All Forum Posts by: Holly Barrett

@Michael Baum

Sorry, must not have been clear. I’m a host in Hot Springs if you ever need referrals or have questions.

Hey Michael, I'm a realtor in North GA and also a host of two STR's in HSNP. If I can be of any help lmk :) I love my realtors there (husband/wife team), they are not on BP, but they know ALL the goings on there. Just like anywhere finding your contractors is the HARDEST part, and I love my team, so happy to share :)

So all my equity is tied up in two duplexes and I've been informed that no lender offers a line of credit on multi-fam. Is there anyone out there that does? I hate that my equity is trapped (my interest rate is SO low I can't/won't refi). 

Okay ya'll, I'm confused. Here's the situation. 

6 unit Multifamily in Arkansas

I MIGHT be able to show the reserves needed (but really it's a stretch)

$250K Purchase Price

$100K renovation

$500K ARV

$6K After Repair Monthly Rent

(I WANT THIS PROPERTY!) We have another property in the same town so I already have a solid team in place. 

I thought I could borrow down payment from private individuals inexchange for let's say a 10% return after renovation. However, the hard money lender I just spoke w/says they would need to have an equity position. I don't really want to take that route, too many cooks in the kitchen, drama, you know! 

However, if I am doing a refi after reno would we structure it like: they have equity position during the fix and flip post purchase stage and then I essentially 'buy them out' with the cash out refi $ into a long term loan post rehab?

Are there hard money lenders out there with lax reserve requirements?

My brain hurt, someone dumb this down for me! :)

Love this question. Following to see answers! Please share what you find out! I'm trying to do the same thing :)

I had a PM in AR tell me my cohost was in violation not having a real estate license...I then went to the state guidelines and could not find any verbiage that substantiated his statements. Are some PM using this as a sales tactic? Or are there truly some states that do not allow cohosts without real estate licenses?

Is it not too late to shop it? Maybe try Hurst Lending and/or Kram Capital?
Or going the conventional second home loan route w/a broker?

 Yes, I've gone through it with them. I have a lot of 'thoughts' and feedback I have expressed to them, but it must be working bc so far they haven't changed their program based on little old me haha. It's a sizeable upfront investment that makes a lot of sense in certain markets and not as much sense in others...my two cents. Hopefully they don't slap my hand for saying that! Still love ya BP!

@Pouyan G. I’m a realtor here and this is the first I’ve heard that ga doesn’t allow remote closings. It’s actually pretty common.

Amy, what an awesome year 1! When you say you signed up w/BP - did you pay for their realtor leads program? Or did you go Premium & just stay active on forums? I used to be Premium until they changed their algorithm for realtor searches on here...Curious what method you are using.