All Forum Posts by: Doug Caminita

@Stephanie Potter The property is in my name, a duplex, investment property and tenant occupied with leases in place. I purchased the property in 2016 for $212k and rehabbed the property and placed tenants. The current loan is $155k The current value is $275-$290 (estimated) The rate I was recently quoted is 5.25%, 30 year loan with a max of 70% LTV. Currently, I’ve got 4.375%, 30 year loan with 25% down. Ideally, I would like to cash out for as much as possible. I hope this information helps.

Hello - I'm looking for some advice on a bank/company to work with on a cash out refinance in Louisiana. Does anyone have any recommendations? Issues that I’m currently running into are significantly higher rates (I realize they have gone up nationwide) and the LTV percentage that the bank is willing to use. Any assistance is appreciated. Thank you, Doug Caminita

@Ryan Fox I did not end up purchasing a property with AREI. I went on a tour of the work they do, signed up to receive potential properties but decided to go with Home Union instead. AREI buys distressed properties through a number of different sources, rehabs them and then sells them to their investors. I had several reasons for not moving forward with them. Their strategy around the type of property they sell to investors (Class A, B or C) seems to change frequently, you are not allowed to take a deduction for the rehab work to the property (they do) and their properties were priced aggressively compared to other turnkey providers. I went with Home Union as they have answered most of these issues and were able to explain the “why behind the what”. They use MLS to identify properties, assist with locating the type of property you want, estimated returns on investment, lending services and property management. The fee structure is transparent and I am able to take a deduction for the rehab. As a professional looking for a way to acquire properties in my spare time, Home Union has been my best bet. Let me know if you need additional info.

Hello - I'm looking for investor friendly realtor recommendations in the DFW area? Preferably realtors who have access to off-market deals and are familiar with the BRRR strategy. Thank you, Doug Caminita

Thank you!

Hello - I am looking for recommendations for property management companies in the DFW area. 1-4 family properties, has maintenance crew on staff, 250ish doors per property associate and reputable as verified through reviews. Thank you

Dallas, Houston, San Antonio

Hello - I'm looking for some information on turnkey investing, specifically regarding American Real Estate Investments LLC. I currently own a duplex that has been rehabbed, rented and put under property management. I was considering the turnkey option as alternate option moving forward. Any experiences with this company or other reputable turnkey investment companies would be appreciated. Thank you

I agree. Upon further review and adding in the factors that Zack mentioned, I'm off this deal. Thank you for the input.

I am looking for some additional assistance in deal analysis for a 10 plex. This is the first time I am purchasing a property that would be deemed commercial as well as taking on the additional responsibilities that come with it.

I am looking at financing the property with a 20 year amortization and 5 year balloon and roughly a 5.5% rate.

The property was gutted and remodeled with a new roof in 2006. Currently, it mostly needs cosmetic work, paint, landscaping, power washing. The worst appears to be a cracked parking lot. One concern is that there was previously a pool in the back and that appears to have been filled with dirt and made into a garden area.

I appreciate any and all assistance and have additional information if needed.

Asking Price: $700,000
10 Units
A: $0 596 Sq ft 1/1
B: $710 596 sq ft 1/1
C: $660 596 sq ft 1/1
D: $735 596 sq ft 1/1
E: $650 392 sq ft 1/1
F: $750 586 sq ft 1/1
G: $750 596 sq ft 1/1
H: $660 596 sq ft 1/1
I: $680 596 sq ft 1/1
J: $585 228 sq ft Efficiency

Annual Total (1 vacancy): $74,160

Expenses:
Taxes: $6500
Flood Ins: $2700
Property Ins: $6000
Water Dept: $2700
Trash Collection (Dumpster): $962
Electricity: $3000
Heating and Cooling Maintenance Contract: $2000
General Maintenance: $589

Total Expenses: $24,451

Debt Service: $46,224

Totals

Rents: 74,160

Expenses: 24,451

Debt service: 46,224

Cash Flow: 3485