All Forum Posts by: Brennen McConnell

Yes I believe so

I'm exploring options to purchase a new home as a primary residence within a 3 hour drive of Houston George Bush Intl Airport (IAH) with a USDA loan that I could turn into an Airbnb to rent out when I am not there because I spend a lot of time overseas. I'm not set on doing it with a USDA loan, but I was eyeing rural properties and thought it may make sense to look at the USDA loan route. I'm at the very early stages of my decision making process but wanted to explore some options regarding location and decide whether or not the USDA loan route would be the best way to go. I know that there are some extra requirements of the USDA loan like the property needing to be in move-in ready condition, but assuming I would be looking at move-in ready properties, are there any other hurdles I am overlooking in using USDA financing? 

 Does it make it any easier if you are shipping to Colombia (the country)?

 Very helpful feedback, thank you Robin

My partners and I own and manage a portfolio of 15 short term rentals (STRs) in the greater Cleveland, Ohio area and we are adding more to our portfolio monthly. We would like to utilize more financing for the acquisition of more STRs and the refinance of existing STRs so that we can expand more quickly. We have taken out a couple loans on our STRs with personal guarantees in place, but we are seeking to add about 50 more STRs to our portfolio over the next 1-2 years and it is not feasible to provide personal guarantees on all of the loans. We are seeking a lending partner that would be willing to provide long term financing collateralized by the STRs and also by the LLCs that own them, which have other assets. We are fine with doing a very low LTV on these loans, as we realize it is a bit unconventional. So the lender would be well over collateralized by the assets themselves. We have a strong track record of operating STRs in-house which we can share with any lenders that would be interested in speaking more about the opportunity. Are there any lenders here, or does anyone know of lenders, that would be interested in exploring this further?

I have a number of vacant lots in Cleveland that I am looking to build new construction homes single family homes on. Nothing too fancy, just a basic 2 story 3 bed 2 bath home that would be built in a Class B or C neighborhood. I see there are many plans for sale online when I Google them, but I am wondering if someone here has a recommendation for where to look for these types of plans? 

Hi @Daniil Kleyman thank you very much for the feedback. We are trying to find a platform where we can capture everything related to a specific property and its closing and rehab process. Task and contact management are a key priority, because there is always so much disorganized chatter via text, email, phone regarding a property's status, whether during the closing or rehab process. If Rehab Valuator were able to add functionality where tasks could be assigned to specific contacts and communication on those tasks could all take place inside the platform, that would be super helpful. 

I know platforms like Buildium and Propertyware are popular for property management, but I am having trouble finding a software platform that effectively allows me to manage multiple rehab projects. I am looking for a platform that we can use to track the progress of a rehab from the moment we get it under contract until we either hand it over to the property manager (if doing a BRRRR), or sell it (if doing a flip). I'm envisioning something that would be a combination of a contact management, budget and expense tracking, document portal, and task tracking system. Does something like that exist? I've tried Rehab Valuator but it really only helps with budget and expense tracking, and not all of the tasks, contact management, and document management involved with rehabbing houses.

I am rehabbing a home as a BRRRR that is listed as a 3/1 on the county website, but when I bought it, there was a non-permitted half bath on the second floor. If I turn the non permitted half bath into a full bath, will the appraiser use other 3/2s as comps when appraising the value of the home for the refinance? Or will they have to use other 3/1s as comps since the home is listed as a 3/1 on the county website? I would imagine if selling the home, it would have to be listed as a 3/1 unless we pulled permits on the 2nd bathroom, but am wondering if it would be counted as a 3/2 on the appraisal.

Is this the same Neal Wolf that is now with Great Lakes Financing? I am looking at doing a deal through Neal and Great Lakes.