All Forum Posts by: Eric Coats

@Jay Hurst the property is in Kentucky

Hi Erik, how would that work to refinance back to a conventional loan after the flip is done as the rates I assume are going to be much better?  My mortgage guy told me that they would still use the initial purchase price unfortunately.  

I have a LTR property under contract that needs more rehab than I want. . I planned on getting a conventional loan and putting 25% of the purchase price down. I asked after I rehab the property, can I do a cash out refi. I was told yes, but I have to wait a full year. I'm guessing I need to put an additional $50K for rehab on top of my $50K of down payment. If I did a refi based on estimated ARV, I would only need to leave $25K in the deal. I just don't want to wait a full year for that. Any other ideas or options. I even asked if I could buy it with cash, then refi and was still told I need to wait a year form the purchase date or else they will still use the purchase price.

Could I purchase the property under one entity then sell it myself to another entity in the name of a partner?

I'm looking to get some quotes for a small multi-family in Kentucky.  Looking for suggestions on the best way to reach out to insurance companies or brokers.  I don't really want to start googling insurance companies, but want a reliable company with obviously good rates.  Any recommendations on approaches would be helpful or can you do national.  Generally I feel like when I use local mortgage brokers I get better deals, so wondering if the same is true with insurance.

I’ve received a few marketing emails from private lenders with 100% financing and really amazing terms. Almost too good,4-5%. Are these legit or is this some kind of a scam. Trying to see the scam angle if they would send the money to the seller directly. I would love to get a great rate but don’t want to pay some fee then the loan never getting funded. Sounds like they would fund me the cash to make a cash payment. 

Anybody have any thoughts or experience with this

So I have been intrigued with the services that Awning has offered, it seems like a pretty good model. I haven't moved on any listing there because, they seem to be more single family homes versus multi family, but I did find they have this great tool that estimates STR pricing. https://awning.com/airbnb-esti....  I used it and actually found a property I was looking at specifically so I could verify the rents and occupancy.  I found the tool to be really excellent.

Thanks Jayson. Would love to talk. How can I get in touch with you 

I'm looking into making an investment in Louisville in a multifamily property (5-10 units).  I'm not from that area and looking for property manager recommendations.  Also what questions or things I should be looking for or asking in a property manager.

Hey @Michael Baum.  The strategy is to have purchase a place that we can use and travel to within our home a few times a year and then rent out to cover the cost of the home.  We are looking for a more cabin feel.  Our price range is in the $600-$700k.  I've been looking at AIRDNA and it seems like it could work if we get the right property at the right cost.  There is only a few homes.  That's why I was hoping to find an agent that knows that we could ask some price questions.

I'm looking into STR in Packwood and looking for an agent who has experience with STR in that area. Any recommendations?