All Forum Posts by: Ryan Coffman

Most banks here are bogged down with PPP loans and won't look at anything right now. Tough times! 

Thanks for the replies fellas. I have found some more realistic comps and have submitted them for review. Fingers crossed we will see how this all pans out.

Still open to others suggestions here as well! 

everyone has paid here!! I think it’s the next few months we need to be concerned with!

Placing the right tenants in the first place is really going to pay dividends this summer!!

Hey all,

I got this property under contract back in January, before SHTF. Needless to say everything is taking longer than expected with all that is going on in the world, but I recently ran into a bigger snafu. 

The deal:

-a 4 unit building, 4x 2/1, newer construction (2008)

-an adjoining SFR, 2/1, this is .4ac and holds the parking for all units and provides room for future expansion

-Purchase price of $275k, seller concession of $10k (after we received the inspections)

-GOI of $42k annually 

-Assuming an expense ratio of 40% this yields roughly a 13% COC and ~160/unit/mo.

So all is good, I got my rate locked when they were low and I thought this was a done deal! 

We received the appraisals on Friday. Basically the package is coming in at $220k. This is mainly due to the comps for the multi-family. They pulled the 3 most recently sold properties in the zip code. 1 was literally 100 years old, and the other 2 were purchased to tear down for future development space. Needless to say that all 3 were significantly less than the 12yr. old cash flowing building. 

Now, my bank is only willing to finance 80% of the appraised value (we all know this is typical, right). However, this puts me in the awkward position of having to put an ADDITIONAL ~$50k into the deal to get it done. Given the current economic state I want to keep this as my last and final option. 

I am working with this bank specifically as they have lent to me on other properties in the past and were the ONLY bank that I talked to willing to fund the deal with the properties being held in my LLC.

I'm open to any and all options to get this done!

Thanks for the help BP! 

@Zeke Liston

We just got back from a weekend in Easton. What a great up and coming area near Columbus!

Hey all,

First off, my apologies if this isn’t the correct forum (mods, please feel free to move if needed)

I am under contract on 5 units in the SWPA area. It’s a unique situation and I’m aware of the typical financings contingencies. I have properties already, just building my portfolio.

If any local lenders or banks would be interested in talking please PM me. I am starting my tour of locals Monday morning!

Just watched the intro video and these comments have pushed me over the edge! I'm going to purchase the package. My time is more valuable than the small fee asked for this excel template.

@Tyler Derickson MB says that all of his sheets are able to be edited. 

Welcome @Justin Myers. I'm from Belle Vernon, and actually looking for a GC to partner with on some local deals. Shoot me a PM!

@John Frank I would also like to connect with you outside of this thread. It seems like you are right in the heart of my target markets.