All Forum Posts by: Paul Burbank

Hello Zach,

I am an electrician in the Tampa/St.Pete area. I would be more then happy to discuss any needs you may have. I can provide many references as well as refer you to people in a couple other trades if needed. Please feel free to DM me or get in touch here anytime!

Paul Burbank 

Hi folks. I am an electrician and investor in the the Tampa/St. Pete area. I would love to help anyone out who is still seeking a quality electrician. I can provide references as well as refer you to a couple contractors in other trades if interested. Please view my profile for a bit more info about myself and feel free to DM me or reply here and we can discuss anything you might need assistance with!

Paul Burbank

Hello all. I am an electrician in the Tampa/St. Pete area. I am fairly new to the area and still getting my feet wet here so to speak but I have plenty of references from my past and have already built a decent client base here that would be willing to verify my skills and professionalism. I have extensive experience in all phases of residential and commercial construction and maintenance. I am well versed in the national code and am learning more about local requirements every day. There is no problem too big or small and I always try to be fairly priced. Which is not to say I'm "cheap" but I almost always can beat the big guys. I don't ask for payment before the job is complete(partial if the project is large or requires a high material cost), I personally see everything through to the end and I stand behind everything I do 100%. I also can refer you to people in other trades as well including an excellent "GC" who can handle all carpentry and finish work at a fair price with quality workmanship.

@Brandon Sturgill I think I agree with everything your saying here. I am currently occupying the property so I am only projecting the rents of my unit but my numbers have this property cash flowing over $950/month after ALL expenses (including unknowns of maint, vacancy, cap ex, etc.) if they were buying with a conventional 30 year at todays rates. I use a 30year as a place holder for his financing because I don't know what kind of terms he is getting and in my market there is a good chance I would be selling to an owner occupant on a 30 year conv. or FHA on the MLS. I know it's not a perfect comparison but I think it's fair.

Point being I don't think he should be overstressed here and I definitely am finally realizing how much leverage I actually have IF he really wants the property.

@Brandon Sturgill The buyer is not using a conventional mortgage. He has some type of commercial funding I believe. I am thinking he has a portfolio loan. He says his lender will cover 80-85% of the LTV and does not care where the balance comes from. He would be bringing $80k to the table in "cash".

@Tom S. The info that I had been able to come up with told me 7-10% would be fair so I'm in the right ballpark. I countered at 7% and he says still too high. Guess I should have gone in higher! As I mentioned above he's looking for 80-85% from his first position investor.

@Kevin Romines Thank you for the input Kevin. I think my responses above pretty cover everything in your post as well. I really appreciate the advice!

Thank you everyone for the input....I will have detailed responses for you but don't have the time to type them at the moment. I will be back to do so later today!

Hi all. I am currently working on an off market deal to sell a property of mine. The buyer is asking me to hold a second position note on the purchase for $35,000 @5.5% with a 25 year term and a 6 year balloon. I am comfortable holding the note and have done a bunch of research on the topic as well as vetting the buyer.

My hang up is this: I have NO IDEA what a good counter offer from me should be on the terms of this note IE; rate, length of balloon, total term length, interest only payments or P&I etc. as well as anything else I might be missing.

I have searched BP quite a bit and not found anything that I feel applies closely enough to my specific situation. 

Any help would be GREATLY appreciated as the buyer currently awaits my counter offer and I've already been sitting on it a few days.

 I understand Wayne. This makes perfect sense and the buyer actually volunteered to do just that at his cost in an email this morning! So we will definitely go that route.

 Just trying to determine what kind of terms I should be seeking at this point. I have searched the forums quite a bit and not really found anything that necessarily applies to my situation. From what I have found I am thinking 7-10% is a good target with a 3-5 year balloon.

Can anyone help me with this?

 Forget to include the answer to your question in my first reply

I do not know how much of the purchase they are looking to finance but I believe they have some sort of portfolio loan they are borrowing from. I have inquired on these topics in my last correspondence to the buyer and await his response.

 Thank you for the input Wayne. First, I meant to put interest only not principal only. I updated the post.

I have a couple of questions expanding on your post:

What is RMLO? I am not familiar with this term.

Also do you have any kind of sense as to what typical rates for this are?