All Forum Posts by: Lane Nelson

If you are the high bidder at an auction on a property that is occupied, what are the steps required to either remove the occupant from the property or get them to sign a lease agreement?

@Shaun Weekes thanks for the feedback!

@Shaun Weekes loan amount is $37,500, LTV was 75%, property valued at $50,000. This is being done in my LLCs name but I'm assuming my personal credit plays a part in the deal? My FICO score is 771.

I am doing my first refinance on a rental property I recently purchased. I'm getting back 37k cash which was in the ballpark I expected. What I did not expect was a 7 year loan amortization with a 6.16% interest rate which will be fixed for 60 months. Is this a normal deal structure for a refinance and is a 6.16% rate good for today's market? Thanks in advance for any insight.

@Andrew Postell yes I've briefly talked to them but I'm going to follow back up to get a better explanation of what the issue is.

@Jonathan Taylor Smith thanks and I agree, this process is getting a little frustrating. My original loan is with the same lender so I am having a hard understanding what is different now versus just one year ago especially since the property is in great shape.

I am in the process of doing my first refinance on a rental property that I originally purchased a year ago. The same lender that did my original loan is doing the refinance. I'm a little over 2 weeks into the process and asked the lender how much longer it would take to get everything finalized. I was told a useful life review was the last thing remaining. What is the typical time frame for a refinance and what is a useful life review? Any insight would be much appreciated.

From your experience, what is the best paint at a reasonable price?

My 1st deal was a 5 unit apartment building almost 1 year ago. Overall, it's been good so far but as I've learned more about real estate investing I have realized I may have made a few mistakes on this one. A little background on the deal:

I purchased the property for $116,900, it appraised at $150,000, current loan balance is $89,937, paid 20% down and got a 15 year loan that balloons every 3 years. The rents were low for the market area and I'm making adjustments to those early this year. The previous owner took great care of the property with the exception of a few deferred maintenance issues with 1 unit already being addressed last summer.

The lender would not finance the property in my company name so it's been in my personal name. How do I go about getting it out of my name and into my company's name?

I'd like to incorporate the BRRRR strategy on this one. The property was pretty much turnkey so I haven't had to do any substantial improvements. From what I've seen, it seems like nailing down a good market value on multi family units like this one are a bit challenging. Any suggestions on a new loan for a property of this type? I'm a new investor and my knowledge of financing is still growing but the balloon element of the existing loan makes me nervous. Is it possible to get financing on a property like this without a balloon?

Thanks in advance for any advice you can provide and I hope you all have a happy, healthy and prosperous new year!