All Forum Posts by: Jason Fike

Thanks. I am planning on keeping the units long term, buy and hold. The adjustable rate was not appealing. I don't think I will be accepting these terms. I found another lender that will give me a fixed rate for 5 years, then the rate adjusts every 5 years according to what the market rate is at the time. 25 year amortization. The rate isn't determined from some random index, but rather based off of the market rates. I like this better.

I'm looking to do a cash out refi on 3 sf units that I own free and clear. I've been offered a 3/1 ARM at 4.65% with one year adjustments at CMT + 3.75%. 15 year, 65 LTV, 1% fee. This is a new loan structure for me. Any input would be greatly appreciated. Thanks

What do you think about these terms? I'm looking to refi 3 single family houses I own. I'm speaking with a commercial lender. This is the offer: 3/1 arm first 3 years fixed at 4.65% adjust once annually at CMT + 3.75% Fee = 1% 65% LTV based on appraisal I could rework the terms after 3 years. I prefer a fixed interest rate but I don't know if that's available in the commercial world. Thanks

If your current market is working I'd stick with it. But i would recommend Kansas City!

I would factor in PM to your numbers. I understand you'll self manage but one day you might want to hire a PM. You might not be able to hire a PM if there's not enough meat on the bone. Just my 2 cents.

I'd have to agree that KC is a wonderful market! I found a great company that does it all. Buy, sell, wholesale, flips, renovations and management. Message me if you'd like an intro.

Try Shelter. Danny Pompey.

Shelter recently changed this policy. I have one unit with asbestos and shelter still insures it because it was grand fathered in. They do not insure these properties any longer. I too, switched to rei guard for the properties that got dropped and have been pleased. Good luck.

My wholesaler has many deals in these areas. Some are turnkey but most are fixer uppers, that would be a great fit for you. Reach out if you would like me to make the connection. Good luck!

The wholesaler I work with specializes in these areas. I could make the introduction. They have dozens of deals currently.