All Forum Posts by: Daniel Rehner

Eric,

Thanks for the advice.  I will definitely look into EverBank.  How does that work with paperwork, is that just all online forms?

Thanks for the response Jim, 
I actually plan on using a HELOC (from UCFCU, they will go up to 100%) as the down payment for the property I am looking at. I haven't nailed down "the one" yet , and still have a few more deals to analyze to make sure I know I'm getting a good deal. Which I am currently looking into a duplex as they provide the best cash-flow opportunities in my current situation. My strategy is going to be buy and hold, and would love to get a BRRR property. I do plan on managing this first rental myself.

Republic bank is the one that is currently offering this commercial loan, and I can send you his contact info if you'd like.

And yeah I would love to come to the REIA meeting, although I dont think I will be able to make it tonight, how often do you have them?

I am a new RE investor getting ready to buy my first deal.  I plan on using money from equity in my house currently at 4.5%.  I have talked with a couple different banks around the Lexington, KY area and have a few different options. I know that If I go with the conventional loan and can make a lot more deals cash flow.  However, all of the conventional loans require 20-25% down which will eat up a lot of my capital.  One of the bank in this area is offering a commercial loan with just 10% down 20 year amortization; rate: 4.5% and it balloons in tens years.
This takes up less of my capital but does make it a bit harder to cash-flow, and I do have the additinal sooner deadline of 10 years to either sell, refinance ( at possibly higher rates) or pay it off ( not likely). 
Would you all recommend going conventional even though it requires more money down, or commercial because it allows be to get start easier and possibly get a 2nd property sooner?

My strategy is going to be buy/hold, and would love to get a BRRR property.

Any advice is welcome.  Thanks