All Forum Posts by: Ruben Goodbear Anders

My first conference ever, of any kind! Had to have my wife inform me what a "breakout" is. :)

Very excited for the conference. Looking to connect with people interested in small multifamily. Most of my experience is in rehabbing and dealing with contractors. I am currently trying to find my way around lending restrictions in order to purchase more cash flowing properties and BRRRR them out!

Look forward to seeing everybody!

Hello all! 

I’m looking for some creative advice here, or maybe options I don’t even know I don’t know about. Ya know?

Story short, have 265k loan on my 505k recently appraised house here in Austin. I was going through the refinance process and they were so backlogged (3 month process) that I am now on hiatus at my job. So, my refinance is closing tomorrow, no problem. My heloc that I was planning on accessing 137k is on pause because our DTI would be too high now that I don't have a job, technically.

My heloc loan officer told me they calculated this as if I immediately accessed all of the 137k at the highest interest rate possible. (Variable rate 14% is the cap.) with only my wife’s income (115k, and social security we get for my stepdaughter, 788 a month) the only option my credit union would be able to do is 84k loan. Not heloc. Obviously a huge hit to the amount of available funds. And I don’t like the idea of a loan. 

I’ve done some searching and am coming up empty handed. I am curious if any more seasoned folks know any other loan products out there available to us “self employed with an employed spouse” situations. I would love to access as much equity as possible. I was thinking if there is some options that depending on what you purchase with it would be more lenient. I’m looking to buy a 4-20 unit property, which the cash flow would definitely service the new debt. 

Side note, I’m inquiring how they are calculating our dti, because it doesn’t seem to add up to me. So I will keep this post updated on that calculation. 

I currently only have our new mortgage payment of 1750. One rental property (under 2 years owner ship) at 840 month. Two cars totaling 600 a month. And student loans under my wife’s name that are currently in forbearance but the minimums on them are under 400 a month.

I apologize for the long post, it was just a real gut punch the actual amount of money we’ll be able to access. I had calculated our equity at 80% Ltv at 192k which would give me some serious purchasing power for my experience. However I guess they take the appraised amount, subtract the loan amount first and then calculate the 80% which left us with 137k.  Hoping to cruise through this little roadblock! 

Thank you in advance!

Hello,

My name is Ruben Anders. I am an investor in Austin, TX. I have recently come across this 39 unit in Milwaukee, WI.

I’m still waiting to hear back from the listing agent, however, it seems like a pretty good deal, preliminarily. I got some feelers out for renovation costs based on what work needed to be done on the flyer. And just starting to familiarize myself with the property.

Now I don’t have experience with something this big, however, I would be willing to move to Milwaukee for the few months it takes to flip this place and refinance it out. Just looking for an experienced investor to sign on board with me and give me some big picture guidance while I deal with the day to day.

Really looking to get my feet wet in a large deal like this and have no problem dealing with contractors and tenants while the renovations are happening!

If this is something that you or someone you know would be willing to be involved in please DM me. I don’t think this property will be listed for that much longer honestly.

On another note, if you have any advice on what a lender is looking for on a deal like this, I’m all ears. All my research seems to be conflicting. Can’t really find a definitive answer. I have a couple calls out to some lenders currently, just waiting to hear back.

Thanks in advance!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Milwaukee.

Purchase price: $59,000
Cash invested: $35,000

This is a long term buy and hold duplex for me. I completely gutted both units and updated them. Brand new electrical and plumbing fixtures. A new roof was also installed.

What made you interested in investing in this type of deal?

The high cash flow on these type of C duplex properties enticed me.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS. As far a negotiation, due to the state of the roof I managed to get 10k under asking.

How did you finance this deal?

This was a hard money loan that I am refinancing out of into a 30 year conventional.

How did you add value to the deal?

Renovating both units completely. Kitchens, bathrooms, removing carpet and refinishing hardwood floors.

What was the outcome?

I will soon have both units rented. One under market rent because she was a trooper and let me have the contractors work around her.

Lessons learned? Challenges?

I should have had a better estimate from my contractors on time. I dealt with the marketing guy who said “Three weeks per unit. No problem.” Not the case. It all is working out, but going forward a better turn around will be expected.

Hello!

I just came across a screamin deal in Austin, TX. I found it the newbie way on realtor.com app. 180k asking. ARV conservatively of 320-360.

I can do some work and manage the flip. I’m not sure what other info to put in here. DM me if this is something you’re interested in 

Thanks guys!

@Jordan Moorhead Awesome! 

I’ll send you a private message. I love Louisville. Beautiful city. 

And Jon, I will be looking for an apartment building in Milwaukee. My wife’s family is from there and it is more affordable for me for now. 

Austin is definitely booming and that’s great for my personal property for sure. 

What do you do Jon? 

Thank you Sean! I will definitely keep you guys posted. This website is my main guide. Everybody is so helpful. 

My name is Ruben Anders.

I keep hearing on the podcasts, and forums, everywhere really, you are the five people you hang out with. Analyzing my current circle, it’s amazing I bought my first property at all. I would love to meet some like minded people headed in the same direction. 

Currently I have a property being renovated in Milwaukee, WI. I keep showing friends and family pictures of the progress and nobody really cares. Haha. There’s nothing wrong with that obviously, I just would love to talk strategy, techniques, what have you with other people. 

As the title implies I currently live in Austin, TX. I have a duplex in Milwaukee and my next purchase in the next few months here will be an apartment building. Something 10-30 units. I’m a big fan of the large multi unit path. 

Anywho, would love to talk with real estate investors, gain some knowledge, see what value I can bring to you. Join a REI. Just get coffee. Anything honestly hah!

Thank you for your time. :

Hello!

So I’m under contract on a duplex in Milwaukee for 59k. Closing November 30th. I have 25% down.

I’m having trouble locking in a conventional lender.

This is purely an investment property. I live out of state in Texas. My wife and I will be on the loan. 

What other options should I look at here? Maybe a hard money loan and then refinance in summer into a conventional?

Maybe somebody on here would like to take a look at the deal? I don’t know. Out of ideas at this point. Have a few more avenues I am pursuing. Beyond that I could really use some creative help here. 

Thanks in advance!