All Forum Posts by: Chukwudi Motanya

@Anwar Douglas I did. DM me?

@Frank Hinck Thanks Frank, but would commercial allow me a revolving faculty? Ideally that’s what I would want 

@Wendy S. they won’t do on investor property 

Hi All,

I am an investor in the Atlanta GA area with 8 SFH properties that have some equity in them that I would want to utilize with a HELOC. My properties all have 1st mortgages but trying to find a way to get a HELOC on top of the 1st for the investment properties

Ideally I would leverage my 1st and 3rd property because combined my mortgages are 70k but total value of both is 320k. Would just get the HELOC under these two.

I've called a couple of banks and have gotten "No's". To save anyone else who is looking time I've listed the banks in GA who have rejected me. Does anyone have recommendations on where I could look?

Could a Commercial Lender potential help me?

PenFed

- They do HELOC on investment but if you have 4 or more properties they will only do on Primary house

Wells Fargo

- Not offering HELOCs during Covid

American Airlines Credit Union

- Only accessible to Airline workers

Peach State Federal Credit Union

- Do not offer HELOC on Investment properties

Georgia Own Credit Union

- Do not offer HELOC on Investment properties

Delta Community Credit Union

- Do not offer HELOC on Investment properties

Hi All,

Does anyone have Dependable Handymen in the Lithonia / Stone Mountain area that they would feel comfortable referring to me?

Thanks All!

I'm looking at a subject to deal and trying to see if its a deal I should explore in full. I am a buy and hold investor and I am trying to build up my portfolio.

The deal has roughly $160,000 of outstanding debt but mortgage payments for 2019 are around $850. Market value for the house is around $170,000 so the equity in the house is very slim. House is in good condition and 2000's build. 

Market Rent would be around $1,300. Only needs paint to bring it to rent condition.With back payments and finder fee I would be in 15k on the entry. Cash reserves for me after the deal would be around ~20k.

Would you do this deal? What risks should I be thinking about? Curious on your thoughts 

Hi all,

Trying to find ways to finance Buy and Hold investment properties faster and looking into possibly using Hard Money Financing to acquire the property and then refinancing with conventional funding.

My strategy has been in buying Buy and Hold properties <100K. Does anyone know of Hard Money lenders that would play in this space?

Ideally I would just get a Line of Credit but all my properties have mortgages so I do not know if that would be an option I could use at this state.

Thanks Andrew! let me try posting in the GA thread

Hi all,

Trying to find ways to finance Buy and Hold investment properties faster and looking into possibly using Hard Money Financing to acquire the property and then refinancing with conventional funding.

My strategy has been in buying Buy and Hold properties <100K. Does anyone know of Hard Money lenders that would play in this space?

Ideally I would just get a Line of Credit but all my properties have mortgages so I do not know if that would be an option I could use at this state.

I Do, send me a message and I can make the connection

Hi all,

I am trying to get the reps with understanding the End to End process of acquiring a multi family unit and I wanted to see if anyone by chance had a checklist of steps that they follow when they are looking at opportunity in this space? So far the below is what I have gathered:

1. Collect the rent roll of the unit and then T-12 financials of the property. Operating Statements for the past 3 years minimum https://www.biggerpockets.com/topics#

2. Site Inspection of every unit with a photographer who will photograph every inch of each apartment. The Photographs will be used to develop the unit upgrades / repairs / improvement budget

• At what point in the process can I conduct this?

3. Need to get a Capital Needs Assessment / Property Condition Report

4. Phase 1 Environmental Site Assessment

5. Obtain estoppels and copies of each apartment lease

6. Get a preliminary title report to confirm any existing liens on the property

Is there anything else I should add?