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All Forum Posts by: Devin Peterson

Devin Peterson has started 47 posts and replied 1459 times.

Post: Refinance my rental property

Devin Peterson
Lender
Posted
  • Lender
  • Posts 1,564
  • Votes 541
Quote from @Joel Barjon:

Hey guys,

I hope everyone is doing well. Can someone help me with that question: will a bank refinance a rental property under llc? If not, what will you suggest me to do? I will appreciate your insight. Thank you.


Yes Joel, That would be a business purpose DSCR loan. I would recommend talking with an experienced loan broker and take a look at the Lenders tab at the top of the page. Good luck!

Post: Multi family loan

Devin Peterson
Lender
Posted
  • Lender
  • Posts 1,564
  • Votes 541
Quote from @Joseph Mena:

Are the going/common down payment minimum for duplex's (20%) tri/quadplex (25%)?

Investment property (not primary residence)

You can do 20% with a standard DSCR loan. I’m local to you in CT! There are lots of local REI professionals in the area I’m happy to connect you with. My cell and email are below reach out any time :)

Post: Seller Financed Deal - What am I missing?

Devin Peterson
Lender
Posted
  • Lender
  • Posts 1,564
  • Votes 541
Quote from @Aaron Ram:

@Devin Peterson Thanks for the reply and nice to meet another CT investor. What market are you in? It has been tough to find attractive deals in Fairfield County. Relationships are key -this off-market deal was found through a longtime realtor friend and my last seller financed deal was through a landlord/client I worked with for several years. 

Response to your question: This is the last of their portfolio that was sold off over time. Their family has no desire to deal with the property. They suggested 5-7 years and we settled at the 7 for the balloon. I should be able to payoff the note at that time easily with these numbers going in. Hopefully the rates are better.


From Middletown! But invest all over the state and in FL. There are a plethora of CT based real estate Invetsor meet ups you should get involved with. Let’s connect and I’ll share the list with you!

Post: Seller Financed Deal - What am I missing?

Devin Peterson
Lender
Posted
  • Lender
  • Posts 1,564
  • Votes 541
Quote from @Aaron Ram:

Hi all,

Posted on biggerpockets my first deal back in 2011, this forum gave me the confidence to get it done. Amazing what this community has turned into. This is my first commercial deal and 2nd seller financed deal. I would appreciate any advice on anything I may be missing with putting this together or should neogotiate before finanlizing.

Negotiated so far:

Property: 9 Unit - 7 Apartments + 2 Commercial Garages (4 unit apt building + 3 unit apt building w/ commercial garage attached + standalone commercial garage on same lot)

Background/Why owner is selling: A seasoned builder of 50 years, the owner purchased the property in the 1970s for around $8,000.00, later developing three apartments and two commercial structures. They acquired the neighboring four-unit in the 1990s for $150,000.00. With everything paid off, they’re looking to slow down but are hesitant to sell due to capital gains considerations.

Purchase Price: $1,750,000.00

Downpayment: $400,000.00 - Will do a 1031 - Selling two of my SF properties for the downpayment (bought for 120k + 146k back in 2017 & 2015). 

Seller financing: Note for $1,350,000.00  - 7% amortized over 30 years with balloon payment after 7 years, interest only. ( I am trying to get the first year at 6% to stabilize then go to 7% remaining 6 years)

Property Condition: Above average. Properties built with steel beams, both roofs less than 10 years, all heating systems under 5 years etc. Walking through, I can see that owner is the type that spares little expense with his own properties. 

Value: I am paying current market value. I will evaluate per building. No 4 unit multifamily has sold in the last 2 years. They are rare. Reviewing comps it would sell quickly at $800,000.00  (conservatively). The 3 apt + 2 Commercial Garages is a unique property. Doing my best to comp, it would be around $1,000,000.00. 

Leases in place: 2 apt Leases will expire in 2026. All others are month to month or expiring this year.

I used a spreadsheet I typically use to analyze a financed deal. Here is a screenshot. Appreciate any advice at all.

Things to note: I have a well qualified plumber tenant for the bigger under house garage already. The garages will have 3% increases year over year once leased. The rent increases are with no added renovation besides typical unit turnover. I expect to outperform these numbers.


Aaron that’s a huge W! Congrats on all the success so far. I am a CT based investor myself, very hot market! My only question is does your SF note need a balloon? I try to leave balloon period out unless they explicitly asked for an end to the timeline. Given their age and position in life… mailbox money flow forever sounds like a good start to retirement to me!

