All Forum Posts by: Steven W.

Good morning all,

I currently have a triplex under a hard money loan because it did not meet the qualifications of a conventional mortgage and I needed to close quickly. I'm performing renovation on the property now, but want to start looking into my next step, which is refinancing the property into a long-term mortgage with a lower interest rate. I was required to put the hard money loan in a LLC name, and would like to keep it there if possible:

Below is some basic information on the property:

Purchase Price:     $255K

Loan Amount:       $281K (15% down + estimated renovation cost)

Loan Duration:      1 Yr

Loan Interest:        9.5% interest only

Appraisal ARV: $457K

I've contacted 20+ lenders, including commercial lenders which all have high upfront points and 8%+ interest rates. This is kind of ridiculous for a buy and hold property. There have to be some better options out there.

Thanks for your help!

Garison Clemens yes sir - property is still available. Going to probably put on MLS in next couple of days.

@John Curd - hmm it may expire after a certain amount of time.

Rental Property Analysis Link

Link to Property Analysis Report - https://www.biggerpockets.com/calculators/shared/6...

I'm looking to sell my triplex located in the Highland area of Shreveport, LA. The property is very close to Centenary College and I've owned it since 2004. 

The property rents for $1,500 a month and has no deferred maintenance. There are cosmetic updates needed and if you put a little TLC into the property you can raise the rents. 

The tenants have lived in the units for over 5 years and would like to stay if possible. 

Serious inquiries only.

Steve Wade

@Christopher Bunge - I agree with that, however I am having difficulty finding a good real estate agent that understands areas where I can improve a home and force appreciation and get a better rent return. 

Charlotte market is still a great place to invest. You just need to know how to find deals off the MLS. Welcome to Charlotte! My recommendation is to get involved in meetups and network, network, network!

Rick Meacham - I would need to know current rents, and if owner is paying for any utilities. I see the house was on market for 220K in 2016. Are you looking to get that same number? Thanks

I'm in Charlotte and would love to buy and hold in the Columbia area. I've found many deals that meet the 1% rule however due to the tax situation I've decided to hold off for now. It's crazy that a $200K property has $6K in taxes in Columbia and $3K in Charlotte.

@Rick Meacham - are the taxes online at $4,134 correct? Are you looking for cash or can it be financed?