All Forum Posts by: Brendan Chase

I’m around 40%ltv on my 7 unit portfolio at this point. (Four properties). I finally finished renovating the last unit and am currently at full capacity with all units having been renovated within the last three years. With the last unit finished, I’ll be cash flowing around $3k/mnth. I feel like I’m in a good place, but I have over $900k locked up in equity.

My loans are locked for another 3-4 years at 4%, so I’m not interested in a refi. I have about $60k in bad debt used to finish all the renovations. I recently asked my banker for a 100k loc and he seems very reluctant to do this for me. (My plan is to consolidate that debt and pay off loc within 18 months, then potentially use it as down payment on another building)

I’m feeling a little stuck and looking for some advice. I feel like I’m ready to take the next step, but also feel burdened by this bad debt and hamstrung with accessing my equity.

My general thinking is that higher interest rates will make buying a home that much more expensive. Are people likely to rent instead of buying with high rates? Will that intern force more people into the rental market, causing higher demand?

I recently purchased the last two duplexes on a short dead end drive. There is one more at the start of the drive that needs some rehabbing. I got a good deal on the two I purchased as a package, and am in process of rehabbing them before a refinance at the beginning of the year.

I have texted back and forth with the owner of the first duplex and the number he has given me is a bit of an over reach. It is not something I would otherwise ever consider if it weren’t next to the others I own.

My question is whether it makes sense to pay that premium in order to control all the duplexes and have the ability create my own feel for the drive, while not needing to nudge him about keeping his place tidy etc, or worry about splitting road repair costs. (It is a private little road with public sewer and water)

@Bill Brandt. Dude, I like your thought process….

@Cody Maheu I’m in midcoast maine and would love to be a part of this. Please include me on the list. Thanks!

I’m looking for the one BoggerPockets episode to send to my best friend to get him hooked on real estate. (And, really, listening to more episodes)

He is marginally interested in investing, but always has an excuse why now is not the right time.

My epiphany episode was with Annie Duke. Just super profound for me. And her analogy of the car ride short cut tied everything together. But, that was many episodes in for me.

Best one to hook someone?

Having trouble with DTI on a $300k construction loan for a fire damaged six unit. Creative owner financing to purchase it, but now having trouble with bank fixing it. Suggestions?

@Jim K.7 and 8, plus 20 and 40.

This could really go under a number of categories, as I’m looking to pull together from many places to make a deal work.

I have an opportunity to purchase a six unit apartment building recently damaged by a fire, along with an adjacent two bedroom house as a package deal. I don’t yet have all of my numbers together, but the owner is willing to do owner financing for me.

The fire damage is is extensive in four of the units, but the two ground floor apartments could likely be cleaned, painted and rented.

I don't yet have estimates for repairs, but it is likely in the hundreds of thousands of dollars, up to three. ARV is $700-$800. Plus the two bedroom house is $200+.

Not sure my specific question here. But, I’m excited about the possibility.

Does anyone have experience with fire damage? Unforeseen pitfalls?

Also, owner financing pitfalls? What I may run into is a shortage of money for the repairs, while needing to continue paying the mortgage. Interest only payments for 3 years? Where could I get the money for rehab? The problem being to being able to refi my equity out to pay off the construction loan.

Many moving parts, and any advice or thoughts would be greatly appreciated.

This is in Maine

Cheers.

@David M. Thanks. Any reason I should go one way over another? The commercial loans are 20 year variable, although I locked in this spring for five years. Higher monthly payment, but paid off sooner.