All Forum Posts by: Gerald Koonce

@Tarik Turner I am not 100% familiar with delayed purchase.  We acquired the property from the city for $14k (dirt cheap).  Rehab cost is $230k with contingencies included.  Based on the comps I have pulled for a 3 Unit, comps are between $310 - 325k.  

@Ned Carey We applied for this property over a year ago from the city. At that time we provided proof of funds. We had a line of credit with a lender. However the LOC expired because its good for 6 Months so we are in the process of getting renewed which should be done in about a week.

I do think there is lots of merit to local lenders because they know the area. However the issue we ran across with one lender was the ARV was based on Single Family comps in the area versus 3 family comps. There are not many 3 family comps in the area so they decided to appraise against a single family which made absolutely no sense to me.

So far I've spoken to one local lender and a couple national ones.  Some national lenders refuse to lend in Baltimore City which is a whole other discussion.  Would you recommend seeking out local vs national lenders.  

Hey Guys.  I am running into a slight roadblock here in Baltimore.  I recently purchased a property through the city and now am in need of a loan to rehab.  Problem we are running into is most hard money lenders only want to lend on acquisition and rehab together.  Does anyone have any tips around this where we could get funding for the rehab only?  

Hey guys so I have a question and need those experienced with this or who have a wealth of knowledge to help me out. I invest in the Baltimore market. The seller has a property for 39k. The property is a total gut and would need about 165k worth of work to get rent ready for two units. Seller is potentially open to a sellers finance situation. Can someone message me directly or reply here what would be great sellers financing terms?

@Nick Peters I currently use Avail for my tenants but for the backend book keeping it seems like Excel is the popular choice.

@Nico Doss thank you so much.

@Bill Hampton thank you so much. I will look into it.

Hey community. I'm pretty new as an investor with only 3 doors and a newly created LLC in May. My question for the more seasoned investors, what is the easiest way you manage your properties? Right now I use excel but hate creating all the formulas to keep track of expenses and rent roll. Any advice would help.

Hey guys. We are in the process of doing a cash out refi on our investment property. I'm having a bit of an issue with getting the right insurance. We have to get a landlord policy which is fine but the policy must be under our LLC and not my personal name which is also fine. However as I'm trying to search for companies, I do not know if I should be searching for commercial homeowner landlord policies or if I should be looking for regular landlord policies and request its in the name of the LLC.

Can anyone offer any guidance on this?