All Forum Posts by: Emmett Burton

@Fakaradin Floyd

Have to ask yourself what is the worst case scenario in an arbitrage scenario. If STR market tanks then you'd have to assume you'll sublease it for the remainder of the term to try to back out and eliminate your exposure.

Thanks for the info Jim! I'll give TD a call but I'm surprised to hear that a bank of their size would consider something like this, especially on a condo. It's almost a double whammy -- banks don't want condos and don't want investment properties.

I'm getting a sense that it might be easier to sell this and roll the proceeds into a more conventional property. Lending practices are changing pretty frequently from what I'm seeing so I would be nervous to take out a personal loan and bank on getting a cash out refi that makes sense to pay off that loan.

I have a duplex in Sheboygan, WI which is cashflowing well. I am currently pivoting to do a cashout refi on that with a commercial loan (5 year balloon, 20yr amort) to pay for the renovations of my flip in Cincy.

Hey BP Community -- I'm in a bit of a weird situation where my 3bd/2.5ba, two-story condo in NoDa has appreciated $70k since July 2019 when I bought it. I no longer live in NC and turned this into an investment property which is cash flowing quite well. I was hoping to pull out cash to put towards renovating a live in flip, or do a HELOC for this but it seems that no lenders are interested in lending on a property like this. Has anyone run into similar situations or know where else I can look?

Unsurprisingly the major lenders aren't interested and then even some credit unions aren't into it either.

Cheers,

Emmett

@Chris Mason

One of my properties is financed with a conventional loan from Wells Fargo. I didn’t even apply for forbearance/deferral and my loan was automatically deferred for three months. Is that normal? I have about 6 months of reserves sitting in cash too.

Hello BP - I purchased my first two properties in WI and NC this year and will be looking to add OH properties in 2020. Does anyone have recommendations for a CPA and attorney that would be able to cover these markets among others? I recently moved to Cincinnati, OH and would prefer to work with people locally but open to expanding my search if needed.

Thanks in advance and happy thanksgiving to all.

Emmett

@John Paul Whaley a lot of what is in CLT is uniform in style and cookie cutter. Someone abstract like this might not be appreciate as much as if you bought a piece of land in Asheville or Boone.

Thanks for the tips! The HOA does not allow for short term rentals but I believe my plan of doing a 12 month lease for a bedroom will be acceptable.

I just bought a 3bd condo in Charlotte, NC, which I am planning to house hack with at least one roommate. Does this require a unique lease agreement? In the event I have to move out during the term of their lease, do I have the right to find another renter to take over my bedroom? I assume that in order to make the tenants liability joint and several, I would need to have the existing tenants sign a new lease. Has anyone been through this situation before?

Thanks in advance!

I don't know if you'll find a multifamily such as a duplex here in CLT. I am from Chicago where half the city is duplex/triplex/fourplex. These properties don't really exist in CLT from what I've seen. With so much space, everything within a 10 mile radius of the center of the city are SFH/townhouses/condos. But full disclosure, I don't really know the CLT market outside of the 10 mile radius in which I live. I don't understand why developers aren't building these flats, they would be able to fit more doors on each parcel of land they buy which would also help the housing shortage here.