All Forum Posts by: Devin Peterson

I am set to close on a BRRRR property with a series LLC on 4/17/2023 (with cash). Our LLC funds all the Renovations in cash as well. This is our second BRRRR property. Renovations should be done in 4-6 weeks.

This property is in chattanooga TN.

I am searching for lenders on a cash out refinance. I'm really hoping for 80% LTV. Since it's an LLC I assume we can only get a DSCR loan. Our first loan did not have a seasoning period, which was wonderful. I would love that bonus again if possible. If you are a lender who could help me with this, please contact me.

Hi. Any options to refinance an Illinois home in Revocable Trust without a personal guarantor?

Hi guys,
My first bigger pockets post. I own 3 long term rentals in Chicago and I am looking to buy my first multifamily in south Florida. Does anyone have recommendations on cities they are investing in Florida that are currently working? Do you think I have to start with 2-5 units or just analyze the numbers and try to scale up to more doors (which is my goal at this point). I have $500K liquid and another $400k in stocks I could pull out if I find a deal I can't pass up. Thank you in advance for any help!

Hi everybody. This is my first post on here so I'd appreciate any help. My wife and I own one rental that we use as an Airbnb and are looking at getting another. We invest in the Pittsburgh area. We are looking to find a mortgage broker to help us fund our next purchase. If anyone has any recommendations I'd really appreciate it. Thanks in advance

Hi All

Backstory. I have 2 rentals. Both were mine and my husband's primary homes prior to marriage. We kept them and rented them out. Both have about $100k notes on them. Comps are currently selling for $220-225k. 30 yr mortgages at 4.25 & 5% interest. They are in our names. Not an LLC. That is a lot of equity sitting there that I don't know how to pull out without complications. Both cashflow at about $2-300 each. If I cash out refi - I lose our conventional mortgages and low interest rates. If I try for a HELOC and the bank requires documentation they will know that they are no longer our primary residences.... I can't even convert them to an llc without having to pay both sides of our transfer tax here in PA. I don't have a deal yet but I am actively looking for another rental or small multi-family and need cash to be ready to act.

Ideas???

Hello BP Experts,

I have a quick question.

I want to pull out some equity from my 9 existing rentals. Each of them valued about 250K all paid off and cash flowing. First Carolina Bank of GA offer me a $750k LOC for 35 months (to avoid intangible tax of $2250 it need to be under 36 months) I need to find out what my option with renewing this LOC with them at the end of term, whether there will be more fees. Part of the deal is me moving my deposit accounts to them.

Here are the fees they proposed:

Loan amount $750K  Interest rate is prime flat.

Document prep fee $150

Loan origination fee $3750

Desktop appraisal with drive by inspection: $2475

Flood Determination Fee:  $81

Attorney fee:  $600  ( I work with this attorney often so I think his fee is good for this case)

Title insurance: $1613

Title review $765

Some other negligible fees.

My question is:   Is this a good term?  

thank you so much for any advices.

John