All Forum Posts by: Melissa Bains

@Trago WAllace Yes, this is how portfolio loans work. I have had several discussions with lenders about them over the years because they keep trying to convince me to roll all my loans into a portfolio loan. And I always point out the downside that if I need to sell or do something with one property, the entire loan has to be redone, and they agree that is a danger.

Nice description from @Jennifer Donley as to the reasoning she used when she decided to go with a portfolio loan - you should have a strategy and it should be financially advantageous. I was surprised to hear Jennifer was able to find a bank that would recast the loan if she had to sell one property. The lenders I talked to said they would have to redo the loan, and I wasn't about to keep paying and paying for closing costs.

The only item I disagree with @Jennifer Donley about is that most commercial loans are ARMs (with balloon payment and interest rate reset). There are tons of lenders with 20-30 fixed rate mortgages; all of mine loans are 30-year-fixed with low interest rates. I don't want to run the risk that I have to refinance in 3-5-7-10 years and market conditions aren't good.

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Thanks so much. I will look into them.

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@Keeley Hubbard. Hello fellow Texan here. I have sfh but looking to scale into small and mid size apartments. Would you share which mentor you chose to go with. I have considered Rod Kilef and Jen and Stacey Conkey

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View report

*This link comes directly from our calculators, based on information input by the member who posted.

I'm not getting all my money back and I'm ok with that. I want to grow my rental properties from 9 currently to 50.

Does this look like a decent enough deal?

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I would appreciate your expertise. I have a deal that I'm looking to purchase for $110,000 I estimate I will need 2 months for rehab and refinance after 6 months at 75 % LTV and I believe the ARV will be $145,000 minimum. I figured the interest rate at 4% for 30 year loan once the remodel is complete. I will conservatively rent the home for $1250 a month

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Andrea,

Which banks do you personally use for these portfolio loans? My husband and I have 10 loans in our personal names. Primary home and 9 investment homes. I recently have decided to add to our rental home portfolio and have been trying to decide how to go about financing since we have 10. I was thinking about cash out re- fi on a few of the properties and putting those in just one of our names and using the extra to pay off a few more. I have also heard of using a portfolio loan. My main objective would be getting loans out of both of our names so that the other could have 9 more 15 or 30 year loans.

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@Jake West interested to hear about your property.

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@David Chapoell

I'm in Texas and was told by local lenders we can't get a HELOC only a home equity loan? Would you share the lender you used?

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All Forum Posts by: Melissa Bains

Melissa Bains has started 3 posts and replied 15 times.

Post: Large Multifamily Acquisition - 236 Units

Post: BRRRR more than 10 properties?

Post: BRRRR more than 10 properties?

Post: Multi Family mentor program (Rod Khleif)

Post: Multi Family mentor program (Rod Khleif)

Post: [Calc Review] Help me analyze this deal

Post: I'm trying to use the BRRRR calculator for a first time deal

Post: Closing Costs with Portfolio Financing

Post: Ready to pull the trigger on first deal! Lubbock, TX

Post: Best way to finance a BRRRR