All Forum Posts by: Frankie Lotrec

Hello,

I own a quadplex in VA. I have insurance right now but I am paying upwards of $600 per door! I need to lower that to meet my budget. Any recommendations?

thanks 

@Julio Gonzalez

pardon the typos

@Julio Gonzalez

tge purpose of the 5th unit is not so much for the cash flow as much as it is to turn to comercual financing in order to access equity based on cash flow ( 5 units father than 4) instead of comps.  As a quad we don't have enough equity rn. Adding the unit would be about 20k it's already roughed in 

Finally, I asked my CPA about cost segregation he said we do that but not a full one si c'è it's costly and not worth it for just 4 units. 

tx so much 

@Bonnie Griffin Kaake  Bonnie thanks for your input, I would like to know more about the study. I emailed you as well. 

Tx

@Uriel Resendiz As a quad, rn cant do HELOC not much equity yet.

Tx

@Jeffrey K. Thanks Jeffrey.  Yes, this is feasible because of the zoning. WE have it "roughed in" in fact from the start.  We re trying to get it appraised, as is there are no quads nearby :( so that's a challenge. We want 5 because it will be appraised commercially FOR the cash flow which is very good. Hence, why its a waste to get apparaisal based on 4...the great cash flow is ignored.

Will work on asking BEFORE conversion what to expect in refi vs a quad.

Tx again

@Stephanie P. Thanks so much for all those good points to consider. HELOC may very well be what we end up doing.

@Emily Wenzlaff

Emily can you give me an idea of median price for a quad in your area? Thanks Francesca

I am looking to get some cash out of an existing 4 unit rental but the residential value for a refi is too low for any significant amount of money.  What about adding a 5th unit (very easy to do since we prepped for this when we did the original 4 units) and getting a commercial appraisal for a larger refi?  The units have very good cash flow which I can't use when calculating value for the 4 units but would add to the value if it were commercial.  Is this a good idea?  The main goal is to get cash for another property purchase so things like higher interest rate, shorter loan terms etc... are not as big an issue as they might be otherwise.  

Have you tried Proper Insurance? They specialize in STR.