All Forum Posts by: Michael Clevenger

@Zoran M.

WOW! Seven days and you are the first reply. I understand this is a throwaway post, I was only curious to what others had to say. 

Only 50% is currently occupied with no one utilizing assistance. Have not worked with this before but If purchased I'd be interested in doing so. 

Thank you for your response!

Looking at a low income apartment complex and I'm only a few steps away from sending an offer. Before I do so, I'd like to see what the BP community has to say. 

Do you have experience with low income properties? If so, are you still in it? Why/why not?

If you have not invested in low income properties. Why?

@William Collins

I agree that the it would take some maintenance. I'll probably end up turning the office into another unit instead. Thank you for the information! 

@William Collins

Thank you for this information! I just viewed the property at 10:30 this morning. The property is distressed. Same things that you mentioned as well as no floors, 2nd floor walkway needs to be redone and so on. What you have/are doing is my goal as well. Take the "sub-prime" property and renovate. I'd prefer the property to be vacant as yours have been however this is 50% occupied.  

The building I'm looking at does not have washer dryer connections and I do not see that there would be room for them in the units. Very disappointed in this and I'm even contemplating making the "office" a laundry area (coined laundry). Have you ran into a situation such as this? 

@William Collins

The BRRRR strategy is what you used to accumulate your properties, very nice! I've heard this in the podcast multiple times however I need to know more. Therefore, I'm going to download the book in the morning.

@Salvatore Lentini

Thank you! I'll consider this to be an option. 

@William Collins

Six properties in 18 months is awesome! Thank you for the feedback. 

@William Collins

Thank you, sir! 

1. Ok

2. Great! So I can use this property to buy another property.

3. Ok. Sounds like this is all tied together in finding a bank that deals with commercial properties as well as an LLC.

4. I was also looking into something like the Wells Fargo business Equity Line Of Credit. Perhaps this is an option as well. 

I have not purchased the property yet. I'm looking at several all 5+ and got a little nervous that I'd be stuck for a few years after buying only one. Just listened to show 190 and Brandon Turner was stating that he went through a dry spell of a couple months without buying a property... HAHAHA Got me thinking about future deals.

2. A few months is the answer I picked up reading a separate BP post.

Hello BP,

 Getting into Multi-Family and have a few questions that have stumped Google :)

Perhaps, I'm asking the questions in the wrong way however I cannot find a clear answer. Any help from the experienced multi-family would be great!

1.If property is purchased in an LLC, Does this effect the cash out refi eligibility? (LLC VS personal name)

2.If property is paid with cash how long until I can qualify for cash out refi?

3. If property is 5+ units does this make it commercial? If so can I still refi?

4. Is the cash out refi what I need to pull money from the property in order to purchase others? Or is there a better way (other than saving over time).