All Forum Posts by: Patrick Rowe

No Sir, it's a local community bank. This is my second rental that he has finance.

@Jake Thomas- Ok thanks, I have this lender that lends 80 percent of ARV on a construction loans interest only for 9 months and then it converts over to a 30 year loan. So basicly I buying a rental property with out a down payment.

I just got a quote from our lender on a rental property. Is this typical with what you guys are seeing in your area?  Also are you guys getting a better interest rate?

5 year balloon at 5.711 interest rate Amortized over 30 years. 

@James Wise- thanks for the compliment, I normally do couple of flips per year, but  lately I've been reading alot about building wealth and it all leads to rental properties (cash flow). Are you a buy and hold investor?

I have a SFR property under contract and wanted to get some input on this deal. I have a banker that will lend 80% of the appraised value on a construction loan for 9 months to purchase and fix up the property at 5.6% interested only. Once it renovated it will convert over to a 30 year loan at 5%. Also this is my second rental property this year. I have the first one rented out already at $1075 per month.

3BR 1.5 BA 

1181 Sqft LA

1418 Total Sqft 1418

21-30 Year Old

Purchase price- $48,000

Renovation - $15,000- $20,000

Appraised Value $ 91,500

Rent- $1075

@Jane A. It's 20 Units 1BR 1BA. I just received the rent roll and the gross monthly income is actually $8,775.

@SteveSnyder -I'm in the early stage of evaluating the numbers. I agree that the management and taxes are low. I have a banker that's willing to do a 80% loan with a interest rate of 5.6 on 30 years. I have a property manager that manages our properties for 8% and I will have to check on the taxes.

I need some input on this multi family opportunity deal below.

Asking Price $560,000

Income $8914.00

Expenses Total $3,360

Advertising $0

Insurance $487

Management $354

Taxes $285

Utilities $530

Telephone $195

Supplies $190

repairs $395

Pest Control $80

Trash $140

Lawn $95

Flood $ 0

7% vacancy Loss $609

Net Income $5,729

I have an opportunity to purchase 3 Duplexes for $270,000. The owner is liquidating all of his rental properties that he's own for 40 years. I talked to a realtor and asked her to send me the expenses and she said the owner doesn't have any? She stated that the tenants pays all utilities  and cuts the grass. These are the umbers below , let me know what you think will be a good offer. I have a banker that will do a 30 year  loan with a 20% down payment.

Duplex 1   3BR  2BA / 3BR 2BA rent $1400 per month 2600 Sqft

Duplex 2   2BR  1BA /3BR 2BA rent $1350 per month  2400 Sqft

Duplex 3  4BR  2BA /3BR 2BA rent   $1450 per month  2900 Sqft

@brent coombs -Ok thanks, yes the $35000 looks pretty good. I will make decision on what I want to do. For as the draw goes I can pocket the rest and finance the total amount or finance what I truly have in it.