All Forum Posts by: Nick Kourey

@Shaun Weekes So it's really just Quicken (and possibly others) but I'd be as likely to find someone charging less in either a conventional or private company? I'll definitely reach out to Jerry tomorrow. Thanks!

Hi all,

So we're trying to cash-out refi our first duplex, but the first lender we contacted (Quicken) told us we do not qualify for any type of refi because of the state limit on points and fees. The mortgage will be roughly $200K and property is located in Georgia. Is anyone familiar with this type of situation? We're just looking for some direction before wasting a bunch of time calling other lenders. Is this something we'd run into with other conventional mortgage companies and banks, or perhaps just Quicken? Should we be looking at private lenders instead? Any and all advice would be appreciated.

Nick

We're looking at purchasing our first multi-family, and want to stay under 5 units on this one just to get our feet wet in the arena before jumping into commercial lending. I've identified a potential property that is 2 brick ranches broken into 4 2bd/1br units. All 4 units have been rented out for 3+ years. Rents are $525, $550, $550, $600. Similar units in the area (of which there are only a handful of vacancies) are running $850/month. Asking price is $240K, and they're looking for a cash sale. We shouldn't have any issue getting a hard money loan with 20% down. My question is though, if I want to renovate in order to refinance (since simply increasing rent and decreasing expenses won't effect the value of the property) what is the best strategy? I really want to recoup my cash as quickly as possible but it would seem the only way to do that is substantial renovations inside. The outside if in pretty good shape. So my question is, do I:

A. Wait until the first unit is up for renewal (at least several months out) and raise the rent substantially (I'm thinking $750) hoping the tenant will not renew, then renovate, repeat again when the next lease is up, then refinance?

B. Offer to put 2  tenants up at a nearby hotel for a few weeks while doing a quick reno in their units and then refinance.

C. Something I haven't thought of...

Feedback and insight would be appreciated, thanks.

Thanks! Trying to get a handle on maneuvering the forums on here as well. Will do.

Hi,

We've been struggling to find a CPA in the West Cobb area of Atlanta to help us with our business finances. Any recommendations are welcome, thanks! 

Investment Info:

Single-family residence fix & flip investment in Powder Springs.

Purchase price: $93,000
Cash invested: $75,000
Sale price: $189,000

This was our first flip, a 3/1.5 brick ranch purchased from wholesaler in rough shape. Pros: layout, lot size, location, structural integrity. Cons: overall state of interior.

After installing new electrical (full re-wire), new HVAC, new roof, completely gutted interior. Installed new hardwoods in kitchen/dining to match rest. Brand new kitchen and baths, new paint throughout. I did most of the work myself and ended up making about $10k profit, but learned a lot that I'll use going forward.