Mizes

Hey @Andrew Moore, did you work leasing fees into your model? An average tenancy of 18 months would cost about $138 a month.

Marine Ville!

Hi all,

I'm in the middle of a rehab in Ucity, and we're looking for an affordable and licensed plumber to redo 3 stacks and water lines in a two story home.

Any recommendations would be greatly appreciated.

@Luke Babich and I are about to renovate the last unit of a big 4plex in Ucity.

In order to finance the rehab we're looking at either a refi, HELOC, or construction loan. As rates have gone up since we bought the building last year, a HELOC seems like the best way to go.

Does anyone have a recommendation for a bank / credit union that would do a HELOC on an owner occupied 4plex?

Thanks!

@Matt Bowler  intros like these are why I love BP. Sending a PM now!

@John Warren we almost ended up going with US bank. They were the only ones who offered 25 year amortization, but it didn't line up with the structure we put together with our capital partners.

I will probably be using them for the next deal after this 18 closes.

My business partner @Luke Babich and I are under contract for an 18 unit property in the city. We're currently interviewing commercial lenders. Does anyone have a good recommendation?

Thanks!

@bruce that's what we're concerned about. As long as we can create a good estimate of expenses we can make an offer that still makes sense. 

@Bruce Lynn this property is in St. Louis. The rents are low, but the building isn't really old for St. Louis.

@Michael Le it's a brick building. I'm not entirely sure on the age of the roof, HVAC, plumbing, etc, yet. We're doing a tour this week. 

I feel comfortable budgeting for things like plumbing and HVAC, but everything else that varies with scale I need to learn more about. I'm concerned that your estimate seems low. Regardless of the rent, I still need to account for a low end kitchen, bathrooms, carpet / flooring, paint, as well as some amount for shared items like tuckpointing and the roof.