All Forum Posts by: Scott Rauch

@Kevin Howard I own 3 multi families and use Venmo. It’s a great tool and you don’t have to spend any time at banks. Quick and easy.

@Sandra Regnell No we didn't end up using them. You can only borrow if you have an llc. I don't have an llc just have great liability coverage on my properties. Costs of doing the loan seemed high with the added points along with the interest rate. Instead I opened a HELOC from my personal property that gives me access to cash. Good luck and let me know how it works out for you.

Has anyone used the direct money lender FlatIron Realty Capital out of NY before? If so what are the pro’s and con’s in dealing with them? Thanks

@Jo W. Hi there. I don’t think it would be worth it to re-do the walls if your renting it out rather then flipping it. I think most renters it wouldn’t be that big of a deal. I don’t think the walls would affect your appraisal that much either. Who is the bank that you are going with? I also have 6 doors and I’m l

Looking for other options with banks to finance another one. My last property I did a BRRRR.

@Jo W.

Hi there. I also buy and hold properties in the Buffalo area. I currently have 6 doors and I'm looking for more. I purchased a duplex with cash and then pulled out a cash out refinance loan after it was rented too. Similar situation as you. The property in not under an llc. The bank I used was the Bank of Holland in East Aurora. They gave me a commercial loan. LTV was just under 80% depending on your assessment,etc. Hope that helps.

@Daniel McDermott I have used Chris Mikienis for all my investments. He is reasonable and responds quickly to emails also. Mikienis & Mikienis. Email Chris@Mikienislaw. He is actually working on one for me now. Mention my name. Good luck.

@Tim Andy Sounds like a good deal. I got a commercial portfolio loan but not under an llc. Just under my name. My LTV was for 80%. ARM for first 5 years fixed at 4.75%. Then interest rate resets every 5 years at FHLBNY plus 3%. Thanks for sharing I just wanted to see how our terms compared. Sounds like we both got a similar deal!

@Tim Andy

Good job Tim. I’m also doing my first brrrr. Although I will be leaving some money in the deal. I went with a small

bank. I’m just curious as to what are your bank terms and interest rate?

@Tyler Smith

I’m in the process right now in doing a cash out refinance. I used cash to purchase and do rehab too. I went with a local bank and their is no set time frame of owning it longer than 6 months in order to pull out the cash. And they are fully rented now.

@Jonathan Bren

I'm in the process of getting a 20 year loan for a duplex. I'm doing it as a BRRRR. I went to a local bank and their offer was 20 year loan. 1st 5 years interest rate fixed at 4.75%. Then next 5 years it would reset and interest rate would be what the FHLB is plus 3% for the next 5 years. Then reset for the next 5 years, etc, etc... If the interest rate increase over the life of the loan and we don't make any extra payments to the loan then we would have to pay a payment at the end of the 20 year loan. My monthly payment and interest is set at the 4.75% for the length of the loan but would pay at the end. Not knowing what the ballon payment at the end will be interesting. But I expect interest rates to remain low for awhile. LTV is 80%. Hope this helps!