All Forum Posts by: Karolina Powell

Congratulations!  I'm super impressed with your numbers per unit as well.  I have a whole lot more units to get those figures.

I am actually in talks with a seller in the same situation - wants to retire, trying to liquidate his portfolio, I'm interested in about 20% of it. If I were you, I would suggest being flexible. For example, instead of financing to 70% LTV, would you be willing to self finance 10-15%, then the buyer can put down 10-15% and finance the remainder with a DSCR loan? Otherwise, you can offer this as an option for someone who may not have great credit. Otherwise just sell it in pieces outright if people can get their own loans.

I am assuming these are 1-4 residential units.  If you have mixed use or 5+ unit properties in these, then that interest rate is much more comparable and you may have more buyers willing to finance with you.

Additionally, if any of your portfolio is in western Pennsylvania, let me know.

As others have stated, you should be able to get a letter from your DSCR lender. Additionally I provide proof of a downpayment with the letter with my offers

How are you coming up with the ARV and the rehab costs? If this was my first deal, I would go step by step and put in a cost for each part of the estimated repairs

Find a partner willing to go in on it with you and then find a lender who is willing to lend 85% from them, 10% from your partner, and 5% from you.  I ran into a few last time I hit this problem.  Edit to add-> I'm not sure on lending availability for owner occupied units that are 5+ though

Pittsburgh Pennsylvania - you don't have to try very hard to hit the 1%

Have you shopped other insurance?  I ran into this and my new policy that allowed ESAs was actually cheaper

Even if I’m willing to do a separate loan on the odd one (a five plex)?  Everything else in the portfolio is 1-4

Negotiating on a portfolio of 18 properties (25 doors, almost all SFH. some duplex, one odd one) for ~2M. 1.4+ DSCR, 800+ FICO, plenty of W2 income if needed, borrowing in an LLC. in western Pennsylvania. Anyone working with a lender that will do 85% LTV or higher under 8.5%? if you have a lender that is possibly willing, let me know and I can share the details. Thanks!

Im looking at a triplex where one of the units is occupied by a very elderly hoarder and there are roaches everywhere.  I am trying to figure out how to purchase this without 1. Roaches being a problem for the neighboring units and 2. Get them exterminated out of that unit without evicting the elderly tenant.

Seller is adamant that it just needs another exterminator trip but I don’t see how that will resolve it long term.  Any creative solutions along the lines of making them responsible for two years of bug treatments or delivering it empty?  

If, instead, the price is good enough to make it my problem - any solutions for fixing the problem besides evicting the hoarder, cleaning it out, and then fumigating?  And what are the chances it’ll impact the clean unit next door?  I’ve never had a roach problem before so I’m thinking through this.

Thanks for your help!