All Forum Posts by: Charlie Beis

It is an 8 family with 2 units, lower in need of rehab, being used as storage right now, we have waiting lists in this area due to school district etc for tenants, have 2 sf that people leave there info on a list. My wife is our agent, closing costs are actually rolled into down payment...

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Charles, I stated that I should have clarified, I meant our typical lenders here don't handle self employed business owners who don't take a check or who use LLC to purchase properties! We have 2 lenders who know our financials well but don't work in AL. So we want to get in touch with someone that works with investors, not a "bank of America" style!

We actually saw some of that going over a few places, yes that would be great! Like I said, just need a place to get away, be awesome if it covered, but not a big deal if it didn't!! I would pay a higher rate to keep more cash on hand, want to get a few more properties this year up here, and honestly put on 2 more plumbers as well!! 6 guys would allow me to keep the income and focus hard on our investment portfolio!!

Robb, maybe, we are looking at a few from the couch in St. Louis!! I can pull of and go down anytime, the creative financing part should have been better put....we have 2 LLC's, self employed, wife is a realtor, so it's the lenders that understand depreciation, etc and can look at the total pic that we need!! We have no issues here, but our usual lender only works in MO/IL!!

LLC, honestly don't care if it cash flows fully, the ones we are looking at stay pretty booked up at around 145/night averages....190 in season, 95-105 off season, just need a place for the family!! My plumbing business does well, we cash flow on our MO rentals, but when we go somewhere local, dad is always working!!!

We are looking at purchasing a rental in Orange Beach Alabama,  a condo, mainly for ourselves/young kids, but want to rent it to cover the costs. We have a property llc , 20% down, and probably 2 years reserves in the bank for it. We are looking for creative financing options, or even a trusted lender in the bigget pockets community for down there! We have our research,  hoa, rental rules etc and ars all good and also listened to the BP vacation podcasts! All knowledge/referrals are appreciated!!

Investment Info:

Single-family residence commercial investment investment.

Purchase price: $155,000
Cash invested: $34,000

Commercial office building for our company with huge garage bays, 2nd floor 1800sf office, and a 2300sf 1st floor office we leased for 3yrs to a tenant

What made you interested in investing in this type of deal?

I was paying almost 900 a mo in storage unit fees and needed a physical office for my plumbing company!! With this deal I have a brick and mortar location for google, beautiful office, and now a 3yr tenant that doubles the note with rent!

How did you find this deal and how did you negotiate it?

750 a month note made sense over 900 in storage rental, the 2nd office was just a bonus! Full price offer w 5k cash at close.

How did you finance this deal?

Conventional 20%down credit union.

How did you add value to the deal?

Building out a 2nd office, adding central heat ac, paint and paved parking!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, my wife is an agent!