All Forum Posts by: Carnet Williams

Greetings. I just closed on a 44 unit MF outside of Birmingham. I am looking for referrals for a landscaping and painting please. Anyone have a good crew they are working with? Thank you in advance!

Hi. I'm using Michael Blanks SDA and my bridge lender is asking me to break down year 1 into monthly. They are ok with year 2 and beyond being annualized. Has anyone modified the SDA to have one year show monthly? Would love any advice. I guess I could create an extra tab that just has a monthly P&L that shows NOI and then refer the bridge lender to the annualized P&L for the rest of the ratios (e.g. IRR, CoC, etc). Has anyone had this request before from a bridge lender? Thanks.

Oh shoots... I didn't realize he said it doesn't work with google sheets. I'll run it in the excel version to see if I messed it up. I'm guessing he may not want it to work with google sheets b/c it is too easy to share :( 

@Charles Seaman Thanks. That is a much more elegant method! Michael needs to update his video tutorials or write up a FAQ :) There are some features that are not as intuitive as I would think. I appreciate your feedback. Also I imported the excel spreadsheet into Google Sheets and it seems to work. The only error that came up was something to do with name range no working. 

Hi,

I am analyzing a 24 unit apartment building with a purchase price of $1.1M. I have bids in to do about $300K of rehab on the property. I plan to get it done in the first 18 months. I have found a lender who will roll that into a construction loan at 75% LTV. On the SDA I was putting the $300K into "repairs and reserves" row in the summary. I then added a second mortgage for the $300K into the loan tab. This didn't work b/c it threw off the calculations thinking I was financing $1.4M in loans as well as $300K in rehab. So I took the $300K out of the "repairs and reserves" row and just left the total purchase price to be $1.4M ($1.1 purchase and $300K construction loan). Does this look like the correct approach? There wasn't a way to easily input in the rehab cost and make it roll into the loan. Thanks!

Hi,

I am under contract on a 24 unit property. The seller currently has a mortgage on the property. He has offered seller financing as an option for us. One issue we ran across is that an appraisal might not come back at the number we need for purchase and rehab. What are some of the deal terms I should be thinking about in a seller financing situation? What are the issues that come up with such a transaction?

I have estimated $300K in rehab to reposition the property to be a nice cash flowing project. So my thought is that rather than use my cash for the downpayment ($1.1M purchase price) I would use my funds for rehab. Once repositioned then get financing on the building in year 2 or 3.

Also one other wrinkle, I am planning to roll about $170K into this project as a 1031 exchange. Does that work with seller financing?

Thanks for any insights.

Hi,

I am under contract on a 24 unit property. The seller currently has a mortgage on the property. He has offered seller financing as an option for us. One issue we ran across is that an appraisal might not come back at the number we need for purchase and rehab. What are some of the deal terms I should be thinking about in a seller financing situation? What are the issues that come up with such a transaction? 

I have estimated $300K in rehab to reposition the property to be a nice cash flowing project. So my thought is that rather than use my cash for the downpayment ($1.1M purchase price) I would use my funds for rehab. Once repositioned then get financing on the building in year 2 or 3. 

Also one other wrinkle, I am planning to roll about $170K into this project as a 1031 exchange. Does that work with seller financing?

Thanks for any insights.

Hi. I am an out of state investor and just purchased two SFH in March (Forest Park and Brown's Mill Golf Course area). Looking to acquire five more in 2020. I'm also interested in multifamily. If anyone can recommend agents with good deal flow, I would love to chat with them. Thanks!

Hey everyone, I am an out of state investor just starting in ATL. Purchased two SFH in March and looking to acquire five more in 2020. I'd love to chat if you have deals for me to review. Buy,rehab and hold for cash flow. Also interested in Multifamily properties (I know there's not much in ATL).

@Greg Dickerson what is a small balance agency loan? I thought agency loans had to be over $1M. Will they include the rehab/construction amount in the loan? If so we would be over $1M.