All Forum Posts by: Jim Kittridge

As others have said, hotels are an active business with a real estate component. Their occupancy, room rates, returns, etc. are heavily correlated to the economy. Other assets are typically less correlated given that lease terms are longer and fixed.

Welcome to BP! If you have any deals you'd wholesale, send them over. We buy a lot from wholesalers in the Charlotte Metro and we're the end buyer.

For attorneys, here are a few popular ones in no particular order: Harry Marsh Law, Merritt Law, & Southern Law Group. 

I'm not the biggest fan of townhomes, but have you considered doing a modest cash out refinance? You can get a fixed rate 30 year loan around 3.6-4.0% interest. 

You'd avoid capital gains/recapture taxes, maintain the cash flowing units, and have extra cash to invest into deals or syndications.

Thanks. We pulled the county data and sifted it via excel. 

 I’ll definitely keep them and gradually increase rents with the market. I prefer being 5-10% below market.

Thanks. I do a decent amount of deals in the area and have a good track record. I had been referred to them by a friend 4-5 months earlier. They wanted to build a relationship. I sent them the deal and asked what they could do on it. They proposed 85% ltc including rehab. I was expecting 75%

Yup, just talk to lenders to find one that does it and doesn't charge a large premium. I opted for a 2.99% fixed rate instead of a 2.49% floating.

@Ryan Hehman is spot on. If you have good credit, most if not all of the large hard money lenders will fund your deal if you're willing to put 50% in.

I agree with your assessment but I'd reach out to all of the community banks in your area. I was able to get a 20 year fixed HEL in 2nd position at 2.99% interest (they had a floating HELOC currently at 2.5%). Others I spoke with were consistently 3-4% variable rate interest.

If you can't find a local bank, look into Lower. I didn't go through with it, but they quoted a pretty good rate a few months ago.