All Forum Posts by: Bryan Crow

I spoke to a local, Panama City, FL bank today about their willingness to fund my BRRRR project. I was told they would go 75% LTV at 6.25% with a 15 year amortization. There is no way I can cash flow with those terms. On rental property projects like this, have you seen banks do longer terms?

I plan to buy the house using all cash. 

My standard policy is to allow pets up to 25 lbs with my approval required. I charge $300 non refundable pet fee for each pet. I am considering pulling up carpets in my properties as they become vacant and installing tile through out as an alternative to carpet in the bedrooms. Good luck!

Thanks @Luis Roel and @Stephen Chittenden. Would it change the situation if I paid cash for a house and then wanted to refinance @ 70% LTV?

I have a few paid for rental homes that are held within a c corp. I would like to expand the portfolio with mortgages but am being told that I would need a commercial loan rather than conventional financing. The commercial loan has a balloon note at 5-7 years. Does that mean I would have to sell or refinance at that point? Do all commercial loans require balloon notes?

Thanks

I wouldn't do it. The downside far outweighs the upside for a rental. Possible issues include expensive maintenance and liability. There is just too many things that could go wrong. Keep it simple.

Craig, that makes sense. Thanks for the tip! I am trying  to maximize my opportunity to build retirement income while taking significant risk off the table. It is a delicate balance. 

Bryan