All Forum Posts by: Clayton Smith

Absolutely feel free to send me a message.  

Hello all, 

I also live and invest in Tuscaloosa. Market is red hot right now and there is very little on the MLS that doesn't get scooped up by non investors or the bigger pocket companies. But there is a few deals to be had if you keep your eyes open. I am typically a buy and hold investor but I have flipped my last few project because prices are so high right now. Also wanting to build a war chest for my first multifamily property.

Brandon if you can get the 3/2 behind midtown that is a great area. I own 1 house in the neighborhood and am wanting to get some more. Not sure if you have heard but they are building a new bridge that will go over the railroad tracks and connect campus and come out on 15th street right in front of the Taco Bell. I believe this will make Forrest Lake that much more desirable for students. It would be a great place to start your investments. If not I would be interested in purchasing it off market. 

If you are still looking I have a few things that I am looking to 1031 exchange and trade up on that might meet your criteria. 

I have a flip that I am painting and saw you question on the popcorn ceiling. Did you remove it? If so do you think it was worth the cost?

Thanks. I will check them out. I agree it may be hard to find over 80% but with my equity an extra 5% LTV is another $48k in credit so I am going to try like hell first.

I am looking for a lender that will give me a HELOC of at least 85% LTV on my investment properties. I up to date appraisals on all my properties within the last year. Is there any banks that offer this?

And yes I have called around to my local bank / credit unions. They are only willing to do 80% at the moment.  

Thanks 

 Cody, 

I came across your post and am wanting to do the same thing in my area. Where you able to complete the project? If so do you mind if I ask a few questions?

Thanks

Clay 

in my area there is a good demand for secure parking for peoples campers/boats. 

Not a big area but you wouldn't have to spend any money to start. 

Wow that sounds like very good terms for a commercial loan. 

Hi Todd, I am looking to purchase my first multifamily. Just wondering what kind of finance options you were able to lock up on your deal? 

thanks 

My bank required me to have a GC but that might differ from bank to bank. In some areas the city will require you to have a GC license if the value is over a certain amount. But this is something that will depend on your local banks and laws.