All Forum Posts by: Joseph Back

@Jeremy Ballard It is a small world. I am also originally from Lexington, KY and moved down to Montgomery about 8 months ago now. I own rentals here in Montgomery and in Lexington. Would love to connect and help in anyway I can.

@David Paul Most secondary market loans are going to be very difficult for him to qualify for as they are cookie cutter and require the borrower to check a list of certain boxes for which he doesn't. I would say his best bet is to find a local bank the does portfolio loans and reach out to them. I ran into the same exact issue down in Auburn, AL where I live when trying to buy a personal home this past April, but after contacting a local bank and asking for a portfolio loan product was able to get a great loan at a great rate in no time. I would recommend Cumberland Valley National Bank for your friend, I have some portfolio loans with them on some rental properties I own in Lexington, KY and they have been really easy to deal with. DM me and I can send you contact info for my banker there.

@Gerard Johnson I am an investor in Montgomery, AL. Why are you looking to make the spaces virtual offices instead of leasing them out to normal business tenants? Just curious, I own a 6-unit commercial building in Montgomery and had never thought about the virtual office idea before.

@Justin Johnson and @Mario Shmigelskiy I invest in the Lexington and surrounding areas and would love to connect. Would also highly recommend the Bluegrass Real Estate Investors Group on Facebook, great place to learn and meet other local investors.

@Matt Bailey I like Berry Pop at Cumberland Valley National Bank, Brandon Eason at Kentucky Bank, Amy Sherrow at People's Exchange, and Brad Smithers at Citizens Commerce. I have loans with all of them currently and have been very pleased with their terms and communication.

@Robert Hansen Only 2 local banks I have found that are willing to do portfolio loans on residential rental properties in Montgomery are Troy Bank & Trust and CB&S Bank. The best option I have fond is to do the refinance with one of the new national rental property lenders. Lima One Capital had a great 30 year fixed rate product a few months back but stopped doing it after Covid hit. The only other one I know that is decent is CoreVest.

@Keoki Kimzin I did mine through an online provider and was very pleased with the experience, much cheaper than in person classes. I used "Real Estate Express"

@Josh Franklin Great to hear from another Lexington investor. I live in Alabama now but invest in BRRRR and fix and flip deals in Lexington. Currently own 20 rental units up there and have completed a hand full of flips. Would love to connect and share my experiences.

@Tomeikia Gray I believe I understand your question and agree that yes you want to be looking at how the number will shake out after you have fixed the property up. It doesn't matter as much how it is currently operating if your plans are to renovate the property extensively. I also will say that while the 50% and 1% rule are good short cuts when looking at a deal initially you want to make sure and drill down and lay out all of the numbers in detail as every property and city is different.

@Bradey Peavy So far it appears prices have remained relatively steady but activity on both the buying and selling side have slowed down. These past 2 weeks it has been much harder to sell deals to investor clients but owner occupants are still buying at a fairly normal rate. A lot of uncertainty has resulted in people sitting on the sidelines until things play out further.