All Forum Posts by: Ryan Keenan

@Russell Brazil

Are you saying you cannot do a cash out refinance on investment property number 5?

@Jordan Berry

Thanks for the info!

@Jordan Berry

Thanks for the info Jordan! Which one do you think is better for purchasing a existing laundromat?

I was thinking of buying a laundromat to increase income to buy more investment properties.

@Philip Devine

Congrats on the laundromat! I've been seriously looking into them myself!

If you dont mind sharing what type of loan were you able to get?

I've called around to banks about getting a SBA loan and they said that you need to already be in the industry or have some type of expierence ?

Thanks!

@Guifre Mora

Thanks for your response !

There saying loan to cost meaning if I bought a property for 50k and put 100k into it they will only give me 75% of 150k not 75% of ARV which the value is around 220K.

Hey BP need to help here on the topic of the brrr specifically the refinance part. I've called all the local banks , credit unions in my area and some! And they all tell me if they are not shut down due to the Corona virus they will lend 75% loan to cost. Some banks ask me what my plan is for the money and dont like the idea of me buying other properties...

I put the property I'm trying to refiance in a LLC so I could more faster in the commercial side ,but from what I'm seeing it's not the case..

The local banks are telling me in order to get 75% ARV it has to be seasoned for 12 to 18 months...

Is this common? Loan to cost I'll loose a

lot of money and will not be getting all my money back like what I've been led to believe?

What am I missing?

Thanks!

Ryan

@Eddie T.

40k..did u try santander?

@Eddie T.

Late to the post but was denied from santander bank. They were very quick.. wells fargo and keybank worked well for me.

@Sam Leon

I'm having the same issue, all my other tenants are great except this one tenant who always had an excuse of why he is late. I dont do the mail anymore because there are so many loop holes tenants use and plus it's a waste of my time always having to check the mail. I like cozy as the late payment is atomatic.

For this pain in the *** I have, he couldn't figure out the mail system so them I gave him my bank account to deposit the rent at his convenience. Apparently this was too hard so then I used zelle and he still had an excuse. The eviction is now. Good luck!

Hey BP, I know it's not possible but was wondering if anyone thinks interest rates will rise drastically in the next 5 - 10 years.. I was looking at some rates in the 80s and saw 16% wow! Does anyone think we will ever see that again?

Thanks!