All Forum Posts by: Colten Thiel

@Matt Cecil hahaha who knew we'd reconnect on a BP forum after college! Glad to see you on here buddy.

Tyson I agree with you, I'm expecting 8-12% plus points for a HML, at least for the first 2-3 deals I do. The numbers work, it's the total lending amount that plays the crucial part.

@ronald Laurion, Tyson is accurate in his thought process. You don't take a 12% for more than 6-12 months at most. What the HML does is give you an opportunity to buy and renovate a property you otherwise couldn't afford, in which you refinance with a bank and pay back the HML and hopefully pocket what's left.

 Alaska isn’t short of wealthy individuals, but this post was essentially a broad net. That forum is the next stop, I assure you!

Hi everyone! So I'm a couple weeks away from finalizing a refi on a property and I'd like to put the feelers out there to HML's (individual or businesses) on securing another rental in Fairbanks. The market has slowed as it does in the winter, but I have a few reputable contractors looking for work and I have four different opportunities pinned down waiting for BRRRR, if I can find a lender! I'd be happy to share numbers and breakdowns, and any feedback at that. For anyone familiar with the state/area/city your info and feeback is appreciated!

-Colten

@Rick Pozos Sounds like the old fashioned way! It's do-able in that fashion, and that's probably how it'll have to happen.

They're on the same lot, or parcel. Thanks mike. I figured it would be a long road to remodel, but it's just not talked about, unlike the HML then BRRRR method. Which honestly is such an easier route 🤷🏼♂️

OK, so here it is. I recently came across a 5 unit property for sale, a tri-plex and duplex being sold together on the same lot. 1st question, in terms of conventional financing could I consider the buildings seperate and get a blanket mortgage for two residental buildings? Or since the sale includes 5 units regardless if the buildings arent connected, will it have to be a commercial loan? 2nd question, the owner is willing to do a seller finance (great news!) but I don't know how to finance the remodels needed, because each unit will be remodeled as tenants move out and not all at once (All the units are currently being rented aka instant return). Would it be worth it to find a HML, kick all tenants out at once, remodel everything, refinance with a bank and then re-rent? Or how can I finance remodels one unit at a time? (Sorry I know thats like 4 questions in one) Any insight would be greatly apprciated!

Welcome aboard! It depends on what you're looking for, this past winter I was able to buy a foreclosed duplex and began renovations in the spring. Shoot me a message if you'd like to meet up and chat! I try to spend the weekends out of town, so we can plan accordingly. 

-Colten