All Forum Posts by: Mike Wallace

Credit unions or portfolio lenders typically will lend 65-70% ltv as long as dcr (debt coverage ratio) is 1.20-1.25 or greater. Blanket loans can be helpful as you only have one payment for all of the properties, however if you choose to sell a property, then you need to replace it with an identical property, which is almost impossible, or go thru the underwriting process all over again. Rates between 4.5-7% with 3,5,10 year balloons with amortizations of 20-25 years. Hope this helps.

Great info. I was under the impression that they will lend 50% LTV...60+% would be awesome.

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I own a number of paid off properties. I want to borrow against them so I can buy more.

What type of terms are you getting from credit unions? I understand they call this "blanket loans"?

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I had some good luck buying a great 4plex on a landcontract.

I now want to move up and start offering land contract terms to owners of multis in the 8+ unit range.

is offering 10% down respectable?

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Originally posted by @Bob B.:

Did you replace the bathroom window?

Just replaced the trim around the window.

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Originally posted by @Gabriel Mabry:

I really like the tub surround, never seen that type before what material is that? Solid work. I like the flooring as well. Nice and clean looking

Thanks. Its a porcelain tile from homedepot

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[IMG] http://forum.e46fanatics.com/attachment.php?attachmentid=570808&d=1409082717[/IMG]

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Originally posted by @Lisa Thoele:

Looks nice! I like the tile you used for the tub surround!

Thanks

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Originally posted by @Terrence Evans:

how much did it cost? (Ballpark... Materials + labor...)

tile= $175
floor= $25
vanity= $199
Sink faucet= $80
Shower head/faucet/kit = $150
mirror = $10
tub= $200

all stuff from homedepot.

labor was around $2,000. Had to redo all the plumbing etc. When I bought the house there were a ton of burst pipes from not having the heat on.

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All Forum Posts by: Mike Wallace

Mike Wallace has started 48 posts and replied 119 times.

Post: What type of terms are you guys getting from credit unions?

Post: What type of terms are you guys getting from credit unions?

Post: what % down to offer on land contracts?

Post: Before and after pics of flip I just finished.

Post: Before and after pics of flip I just finished.

Post: Before and after pics of flip I just finished.

Post: Before and after pics of flip I just finished.

Post: Before and after pics of flip I just finished.

Post: Bathroom remodel in flip. before and after pics.

Post: Bathroom remodel in flip. before and after pics.