Post: New Investor Looking to Connect in CT

Devin Peterson
Lender
Posted
  • Lender
  • Posts 1,564
  • Votes 541
Quote from @Samuel Eddinger:

@Alanna Inoa - welcome.  I am a CT based investor, flipper and property management company owner.  I know that @Mat O'Grady already spoke about CTREIA and I agree.  Other meetups are with @Devin Peterson, @Brandon Rush, @Stephanie Cabral, @Ryan Luby.  All are good.

I'd be happy to connect and help anyway I can.  If interested, DM me.

Thanks Sam!

Alanna, a pleasure to meet you! Happy to connect and provide you with a list of the local meet ups. my cell and email are below!

Post: How do I find an investment friendly brokerage

Devin Peterson
Lender
Posted
  • Lender
  • Posts 1,564
  • Votes 541
Quote from @Adam Lowe:

Hey, I just passed my real estate exam and I’m looking for a brokerage to hang my license in the Tampa Bay Area. I’m located in St. Petersburg, FL specifically.

Does anyone have advice for finding a brokerage if my interest is primarily in investment properties and property management? Any feedback is appreciated. Thanks!


 Adam, I have a lot of local great small broker shops that I can connect you with. Happy to chat!

Post: LLPAs for Vacation Home Loans

Devin Peterson
Lender
Posted
  • Lender
  • Posts 1,564
  • Votes 541
Quote from @Jonathan Snider:

I have been saving up for a while to purchase my first STR. I did some rough calculations and figured I should be ready to purchase in the first half of 2025. I had a meeting with a lender about getting a second home loan. He told me about LLPAs and presented me with a lot of option related to them. The way I understand it, I would have to pay 4.125% of the purchase price in LLPAs if I want to get the normal interest rates. If I don't to that, then my interest rate goes up.

This is completely new to me, and it's a bit of a bummer since that would delay me getting my first STR that I have been saving up to get for a long time. What is the best path forward?

1. Don't pay LLPAs and take the high interest rate?

2. Save up long enough to pay the LLPAs to get a better interest rate

3. Something between #1 and #2

I know the answer is probably something like "however the numbers work best", but I'm looking for general guidance. How have you handled this situation?


Look at DSCR loans for more competitive terms. All programs have LLPAs but that's more so any bank's individual guidelines and overlays to specific product pricing. What your describing is built into the YSP, not extra points out of your pocket. A difficult concept to grasp if you don't work on loans every day. But you are not paying 4.125% in points. Your LO or broker is explaining it wrong if that's what they said. Id recommend connecting with someone who can help you shop more investment-specific/rental programs on a national scale. Good luck!

Post: Hello new investor HERE!!!

Devin Peterson
Lender
Posted
  • Lender
  • Posts 1,564
  • Votes 541
Quote from @Samuel Eddinger:

@Jason Brown - I'm a CT based investor, flipper, and property management company owner.  I'd be happy to connect.  DM me if interested.

We have a very active real estate community here from CTREIA and meetups from @Brandon Rush, @Stephanie Cabral, @Devin Peterson, @Ryan Luby in central CT.  Reach out to them/me if you would like to get on the list to meet some people!


 Nice to meet you Jason!

Post: Interest Rates on Commercial Loan?

Devin Peterson
Lender
Posted
  • Lender
  • Posts 1,564
  • Votes 541
Quote from @Tariq B.:

Hello!

I took quite a break from buying properties and now on the hunt again.

I’m curious what rates look like these days for a commercial apartment building around 1.5M.

If any lenders could chime in or investors who have seen recent rates please share!!

Thank you!

Tariq


 Tariq, this will vary widely on your ultimate purpose and experience. Is it turn-key, or deferred capex? Qualifying alone or with other GP/LPs? Every loan scenario needs to be vetted to a Tee. Happy to connect if you have all essential details. Good luck.

Post: Need to get a Loan Fast

Devin Peterson
Lender
Posted
  • Lender
  • Posts 1,564
  • Votes 541

If this is a nonowner occupied investment, the best and easiest loan program is a DSCR loan. However, your scenario is confusing, you negotiated a PP for 135K but need a loan for 150K? Is this a purchase + reno, that needs deferred maintenance and repairs? That would be a bridge / HML product. Or, if true PP is 150K - DSCR is best way to go. I would connect with an experienced loan broker who can shop and compare the best terms for you. Good luck!