All Forum Posts by: Matthew Moorhead
Matthew Moorhead has started 1 posts and replied 7 times.
Post: Forum to connect with investors in Maine

- Houston, TX
- Posts 7
- Votes 0
Hey, Mainers! We're looking to get connected with a house cleaner who could help with turning over vacation properties in the Boothbay area. We know labor is tight, so really appreciate any recommendations!
Post: Southern Maine MIDCOAST REI Meetup - APRIL

- Houston, TX
- Posts 7
- Votes 0
I plan to be there - looking forward to it!
Best regards,
Matthew
Post: H.I.T.(Houston Investment Team) Houston's Inner Loop B.P. Meet Up

- Houston, TX
- Posts 7
- Votes 0
Had car trouble this evening - very sorry to miss seeing everyone. Hope to catch the next one!
Post: H.I.T.(Houston Investment Team) Houston's Inner Loop B.P. Meet Up

- Houston, TX
- Posts 7
- Votes 0
Matthew, I plan to be there.
Post: Financing a multifamily rehab - historic

- Houston, TX
- Posts 7
- Votes 0
Thanks, Chris. That does help. I'll look into bridge loans.
Your point regarding transparency with lenders in the process is well-taken. Perhaps I was unclear the way I framed the question: we were not planning on disguising our intentions with respect to our use of the property. Merely trying to think through different approaches and their possible benefits.
Post: Financing a multifamily rehab - historic

- Houston, TX
- Posts 7
- Votes 0
Hi, all. We are considering making an offer on a property here in Houston. The property is currently categorized as multifamily, having 6 apartments spread over a main house and a secondary building. Originally, the main house was a single family residence. It is also a contributing structure in an identified historic district, so the rehab of the property will be subject to specific historical restoration guidelines established by the city planning department. The property is currently listed at $850K.
There is lots of deferred maintenance on the property, enough to warrant a complete rehab (foundation, new plumbing, wiring, mechanical). We are looking at this opportunity as an owner-occupied property, with 6 units total after rehab (including the one we live in). I will be fine-tuning our rehab estimate over the next few days, but figure at least $500K (to rehab house and demolish/rebuild secondary structure). After repair value in this neighborhood would be somewhere in the $1.1 - $1.3 M range.
What I'm hoping to get here is some ideas for different financing options. Some of my questions:
- How can we finance both the acquisition and the rehab, without killing ourselves on holding costs during the rehab construction?
- Does the intention to make this a primary residence make a difference?
- What if we rebuilt to 4 units or fewer? Does that open new financing options?
Thanks!
Post: H.I.T.(Houston Investment Team) Houston's Inner Loop B.P. Meet Up

- Houston, TX
- Posts 7
- Votes 0
I plan to be there. Thanks, Matthew.