All Forum Posts by: Garrett Terrell

One thing you have to consider with a HELOC is its usually interest only. So with using that money you'll have to make sure the property cashflows enough to make that HELOC payment and also have a exit plan for the HELOC funds and how to get it paid off.

I've had a lot of success with cash out refi'ing with local banks and credit unions, some of their portfolio products are better than fannie/freddie products and charge half the amount in fees.

I've had a lot of success with cash out refi'ing with a local bank (portfolio loan) they sometimes have lower LTV, 70-75% but I am getting a 4.25 rate for 5 years and 30 year AM. They are also charging me only .5 points and waiving the appraisal fee for my refi.

Checkout some of your local banks, talk to at least 3-5 of them and I'm sure they will have great options compared to a national lender or a fannie/freddie product right now

I am looking for a lender to cash out refi on my rental property. My rental is completely remodeled worth about 475-485k, current hard money loan balance is at 313,500. I have about 50k of my own cash into the deal with acquisition and rehab.

I’d like to get all of my money out of the deal but if I can get a loan for 360-365k that would be great.

Located in Olympia, Washing. A+ location, right across the street from chipotle, mod pizza, Safeway, about 4-5 popular restaurants, 5 min from freeway.

Currently rented for $2600 a month. Looking for a DSCR loan or private money loan or portfolio product.

I've heard this concept thrown around the RE industry a few times, curious to see if anyone has actually done it? 

I have a lot of capital tied up in properties, has anyone used life insurance policies and self directed IRA's to grow their portfolio quicker?

Yes, long term PM should be around 8-12% if they are a reputable company. STR requires a lot more PM duties, but I would specify with them about the scope of work (hiring handymen, cleaners, dealing with tenants, claims, updating price per night depending on local demand, etc)

If the STR PM is doing all that, they can very well charge anywhere from 20-25%. 30% does seem a little high but if they can provide hands off service to you then 20-25% is pretty fair.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Olympia.

Purchase price: $362,000

BRRRR
Acquired with private money
Refinancing at 70% LTV at a 530k appraisal
$0 into the deal after cash out refi

What made you interested in investing in this type of deal?

Perfect BRRRR

How did you find this deal and how did you negotiate it?

on the MLS, beat 11 cash offers in one day on market with private money 2 week close

How did you finance this deal?

hard money 5% down about 25k cash out of pocket to acquire it

How did you add value to the deal?

bring units to market rent

What was the outcome?

acquired for 362, appraised for 530k

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am the agent and buyer, used my hard money lender for 5% down acquisition