All Forum Posts by: Matt B.

Mark Ainley with GC Realty and Development

https://www.gcrealtyinc.com/

Thanks Jay, appreciate the insight

Thanks for the reply, I closed 2-2024

Thanks JD, yeah I’m perfectly fine keeping money in the deal, I’d need about $50-$75k out of this deal so I can still keep a solid cash flow spread so not sure if I’ll even keep going down this road

I purchased a SF with cash in an LLC and now looking to pull cash out of the deal. The property is in Mississippi, purchase price was $120k with $30k rehab, ARV is $180ish. I could put a mortgage on the property, I was quoted 60% LTV with 8% rate amortized over 15 years. I've thought of a HELOC but looking for a longer term solution.

Are there any other options? Any additional thoughts?

Thanks all,

Thanks for the reply Nate, below are the expenses at .53 DSCR.

Debt Service, Real Estate Taxes, Insurance, Utilities, Maintenance Reserves, Repairs & Maintenance, and Other Expense 3%

I'm looking at an off market 5 unit in the Chicagoland suburbs with a very low NOI, the landlord owns the property free and clear and has not raised rents in years, I've offered seller financing and they do not want to go down that road.

I could purchase for $475,000-$500,000, the property is easily worth this amount. The In place NOI is only $19,460 or a .53 DSCR, based off the .53 DSCR a couple banks will only allow a $180,000 loan. The min DSCR amount I could find is 1.10.

With out offering a massive down payment how in the world can I make this work?

Thanks,

Matt

Need some advice on a deal, what are your thoughts below???

Ideally would like the BRRRR or can flip as another exit strategy

4 bedroom 2 bath, 1400sq ft in Addison IL, off market deal, horder house that needs to be thoroughly cleaned.

$120,000 purchase price with a conservative $250,00 ARV

Roughly $60,000 in renovation

Conservative rent $1800 month

I've got roughly $200k in capital(HELOC/Savings combined)

With the current situation in our world it’s nerve wracking obviously, thanks in advance for the advise.

Update: I rent the house out to 6 students, 4 students have found people to sublease though the end of July. The college shut down campus and forced everyone to move out, not everyone can go home so filling the rooms has not been terrible. The students have posted Facebook ads on a couple local groups and have found people to sublease that way.

So far so good, I hope the best for everyone one else out there.

Matt

@Patrick J.

Good thought, thanks Patrick