All Forum Posts by: David Bilandzija

@Kevin Tang I'm not an STR investor but from the outside looking in, seems like the market is approaching saturation. Take my skepticism with a grain of salt. Good luck if you decide to go for it.

@Jennifer Merrill Hahaha, awesome turnaround, congrats!  How long did the construction rehab take?  

Do a YouTube search for "how I bought my little house in Italy..."

Lady goes over some of the finer details, and red tape involved.  The video covers "house finders" or getting an agent.  Other useful material covered including repairs, permits, financing and paperwork are covered.  You might find it useful.  Good luck.  

@Andrew Alvarez

Congrats on your deal! Financing options and terms will be dependent on your situation. Are you a first time buyer, first investor? How much do you have to put down? You've got two routes depending on your profile. Full doc A-paper style loans or lite doc/no doc loans that would base their decision on value of the collateral, cash flow, LTV, credit and experience - some lenders are even ignoring DSCR on commercial projects. I'm likely leaving a few things out because requirements are going to vary.

@Nick Loukas To add, a number of private portfolio lenders do not report to credit.  This would fall in the category of commercial financing that Sean mentioned.  There are plenty of competitive financing sources through non-conventional lenders that focus on investment property loans.   

@Gregory Washington 

Depending on the equity involved, a cash out refinance loan could be structured with a change in vesting to reflect your name only.  The cash out proceeds could be used to buy out your siblings leaving you alone on title.  

@Nikki Frick Thanks for the update. @Brandon Turner
has been a great source of information and experience for all of us on the forum. 

@Monica Soyemi You can look into being creative with the financing by combining a seller carry back loan with hard money financing.  The limits will vary from lender to lender/deal to deal.  Try expanding the lenders you are speaking with to include private portfolio lenders.  Good luck.  

@Christopher Murphy A fellow loan originator that I work with had her offer accepted over an all cash offer.  Her offer included financing and she came in slightly lower than the all cash offer.  She mentioned her licensing and that she'd be handling her own loan.  Won the deal and closed 30 days later.  It can be done depending on circumstances.  

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $125,500
Cash invested: $12,500
Sale price: $204,000

Long term rental property purchased in 2004 with bank financing. Took a 90 LTV loan and made a handful of cosmetic improvements. Because I was an out-of-state investor and new to real estate I hired a property management company and watched my investment sit vacant for three months. Eventually, I ended my relationship with the management company and rented the property out on my own. Hired my own maintenance people throughout my 14 years of ownership.