All Forum Posts by: Ben West

Hello,

I'm looking for a good attorney to deal with a General Contractor that has drawn out a project far far far too long, and continues to give me excuses. I need to get out of this situation, and unfortunately I've paid him for more work than he has done up to this point. I need to find out what my options are.
I was hoping that he would simply finish the project and we could go our separate ways, but I just can't let this project linger on any longer.
Any recommendations would be appreciated.

@Doyle Castillo,

The LOC is reviewed annually, but the origination is a one time fee.

Found a local Bank....Mansfield Community Bank, willing to give a Line of Credit at 70% LTV and charging Prime +2.
1% origination plus appraisals and Title policy.
$500k LOC secured by 5 properties.

I had originally contacted a broker that wanted to charge me $28k to originate the LOC....Mansfield did it for $11k

@Terry Schell....thank you for the offer. After much searching I found a community bank that made me a very nice deal. 

Thanks guys....I'm moving toward finding someone local that actually wants my business. 

Mainly I wanted to know what the appropriate language is.....is it a real estate acquisition LOC or simply a secured LOC, and bundled HELOC.
I was warned at BofA not to mention if I wanted to use the funds for acquisition. LOL

My family has 28 SFR that are debt free. I'm wanting to bundle 6, 7, 8.....in order to secure a line of credit. I spoke with Bank of America and have a call to a local Credit Union, but wanted to ask on here if anybody new what was available.
I really didnt think it would be that difficult to get a $500,000 line of credit secured by 8-10 investment properties, but either I don't know the language to use or I'm not speaking to the right people.
Any guidance would be appreciated.

Thanks.

Good points Rick.....I'll check with the listing agent to see if there is any additional info to be had.

The best advice that I have received so far?.......if your not embarrassed by your offer then you offered too much!

I'm not afraid of foundation issues....here in this part of Texas, its just part of the game.
Our family has 28 SFR currently and many have had to have foundation work at some time or other. We have a great relationship with an excellent foundation company that we have used for many years.

The floor plan can be fixed by moving a wall or two and closing an opening.

These things don't scare me....BUT, the price has to be right to compensate for the cost.

Although I have plenty of experience managing properties, my father purchased all of the properties, and he passed away about 7 years ago...so this is our first foray into acquisition and thus my timidity.

:)

@Scott E.

I have the same question, and yes, a red flag for me as well.

It could be difficulty with comps....going back 12 months only found 2 comps putting the comp price around 148k.

I know it has foundation issues, and the floor plan is very awkward.

:D I actually bought your book on flipping and rehab the other day...I would recommend to anybody starting out.

I was hoping that you would post a reply.

I have a rough estimate of repairs.

Will get comps to zero in on ARV

Max offer = 70% of ARV - Rehab cost

Thanks for the help....I'm off and running. :)