All Forum Posts by: Greg Neuman

I also have a 3 month cash out refi situation in Wisconsin.  I have the details on another post, which I'll share the link below.  Any feedback would be appreciated!

https://www.biggerpockets.com/forums/49/topics/1205845-3-mon...

I am looking to do a DSCR cash-out refinance of a rental property that I own free & clear, but have only owned for a little over 3 months. Looking for 30 year fixed rate options. I do have a few other unique aspects of my situation, that I'll note below along with the property details.

* Property is owned in an LLC. The LLC is owned by my revocable family trust that my wife and I are the only trustees of (have a certificate of trust that can be provided).

* My insurance carrier does not accept escrow payments, so I would need a solution that wouldn't require escrow or something creative with the escrow.

Property Details:

Duplex located in Wisconsin (city of approximately 9,000 people)

Purchase date:  05/10/2024

Purchase Price:  $85,000

Rehab:  $31,000

ARV: $140,000 (still need to have appraisal completed - this is based off of my comps)

Projected rent:  $1,450 / month (just listed so no leases yet.  Tenants pay all utilities)

Taxes & Insurance:  $149 / month

Please reach out if you have any solutions that you can provide or if you would like to discuss more details of the project. I currently own 47 rental doors and want to continue to do the cash out BRRRR strategy. Many of my projects will look similar to this example.

I paid for my Creative Finance course back in April.  According to the information it was supposed to start today (June 18th) and still have not received an email.  When I log into my bootcamp account it doesn't show I'm enrolled in anything either.  Anyone else having this issue?  I also said I wanted to be part of an accountability group, so not sure if I'm missing out on that too?

@Daniel Monk  So far my experience with them has been much better than the previous property manager I had.  I've still had some issues, but after an honest phone call with them I feel things have greatly improved.  I only have one duplex with them and feel the attention they gave addressing my concerns was excellent, which I really appreciated.  To date I have decided not to expand in that area, but may in the future. 

Thanks for the recommendation. I'll reach out to Dave and discuss my potential deal with him.

Hoping to be back at these meetings soon!

Looking for recommendations for a commercial lender for a 5 unit property located in central Wisconsin.  Asking price for the property is $95,000 and needs some updating.  Structurally sound but needs cosmetic updates, such as flooring & paint, updating a few bathrooms, a few new windows, etc.  I have contacted CoVantage Credit Union, but looking to see what others have used and would recommend.

Thanks @Bob Langworthy.  This is helpful advice.  One option we are going to look at is acquiring the property and fixing up one or two of the worst units, get them rented, repeat with the other units, while raising the rents on the newly rehabbed units. 

@Greg Dickerson  This is good to know.  Up until now I had assumed value was typically based strictly on the income approach.  I'll have to research comps in the area as well as using the income method to determine if the property I'm looking at is worth pursuing and has enough value add. The market I'm looking in is not a super hot market at this time, but will still run the details past the lender I'm going to go with knowing this is a typical approach.  Thanks again!