All Forum Posts by: Luis Melendez

@Michael Doherty thanks for the reply. I don’t believe a commercial lender would allow it to be under my name. That’s something I would have to look into. But thanks a lot for the feedback

Hello BP community

I’m in a bit of a jam and trying to see if anyone can help.

I have 16 units that I would like to do a cash out refi. Those 16 units are comprised of 1 four unit property 4 three unit properties. Thy all have different mortgages as I purchased them 1 by 1. Im tryin to do a cash out refi and consolidate these properties into 1 mortgage which is called a blanket mortgage. My properties are in new Britain Connecticut and I’m having some trouble finding a lender who would entertain this type of product.

So far I found a broker who said he has a lender that would be willing to do 30 year term @ 5.75% 75 ltv which isn’t bad. Problem is my rates are 4.75 or lower for my properties. So I’m trying to find a lender that would be in the 5% range.

So my question is has anyone (preferably in CT) done this type of loan and have any recommendations for a lender?

Hello Fellow real estate investors. I need some advice on a property I have in Bristol Connecticut. 

 The property is a 3 family zoned in a r-15 which means single family/mixed overlay zone which only allows up to 3 units in that zone.

The property I have is a 3 unit but has a basement that is PERFECT to add another 1 bedroom unit.  It’s has a great layout, high ceilings, ABOVE ground with windows, 2 paths of egress. 

But since it isn’t zoned in a MULTi FAMILY the town says it would be an “uphill battle” to Rezone to allow a 4th unit. 

My question is has anyone had success rezoning and was is as hard as they make it out? And if you had success what steps did you take and advice can you give to make the process easier? Any advice would help. 

Thanks 

hello lamy def get them out asap. What I've had a lot of success with is gettin an alarm system to avoid burglars.Use SimpliSafe. It cost like $300 for the equipment. You install your self(it's super easy). And it cost like $14 a month. Then once you completely rehab and stabilize the propert, cancel the service(there's not contract or cancellation fee) and then reuse them again on your next renovation!!

Marc Nathan with village mortgage in west Hartford.  Awesome to deal with and very quick. He helped me with 2 brrrr deals both cash out refi and gonna be doing my 3rd in may. Give him a call

I did a quick call around about 6 months ago for my triplexes and they told me they would only do 20+ units. Anything smaller didn't make sense for them. I don't know if they changed the guidelines but the company I called was multi family utility company inc. you can google them. Good luck

i stand corrected.  i didn't fully read your post. only 70% Cash out. no bank will do 100%. sorry garvin. good luck

Cash out*

sells them off .  Call village i did 2 vs it refinances no problem.  IT CAN be done 

call marc nathan at village mortgage.  awesome company