All Forum Posts by: Brian Leigh

Hi BP! 

I am building a BRRRR team in the Lock Haven/Williamsport, PA area. I am asking for any referrals or contacts to contractors, property managers, and lenders that are investor friendly. I have searched the BP forums and networks pages with no results. If you have any contacts that you would be willing to pass my way, can you please post them below or PM me? Thank you!!!

Respectfully, 

Brian Leigh

@Andrew C. The LOC balance is currently $25,000. I would like to reuse the LOC for future rehab on other properties. Simple numbers is I have about $100,000 in the property and the ARV is $124,000, which is right at the 80% LTV mark.

@Perry Farella This is my first and only property. I use the LOC to rehab and would like to use it on the next one too. I don't have the equity in my primary residence at the moment to pay off the LOC. I will look into the Home Style loan for the future. Thanks.

@Jeff Copeland I spoke to a commercial lender the other week. Currently, they were offering 70-75% LTV with rates above 6%. He advised that I would be better off financially finding a way to pay off the LOC because the 15 year first mortgage was one of the best he had heard of in a while. I can hold out for a little bit to see if the commercial lending market improves. I have a broker friend who works with Finance of America, so I will reach out to him. I don't know if FoA works in NC though.

Hi Everyone! I recently finished up my first SFR rental property in Fayetteville, NC. I purchased the house using a 15 year term 7/1 ARM at 3.85% APR. I financed the rehab using a 7.5% Interest Only Line of Credit. The property and loans are in an LLC and need to be kept that way because of restrictions in my current W2 job. How can I pay off the line of credit while still keeping the original mortgage?

Best estimate is 80% LTV when you include the LOC. I say estimate because I have not had the property reappraised since the rehab was completed and I am using recently sold home prices as my benchmark. Also, it has been 6 months since I purchased the property and I have had it rented for two months.
 

@Yonah Weiss Thanks! I will reach to him. 

Hi BP! I am starting my REI journey in the Fayetteville, NC area. I am out of state and I would greatly appreciate any referrals or recommendations for an insurance broker that works with RE investors and rental properties. Also, what type of insurance would be recommended for Fayetteville? Liability? Umbrella Policy?

Thank you in advance!!!

@Patrick Menefee - congrats on your first REI acquisition. Thanks for the detailed write up too. I look forward to seeing how the inspectors and the walk through reveal.

@Tim Herman - Thanks for the detailed reply. I will use this in my future analyzing of properties. 

Welcome to BP! Good luck in your new career in Miami.