All Forum Posts by: Jai Coward

Interesting... I'm seeing a lot of that out here in the outskirts of the LA area as well. As a matter of fact, my sister in law and her cousin just went in on a 6 bedroom house! Well, regarding the SP, it's 4bd, so not too far off. But can you please elaborate more on your area... what about properties in the $150k-$175k range? What about "your neighborhood" is dicey... the overall appeal, overall buyer/tenant, is it run down in general?!?! 

Hello All,

Just wanted to get an idea from the local ATL residents, or anyone with the knowledge for that matter, about their take on the Stone Mountain area. I've noticed a lot of properties dropping in price by $5000 - $10000 all around the Atlanta area(s), but that aside, I may have run in to a potential deal I'm thinking about putting an offer on today located in Stone Mountain, and my main concern is, are houses selling in that area or not? Rehabbed or in need of rehabbing... thoughts, advice... thanks!

@Jon Holdman  @James Syed   Precisely the answer on that I was looking for, thank you gentlemen! 

@Jay Hinrichs   Got it. And that's personal credit because of the non recourse deal, and banks not wanting to deal with that with llc's, right?

@Curt Davis   Who do you go to for the refi, credit union, regular bank, any conventional lender? Also, it is a 4 property deal for $175k, so would you know how the lender will look at that, is it a total of 70-75% of the package, or each individual house would need its own 25-30% equity? Also, total reno/rehab on all properties - $5k-$10k

Is this process of obtaining properties common? I will have most of my liquid tied up in a rehab by next week, but there is a deal I want to jump on in Memphis. The seller is offering to cover $120k - 30yr due in 5yrs, with a $55k down... I'd like to use a HML to help with the $55k, because again, most of my liquid will be tied up, but I'd like to use the HML to obtain it, and refi into a conventional ASAP for the entire amount. I'm wanting to do this because these are buy and holds, so I figure a comventional loan, low interest, low payments would be best. Thoughts?!

@Jay Hinrichs   Oh ok... Why is that?

@Brie Schmidt   Because most of my liquid may be tied up with this rehab, and I was wondering with your guys' experiences and expertise, was there a way to pull this deal off with as minimal down as possible. What you said makes perfect sense, I would definitely rather get a commercial loan, just wanted to cover all my bases

@Jay Hinrichs   I am looking for the rating, shouldn't that be a business concern, to establish that? Doesn't that go hand and hand with building more and better financing options? 

@Tom Keith   that's what I'm thinking, going to a local credit union to establish that

@clay smith - that's one of the biggest reasons I want to put this under my LLC, to buildbthe business cresit for it

@brie schmidt - I'm not looking for no money down, just some umderatanding on the differences between the banks. How yo utilize each, if applicable, in different ways, who to go to for LLC financing because I kept hearing different answera, things like that. And that's the dilemma, the cost of the $, but I was thinking hard money to close the deal, look to a credit union for a regular convential 30yr to get out., but I don't know if that's possible, perfectly ok , what some of you guys are doing with/without success, etc... that's part of what my original question was, who funds llc's, and strategies