All Forum Posts by: Account Closed

Hey there,

I am doing a re-fi on a duplex and am in need of an attorney rec.  Any ideas much appreciated.  Thank you !

Thank you everyone!!

thank you all.  the property is owned in a llc and it is a commercial loan.  my credit is good - 700. but been having some issue finding better rates with being llc owned and commercial.

Hello all and thanks in advance for anyone taking the time to chime in.  I have a duplex in a desirable area of CT.  2 BR /1 BA down and 1 BR/1BA up.  I've always had an issue renting the upstairs because the bath is tiny and due to roof structure, only a tub no shower.  

Right now I have a super expensive commercial loan on it - 9.9%!  The payoff amount is 151k and the current value is around 269k. There is a pre payment penalty of 4285.

I'm going to do a renovation on it which involves opening up the roof, and adding 1 or 2 more bedroom upstairs.  This will allow me to have a larger bathroom with shower and more rental space upstairs.  This reno will cost around 70k.

After the reno, I could get 1200-1400 for upstairs and 1400-1600 downstairs.  2800/month conservatively. 

So my question is, should I raise capital just for the renovation OR raise enough for renovation and paying off the loan?  Any other ideas would be very welcome as well.

Thank you!!

will zorsky is good.

@Susan Foreman  happy to help.  cap rate depends on the class of the properties you're looking at. in baton rouge, 7% is fairly good average.  PM fees depend on the number of units.  4-8% on average.  vacancy rate - should not be less than 8% for stabilized properties 

hi there.  I can help. I am a realtor in CT.   I will PM you

I have a 95 unit portfolio under contract in Baton Rouge so I'll know soon if this is the case. :) 

that is crazy. it seems like there's more to the story... 2% for a clean title which doesn't sound clean