All Forum Posts by: Josh Taylor

Im sorry guys! I should have searched more before asking this question. I knew it had some to do with cap rate, but wasn't quite sure. So basically, by doing value add and fixing up the property, your just trying to get higher rental rates, which raises income and lowers expenses like maintenance, which will raise the value of the property because of higher NOI, correct?

Can someone explain to me how appraisals work on 5+ plus MF units? Im looking at a 8 unit in my area that is a value add property.  Do they appraise by sq ft and compare to other properties or what? Also, if the property os in a flood zone, how much would this affect appraisals?

Im in the Statesville area and im looking for PM options too. 

 Do you loan in NC?

That doesn't apply to commercial loans though, right?

Im having the same problem in NC. All the banks are telling me that I cant close a loan at all if the property is in a llc. Then if say something about transfering the title into the llc after buying in my name, they start throwing up the "due on sale clause", even though im not selling the property!

Im looking for recommendations for a mortgage broker in NC. I will mostly be doing refi cash outs. I also need the names of any business lines of credit that you gutlys have actually used. There are lots of people offering startup lines but i need real world experience of companies you have used. I have a HELOC that im using now to purchase properties but i need more lines of credit to use to purchase properties when my HELOC is tied up. Im still trying to find private money sources but i want to get business credit also.

I have a friend that is selling a nice single wide mobile home with a nice size lot and moving into a house he inherited. I have been told before that banks will not loan on mobile homes for rental properties. How are people financing these properties? I figured I could find a private loan to buy it. It would be a good rental unit and its really close to my other properties. Thanks for any suggestions

Since posting this, I have found a mortgage broker who said they can use duplexes and quadplexes to compare the triplex im purchasing. She seemed to think it would be no problem to get a mortgage on. We will see

They just said if the underwriters couldn't find triplex comps in the area, they would be unable to do the loan. Two lenders told me the same thing today