All Forum Posts by: Nathan Carsten

I currently own 3 SFR rentals in the St. Louis area, (I live in Texas). One property is paid off, two are on a portfolio loan with about $12k remaining to pay-off. The properties, combined, have an approximate value of $170k. I am hoping to get a line-of-credit set up with a local bank. Does anyone have a recommendation for a bank doing these type of loans? Thanks for the help!

Hey @Nathan Cross,

Thanks for the questions.  I am not looking for the cheapest around.  I do not necessarily need them to be investors themselves, but definitely understand the mindset when it comes to purchasing properties and experience with rehabs.  Great communication is also a must. 

Hey BP,

I'm looking for a solid property management company in the St. Louis area that can also handle rehabs when necessary.  Any recommendations out there?

Not sure.... I assumed local banks might do a construction loan, but might require a licensed builder to sign off on the plans?  Would love to hear how others have financed new construction on an investment property. Definitely have my homework to do on this before I'll be ready to make a move.

I'll be finishing up a rehab and refinance next month on my latest rental.  I'll be able to get a little more involved on this project after the 1st of May.  I'm hoping this conversation might help to steer me in the right direction on my research.

Hey BP,

I live in Denton, TX but each of my 4 investment properties are out-of-state due to high purchase price and lower cash-flow on most properties in my home town.

I am considering starting my search for some off-market empty lots closer to home that I could put new construction on, doing a lot of the interior finish-out myself.  (sheet-rock, texture/paint, flooring, fixtures, cabinets, etc...).

I have done 5 rehabs on previous properties of mine, with 2 of them getting down to the studs and enjoy getting to do a lot of the work.  What I don't have a lot of experience with is:

1. Confirming that there are no restrictions that would hinder plans, prior to making an offer or at least before purchasing the property.

2. Getting a good set of plans.

3. Hiring many of the sub-contractors that I would need.  

4. I have a potential partner that I would like to approach about partnering on the deal, so I may be able to bypass getting a loan. But if that didn't work out, I'd need to do more investigating with the local banks to determine their requirements.

5. Lots of other stuff that I'm sure I'm missing....

Any advice is much appreciated!

Thanks, 

Nathan