All Forum Posts by: Christian Jones

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More information: The seller is asking $380k. Current rent roll between the 5 properties is $3800. Four of the properties are in Springfield, MO and are SFR. ONE 3/2 and three 2/1. The fifth property is a lake house in Aldrich, MO. I’m still waiting for more information on this one. 

My credit union is telling me it would be an 80% loan on 20 year amortization at 8%.

The seller is offering to finance the other 20% as well as the closing costs. 

So far, to make the numbers work, I would have to buy them for $333k to make $100/door. This is not taking into consideration the payment on the other 20% or closing. 

A 30 year amortization would help the numbers work better. 

Is there anything I’m overlooking?

 Thanks. Currently only one unit is vacant and we are working with an attorney on two evictions. Then we have another unit that should be ready for rehab in April.

Appraised values:

For a total of $1,331,000 appraised value.

The house that is ready for rehab today is one that was purchased for about $30k, appraised for $136k as it sits with an ARV of $180k

I closed on 14 properties in the Springfield, MO area at the end of November using a portfolio loan. The bank that we used just told me that they have frozen making any new loans and so I can't just get my rehab money from them. I have lots of equity in these properties. I'm looking for suggestions for how to finance my rehabs. I was counting on using the equity they already have. My partner and I are considering doing cash out refi or heloc through another bank or institution. Is this the best course?

I closed on 14 properties in the Springfield, MO area at the end of November using a portfolio loan. The bank that we used just told me that they have frozen making any new loans and so I can't just get my rehab money from them. I have lots of equity in these properties. I'm looking for suggestions for how to finance my rehabs. I was counting on using the equity they already have. My partner and I are considering doing cash out refi or heloc through another bank or institution. Is this the best course? 

Investment Info:

Single-family residence buy & hold investment in Rogersville.

Purchase price: $29,643
Cash invested: $1,429

My partner and I purchased 14 properties for $415k. 4 mobile homes and 10 stick builds.

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

I wanted to get rid of the mobile home on my street.

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

I called the landlady. She said she was ready to sell. It took a while to get back a hold of her because the trailer was on the same loan as 2 others. I told her I would take all three. She asked if I would be interested in other houses. I said yes and she offered the other 11. The process took about six months.

How did you finance this deal?

80-20 commercial loan through a small local bank and several debt investors.

How did you add value to the deal?

We are rehabbing each stick built house as we can. We are considering replacing each mobile home with either a new build or a modular home.

What was the outcome?

We own 14 properties. We will likely have 2 evictions in the new year due to two tenants who have a history of nonpayment.

Lessons learned? Challenges?

Still learning. Challenges: rehabbing with tenants. Bought evictions.

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

We worked with the Bank of Billings