All Forum Posts by: Michael Logan

@Stats Hogeland Hello Stats, having someone local you can trust would be the most important thing for me. I just managed 3 rehabs remotely, but I had employees doing the rehabs. I live in Florence, AL so let me know if I can help in any way!

@Jamie Atkinson Russell Allen at Listerhill Credit Union may be able to help. I don't know if they work with out of state investors, but they do 80/20 on rental properties for me. I'd be willing to JV with you if that would help (I'm local).

@John Colagross Hey John, welcome to Bigger Pockets!  I live in Florence, AL and I grew up in Muscle Shoals, so let me know if you want to meet up.  You got some great advice already.  HELOCs are great.  

Personally, if you can afford the payment, I would do a maximum cashout refi (75-80% depending on the lender). I say this because we likely have huge inflation coming soon, and I would want to lock in that super low rate instead of a variable rate with the HELOC. I just did a 75% cashout and then got a HELOC on top of that.

Redstone Federal Credit Union does HELOCs on your personal residence up to 100% LTV ( I just did this) and they pay for the appraisal. No closing costs at all for you. But, not just anyone can become a member, check out their website. If you don't qualify at Redstone, First Southern Bank (Trent Jordan) or Listerhill Credit Union may be a good option. At Listerhill, Stacy Aldridge is a good loan officer for personal residence, and Russell Allen is great for the business side. Dee Dee Kilby at Integrity Mortgage Group seems pretty great so far too (I haven't closed yet).

Send me PM and I'll be happy to help any way I can!!   

@Asa Ifill

Hello, Patricia Lancaster is a good one in Huntsville. But, they weren't taking any more clients when I talked to them recently.

I use Spires and Associates in Florence, AL.

@Shawn Costley There are several small multifamily/sfh bundles for sale in the shoals right now. Some of them are already under contract though, so contact the listing agent: Shylee Bradford-Bevis.

@Thornton Drury The following local lenders in Florence have in-house financing and they may be able to help you. They finance rehabs too (not sure if Valley does yet).

Listerhill Credit Union - Russell Allen

First Southern Bank - Trent Jordan

Valley Credit Union - Kathy Taylor

@Shawn Costley @Jordan Woolf @Jeff Henderson

I'm happy to be boots on the ground for you if you don't want to drive 1.5 hours. And we can grab lunch if you're ever in the area.

@Jordan Woolf A local investor passed away and they're selling the properties. I think they're mostly C class.

There are also several apt complexes for sale. They're asking around 17mm for 365 C class units. Let me know if you want a contact for that. Alot of the tenants are behind on rent, likely due to Covid.

@Ben Wright

Hey Ben, thanks for the info! I've been meaning to call first southern.

I know first metro can do a 30 year mortgage on investment properties (75% ltv) and they sell it on the secondary market. Property can't be under an LLC tho, has to be your personal name.

Also, Russell Allen at Listerhill can fund a purchase/rehab up to 100% LTC/80% ARV, but it's a 5 year balloon w 20 year amortization. Essentially a very cheap hard money loan.

Hey Romesha, I've been wondering the same thing.  Did u find one?