All Forum Posts by: Monti Harris

You may want to inform your seller that IDEM requires the UST's to be temporarily closed and if it is not reopened in a year, they require them to be removed.  

Kayla,

Would be happy to share the lender that I use.

Monti

@Adam Reyher, I used a commercial lender to refinance my 3 rental homes, would be happy to share contact with you.

Monti

Casey,

I just closed on 3 properties with a Commercial Bank. The rate was 5% on a 20 year Amortization. I would be happy to send you his contact card. They will lend up to a 80% LTV. This may be an option for you.

Monti

Please send me your corporate information.  [email protected]

@Jeremy Karja I am not familiar with the Clayton Properties method nor do I invest in the areas of Indianapolis (Marion County) that you're describing.  I can not speak from experience like @Jeff Schechter.  What I can tell you is that I do know the Indianapolis Area, and I do know that most of the homes for sale on BP in Indianapolis are from Out of State investors in areas that I would not spend much time in.  Just my opinion, not trying to discourage any investor.  I would agree with @Craig Kantner, if your ROI is low, go elsewhere.

@Account Closed AWESOME.  Copied and Printed to PDF to share with my family and myself when I too question why I am doing real-estate.  Thank You.  Have a MERRY CHRISTMAS.

I also believe that the appraisal process is very frustrating and subjective. I just completed a commercial loan for 3 SFR. The Bank does NOT have any say in who does the appraisal. The FEDS now control the process and the bank sends the request to a clearing house. The clearing house posts the requests and appraisers log on and get the next one in line.

Now, that is where the FUN begins.  I met 2 of the appraisers on site and their appraisals came in where i expected.  The third unit was undervalued by 12k.  I noticed that the 3rd appraiser gave 1/3 the value that the first 2 appraiser gave for bedrooms, garages and other items.  My agent called and his response was short and curt, "appraisals are subjective and mine is within the guidelines."

Appraisals are a necessary EVIL.  The lender hated this process as much as I did.  There should be NO subjectivity.  If a bedroom by one appraiser is valued at 4k, then that should be the value, period.  REFORMATION of the industry is needed, but it is practically a government entity and we know how those work.

Napkin tells me that the CAP is 21% and the COC return is 4.5%.

99900 purchased, 20% down plus 40k in repairs...

does that figure correctly?

Rooms are only renting for 275 per student per month in the area.  That puts rent projection at 1375.00

Several homes available on school website...