All Forum Posts by: Erich Beyer

 Hard money. Then refinanced with the local bank we use.

Brian, I know you're an apartment building guy so I'll give you a success story on those. In March of last year my brother and I paid 300k for a 5 unit in Phoenixville. We put 70k into it over about 6 months  (contractor was way too slow). In November it appraised for 530k and we refinanced out some of our investors and had money left to make more purchases! Have bought two single families so far this year to flip.

Thanks Jon. When we purchased the property it was already zoned commercial and I was also surprised that we were able to get the 203k loan for it. We didn't change Any if the uses. We'd like to lower our payment but our main hope is to eliminate the PMI. Thanks for the response.

No one?!

Hey all,

Wanted to share our most recent success that had some lessons learned along the way (as they all so...). In March we bought a nearly vacant 5 Unit that my contractor said would take 2 to 3 months to refinance. He was going terribly slow and I did everything I could to get him and his team there more, but he had every excuse in the book. We paid 300k and put 70 into it and the original as complete appraisal was 445k because of the rents they assigned to it. This would not have been high enough to do a BRRR but I knew we'd get what we needed because I knew we could rent the units for more than the appraiser projected. Our contractor didn't finish till November. Needless to say We weren't happy with him, though he did do a lot for relatively little money. We got the building rented for $4,900 a month for the 5 units and reappraised (on our dime). The appraisal came back at 530k, we pulled back out the money we had in it to go find another deal.

Hey all, my wife and live in a commercial property and are having trouble refinancing. We bought the property with a 203K FHA loan. We are now trying to refinance but everyone that we have spoken with has said that we will need to use an FHA loan that will require PMI, which we are trying to avoid. We owe about $360,000, and the building is worth approximately $450,000. We are trying to lower our mortgage payment which is $2,700 , and avoid paying PMI in the process. I have also spoken with our bank who gave us commercial terms which were also not as favorable as I think we can get on a personal residence. if anyone has any thoughts. Thanks so much.

Also if you have a bank that will lend with a 30 year Am on a commercial property let me know.... I don't think that's likely though and that will squeeze all those cash flows.

Thank so much for your responses!  I and he really appreciate it.

Hey all, my brother-in-law just let me know he and two friends gave a landlord a cash security deposit, and got a receipt but did not sign a lease. They had a verbal agreement to move in on the 1st of August, but the landlord was doing work that didn't get done and just told them that they couldn't move in until the 15th. They just went through the place which was still disgusting. Any thoughts on what you think their chances are of getting their security deposit back if they tell the landlord they want to find a different place? Options? 

Time from purchase to refinance would be about 6 months*