All Forum Posts by: Chris Youssi

Originally posted by @Chris Baber:

thanks Chris.  It sounds like they would have worked with you about the same way, with or without the history.  I've had particularly bad luck with US Bank in the past, they had terrible customer service and too many nickle and dime things that just irritated me.  I just can't put up with that kind of behavior in the hopes it may help me in the future.

In this case, it seems you get their help now, but didn't have to deal with that in the past, so a perfect situation, and not reason to not avoid them today.

Good luck with your project, and please let me know if I can help in any way in my part of the world with your expansion.

Sorry for the delay was unplugged for a few days. Check in with me on Thursday as I have another meeting on Wed. Sounds like others have given you ample opportunities within your market to reach your financing objectives . Talk again

Key piece of information is what are your goals  / cash flow / debt reduction / more doors? 

If it's cash flow split your 150-175K into several assets and increase your cash flow.

If it's debt reduction move forward with your plan selling your unit in CO. and reinvest in only 1 door. 

More doors same as cash flow

No matter what I would definitely sell the condo in Co and increase your portfolio- lots of equity with ample opportunity to reinvest in single or multi doors.

Best wishes 

Complete cold call on my part and theirs. I have a name in the community but this is outside of my normal market. They were a referral from another Developer friend of mine and they reached out to me for a meeting. However, they have told me they have an interest in growing their portfolios in all markets as I may monetize my project in other communities. Short answer yes if you are starting out good to establish a relationship - my case is unique to the marketplace. I have a standard that is like most - " if you don't ask you don't get" . In other words worth IMHO to at least meet with them and share your needs/concerns.

Chris, I am going to go upstream on this one and frankly 45 days ago would have agreed with this thread. However, I am in the process of obtaining financing on a significant project and have found smaller community banks do not have the funding or the vision for larger projects. I have networked on here and within my sphere of influence and have found that U S Bank is very competitive and very hungry for real estate opportunities. I stress to you large opportunities so here is a thought - check with a local LO with USBank and determine if they have an appetite for your situation. In theory if it's a fit then you can grow with them. Sounds like you have some options.

Disagree 100% with the salt comments as it is based upon there are no maintenance alternatives. We build homes and along the "apron" of the driveway ( next to the garage which is concrete around 18 inches ) and on any of our concrete walks connecting the home to the driveway we seal the concrete and there is never any pitting - been practicing this for 9 years zero call backs. a no brainer for maintenance. Yes we have hearty winters here in Illinois.

Kilm Beige pro mar200 S W On all our rentals . Grey is too trendy for me

I concur with the myth of “dead equity “. My tenants add to my equity every single month by paying down my loans. Reminds me of 2007-8 when a fireman bought land so he could build n develop multi family . Not sure who was more ignorant him or the lender that loaned him funds . The hype behind dead equity gives me pause as investors drink the kool aid of leverage leverage leverage . Rains will come n go but tsunamis are difficult to survive - ask those of us who made it thru the worst and are better off . A developer who mentored me stated “ you will make more money in a down market!” I am a believer. Nothing dead about any equity period .

Jeff my bad I forgot to tell you yes all our units are local within 15 to 20 minutes of my office SFR and 35 for townhomes condos. Happy investing Chris

Jeff I can get to your answer after I comment on a few other things. My situation is rather unique in that 23 of our properties are on 15 year mortgage is the other eight are on seven year fully amortized loans and yet we still cash flow it $300 per month on the SFR. Our vacancy rate YTD is .54% on our SFR and 1.24% on our condo - townhome portfolio we build homes develop property I have rentals in 2 main categories.Far and away my best investments are my SFR’s and in fact wish I had 100 but market has shifted so we are also adjusting and are now building duplexes and 4 families setting them up to be townhomes for exit strategies . Duplexes will cash flow $300/ unit 75% LTV loan amount $110K / unit . 4 families will cask flow $500/ unit LTV 65% loan amount 160K/ unit . Now Jeff to your question; we self manage our properties and we have a full time maintenance man that takes care of. Projects and our rentals. However, we only spend an average $46 per month/ unit .We only have this low amount as I said earlier my posts we fix our units to the nines meaning less overall maintenance both day-to-day as well as deferred. Hope this answers your questions. Great connects by all . Bottom line is whatever works for you is what’d best for your investments!

K that would be awesome 24 minutes ??? That would be months !