All Forum Posts by: Sabrina Maples

@Brendan Miller I wish I could do this one. A little too big for me at the moment :) Just very intriguing. My focus is BRRRR's right now.

I was wondering about that. Because it's commercial multifamily if it still has to be rezoned or if the commercial status would cover that already. I might have to dive deeper into it. I think this would be a great opportunity though to help out the lower level renters because of the entry level apartment shortages that are happening. I would also have to drive the area but the crime looks pretty low. Its close to the highway too so it may be a little noisy. I don't know. I just see tons of potential. If I had the capital I would definitely purchase. Maybe even with the intention of putting it on AirBNB or specifically marketing to travel nurses. SOOO many options!!

There's an interesting opportunity here in Chandler, Arizona where a motel is being sold but the agent is marketing it for commercial apartment usage. It has 25 units which mainly consist of 1 beds and studios and is listed at $2.6 million.

Its currently functions as a motel with weekend rentals but they are also doing week to week rentals.

Has anyone done this before? I'm very intrigued by the whole thing.

So my mind as been opened up to the thought of not purchasing small multifamilies but going after a 20 unit complex. 

Can anyone explain to me how they did this? How did they create the team? How did you find partners? What does the breakdown look like as far as paying the investors out or what happens to cash flow distributions?

I am very familiar with the small multifamily space an exactly how that works but am very curious about the bigger buildings. I would appreciate any info you can share :)

Hi Kyle!! I'm also in Mesa. I would love to join a meet up with you.

 It was a small lender here in Arizona. We've had really good experiences with him before and this time was just different. I think because of Covid he was a lot more worried about investment than he was last time. We just did a cash out refi to purchase our first rental in Alabama so this would technically be for our 3rd property if we can figure out how to keep our current place.

Thank you Brantley. I will have to check with different lenders. 

Our lender wouldn't allow us to have a second mortgage through the VA because he said we would need some sort of emergency purpose/reason to do so. I know the limit for VA funding is $511k total if you had more than one property.

Our lender wouldn't allow us to get a second VA. I know the limit is about $511k between the 2 properties but he said we would need a reason as to why we would be leaving this house and not just to use as an investment. Was there a waiting period between you refinancing out of your first mortgage then to purchase another home? We just refinanced this house with the VA and are looking to fund our new build in February. Not sure if we are cutting too short. I think you have to stay in the house for at least 6 months after you refi but I'm going to call a lender tomorrow and verify. If we can keep our current house and buy the next new build then we will automatically have an additional rental with no money down. Plus this house we did a live in flip so when we rent it out we could do it at top dollar.

I have a question and I'm not sure if anyone has done this before. I am currently using my VA loan on the home I live in but I would like to move it to another property that I will live in and keep this one as a rental. I wanted to refi out of the VA and into conventional loan and we have enough equity for what would be the 25% down. Has anyone done this before? Is it difficult?