All Forum Posts by: Naomi McMahon

Hi BP community. I am brand new to all of this and have not completed my first deal. However, I found a 15 unit portfolio for less than $4M that I can potentially assume at its current 5% interest rate. What do I do now?! I feel like this is an absolutely phenomenal deal, too good to be true. I'm unsure how financing works for buying a portfolio as most of the units are condominiums scattered amongst the county. Please help me figure out the next steps. Thank you!

I need some advice on a 203k or Homestyle loan.

I have not yet started down my investment journey other than researching at this point. My husband and I have a two year lease that's up in December of this year. At that time, we would like to buy our first home but also don't want to burn through all of our capital on a primary residence when also looking to invest. With that being said, I've been researching 203K loans. My thoughts are that I can buy a fixer upper, force some sweat equity, and then refi after the seasoning to pull money out to invest. However, everything I've found basically sums up to those types of loans being a giant pain in the ***.

Does anyone have experience with a 203k or Homestyle loan? What was your experience, and do you think my plan is feasible?

I have about 30k and would like to BRRR a property. However I want to avoid a HML at all costs due to the high interest rates. Is it possible to get a REI loan through my LLC which would include the purchase and rehab costs. And then do a HELOC on the forced appreciation from the rehab to pull my 30k down payment out instead of a traditiona