All Forum Posts by: Martin Nowak

I just bought a piece of property that is commercial. It has a house on it that was built in 1900 and will likely need to be rehabbed Down to the studs. Any advice on how construction loans work and what the rates are? I want the spot to be a beer/wine bar. Plus this is my first venture into anything like this. I don’t know any contractors. I have a lot of questions. And would love some experienced person to chat with

I just bought a piece of property that is commercial. It has a house on it that was built in 1900 and will likely need to be rehabbed Down to the studs. Any advice on how construction loans work and what the rates are? I want the spot to be a beer/wine bar. Plus this is my first venture into anything like this. I don’t know any contractors.

I'm in a similar situation where I need a commercial loan in Columbus Ohio. Any recommended providers?

Im interested in the same question. A bit green but I am looking for a HELOC to buy a business.

I have 5 properties and I'm looking for a reputable insurance company with competitive rates.  I have 5 properties plus my primary residence and USAA keeps getting pricey.  Thoughts?  Im in Columbus, OH

Any advice who to contact to get HELOC in central Ohio?

My interest is buy and hold at this juncture Although not opposed to a flip. I have 5 active properties and I'm blessed to have 100% occupancy. Two of the homes (small ones) are paid off. I have a realtor who is quite conservative and suggests I avoid leveraging. I've read on this forum that leveraging is one way to grow faster. My other piece of information is I that I bought a small house that needed a bunch of work and i did 90% of the work literally myself. New kitchen, bath, flooring, windows, drywall for 30%, fixtures etc. It nearly killed me lol. I spent every moment outside of my 9-6 job rehabbing. It saved me money but my interest is low for the work now. So what's your advice to me...HELOC or kNOCK

So what were the details on your HELOC? What were the rates and how much did it cost in the end?

I have a quick question regarding the BRRR concept. I was hoping for a little clarity myself. I am a few weeks away from completing a rehab. I boughta SFH for 31K and investing 25k for rehab. My realtor said it would likely appraise for 91k when completed. Assuming he's close, 91K - 75% LTV is 68k. So the bank gives me a check for 68K and I now have a 30 year fixed loan with a payment of $400/mo. That allows me to take the 68k to reinvest. But what is the point if I would generate 800/mo in rent and can pay myself entire 800 verses giving bank $400?

@mike criswell dumb question: so you finished the house, you approached bank to appraise house and they they gave you 75% LTV. I'm confused how this works. So you now have a loan but do they cut you a check? Can you explain a bit more?