All Forum Posts by: Rene Owczarski

@Stephen Brown You might be able to get a commercial/business line of credit, secured by the equity in the rental. But you'll need to call banks/credit unions in your area to see what's available, since every financial institution is different in what they offer.

@Shawn S. This really depends on your end goal. Are you one and done, or is the goal a large units of units? If the goal is one unit, then buy one unit for $100k cash, and you're all done. Verse going the big route, and then what I would do, is buy for $60k, put in $10-15k for rehab, ARV is $100k, and refi for $70-75k and repeat. And just keep turning that money until you reach your big goal.

@Carlos Ptriawan Like was mentioned by @Gururaj Iyer I feel like you can get more space for the money with airbnb, along with more privacy. Also my kids can then run around the house/yard as they please or we can BBQ in the backyard for a family gathering. Verse hotel/extended stay, where a lot more is communal with strangers, and then having my kids running around in the parking lot or up and down the halls of the hotel is just a nightmare for everyone.

@Derek Freda The price starts from free and goes up from there, depending on age and condition of the moho.

@Steve S. Either one, you're still getting a low rate. When I bought my first rental, my rate was 6% and I was thrilled to get it that low. But if it were me, I would go small town bank. Since I'm guessing that this isn't going to be your last property, if you're posting in BP. So you have a better chance of developing a relationship with these small town lenders, so that you can borrower more from them, or buy their REO's. Especially on REO's, I have a friend in Marshalltown, and he's developed such good relationships with these small banks(and paid them a ton of interest), that they'll sell him their REO's to stabilize/clean-up, and also give him 100% funding on the buy side, and this helps the bank turn bad paper into good paper. Verse going with the online lender, where once it's closed, they're more or less done with you, since the paper is getting sold to their wholesale funder or one of the agencies.

@Ben Magee I know in Des Moines, the City government is in the early phases of how to update the zoning code to allow ADUs. But after the huge fight they had over the last few years about short term rentals, and the rules around them. ADUs kind of went to the back burner for the City of Des Moines.

@Mark Beeson Sounds like you might need to deal with a different bank, if they are giving you such a hard time like this, maybe try a local credit union. And one other thing to keep in mind from the bank's perspective, is that it's just as much work for the loan originator to do a $30k loan vs a $300k loan. But they get paid better on the $300k loan.

@Gabriel Rascon Are you looking to sell or keep and develop to the highest and best use?
If you want to keep, easy would be to put a 4'x8' sign in the yard that say's:
"For Sale by Owner.
.25 acre - Zoned R-4
Utilities on site, Will build to Suit
Call XXX-XXX-XXXX."
And see who calls, and what they offer you for the land, or for a partnership.
Or you could list with an agent, if you're just looking to cash in from the lot.

@Vlad Gurov Before you start looking across the pond for greener grass, you should really take a second look in your own market in Ireland. Because it's during the bad times and times of crisis that the biggest fortunes are made, since everything is on sale during a crisis. Also during a crisis, people make even bigger irrational decisions, so this is when people are giving away homes/buildings for little to nothing down, if you'll just take over their ownership and make their payments, and make their problem go away. Since the bigger the problem you can solve, the more money you'll make. Time to get creative and start scooping up deal as fast as possible, before the window is closed, and everyone has their senses again.

@Nicholas VanKlompenberg Congrats on getting your 1st investment under your belt. Are you doing long term rental or short term rental on this one?