All Forum Posts by: Cassidy Burns

Welcome @Karen Harris

@Brent Neuenschwander thanks for the feedback.  I definitely am going to give the city a call back regarding the deposit.  What would you do regarding the interior construction that they said may need to take place?  How would this affect the current tenants?  Any suggestions on easier ways to split the lines?  

Hi All,

I wanted to get a feed started regarding opinions on the pros and cons of taking a multifamily building, in my case 4 units, that is currently on one water line and separating each individual unit.  The current owner is paying the water bill each month (2016 Expenses: $1,440).  I called the local water company and he quoted me around $4,000 to add all the meters but says it may take more construction than necessary, even requiring some walls to be taken down.  The building currently has 3 tenants, 1 vacant unit. 

My question is, are there specific more cost efficient ways to separate these?  Or would you leave it as is and when you take over the building, individually bill each unit for usage?  

Thanks in advance!

@Chris Mason Thank you!  Very helpful.  Happy Holidays!

Hi BP,

Quick question: 

I have a duplex under contract, have found 2 different banks that will finance this for me.  Both very similar rates and packages offered.  How do I go about choosing the best option?  I obviously want the fastest close as possible. Do I send my information and the information for the property to both and see which has the fastest response rate in terms of turnover and production of the financing?  Will having both of these banks running my credit as well as working on the deal hurt my credit and reputation? 

Thanks! 

Hi @Ned Carey, very helpful!  Thank you.

Hi @Andrew Ware @John Johnson @Dexter Williams @Ned Carey when you are paying these investors are you typically paying interest monthly or annually? I have a few individuals that want to invest and love the idea of real estate and are interested in what I have been doing. Do I set up contracts with each individual person? Form a LLC and incorporate them in the process?

Thank you!  

Hi BP,

I taken the last two days and called multiple banks in the areas that I am looking to invest in to hopefully find portfolio lenders. I have made a few good connections and found a few that will lend. A few have said they do Business loans, and quite frankly I do not know the difference? Can I only get a business loan through an LLC? I do not currently have an LLC. Will these work on duplexes and SFR's?

Here are a few of the terms that the banks have offered.  Which do you think I should pursue first:

Option 1:15-20% down

               3 and 5 ARMS

               20-30 year amortization

Option 2: 20 year fixed amortization

                7% interest with 1% origination fee

                1 year loan refinance

                 Only do loans in person, nothing online, very personable.

Option 3: 20-25% down

20-30 year fixed, potentially ARM based on property

                seems to be the most knowledgable and creative

Thanks BP!

Hi @JD Martin yes that is what I meant.  Sorry about that!  @Justin Fox it will need a little work, but one unit has already been renovated.  Will have to rehab the side where a tenant just moved out of.  

Hi BP,

I am pulling the trigger on another rental property.  A duplex.  Based on the numbers it looks like it is just going to hit the 2% rule.  Purchasing for $31,500 w/ $1,500 seller credit and potential rent is 400-450$ per unit.   Since interest rates have increased a little since election I am flirting with doing a 15 year loan(4.375%) vs. 30 year loan(5.125%).  Cash flow is about $50 less on the 30 year loan.

Thoughts?