All Forum Posts by: Michael Breedlove

Thanks for taking time to respond. Yes, I've been following her for a while and actually went to the NorthShore REIA meetup last night where she spoke. I'm also signed up for her Investorfest event that she's putting on this Saturday. Are you local? Will you be attending? We should connect.

Hey BP Fam!

I'm experienced in the BRRRR strategy and have several long term doors in Jefferson Parish and last year purchased my first STR (condo in Destin). I'm looking at doing some fix & flips this year. I know with the uncertainty in the market it's probably best to look for fix & flips that can be completed within 3-4 months time frame. I'm considering the Jefferson Parish part of the Westbank (Westwego, Avondale, Marrero) or possibly even the Slidell area. Mainly because of the lower potential purchase prices. I'm looking to rehab and flip 3/2 homes somewhere between 1100-1600sqft with an ARV between $150-$250k. Something first time home buyers or young families would be looking to purchase.
Any experienced flippers in these areas willing to provide any insight? I've got a couple money partners that I'll be working with to fund the deals and I've got a bunch of experience in construction. Looking for some insight on what your recent experience has been. 

Thanks for the info and for taking the time to comment. 

Thanks for the insight and for taking time to comment. 

Hey BP! 
I have a condo in Destin that I use as a STR. Looking to market to travel nurses & snowbirds during the off-season. Can anyone provide a Florida lease I can tweak to make month to month?
not really trusting google with this one. 

Thanks! 

Quote from @Jonathan Taylor:

@Michael Breedlove It would be worth your time to look into DSCR based 30 yr fixed rate options. No balloon payments and usually come with 3-5 yr PPP. I do these loans often and they can be cost effective if your plan is to hold long term. Rates are in the High 5-low 6s and is based on a DSCR of 1.2+ (for new loan amount) and FICO score. Happy to take a look to see which option is best for you.

Thanks for the info. I do plan to continue to hold onto the property long term. May reach out to discuss some more of what you can offer. Do you happen to know if a HELOC on an investment property is something lenders offer? I guess I'm trying to find the overall best option.

Quote from @Dave Skow:

@Michael Breedlove- most commercial loans are balloon loans or have rate/ payment adjustments at the 3 5 or 7 yr mark .....I doubt the loan you describe is a 30 yr fixed commercial loan ...can you confirm ? if it is - its not too bad of a deal .. ask the lender if you can close in the LLC name ...if not - do the research on the steps and costs that are involved to change the vesting to the LLC

It is a 30yr fixed. And they would allow me to close in the LLC name. Thanks for taking the time to comment!

@Stephen Keighery thanks for responding. Sent you a message. 

@Andrew Postell thanks for taking the time to reply. Good insight. Yes, this lender that I got this quote from came from a recommendation from a local investor. I'll continue to reach out on a local level. Have a great day. 

Hey BP Fam,

I'm looking to do a cash out Refi on a 4plex that I own just outside of New Orleans. I'm considering doing a commercial loan and transferring the property into an LLC. I've been quoted 6.25% with 2 points and a 30yr term and up to 75%LTV. My current interest rate is 4.375% and credit score is around 770. Obviously, I know interest rates are going to continue to go up. This will be my first experience doing any type of commercial loan. Just wondering if the interest rate and the 2 points is what I can expect from most lenders. I need to find out what (if any) prepayment penalties there will be. Any thoughts or advice on this would be helpful.

Plan is to pull out some equity and purchase a STR property.