All Forum Posts by: Shawn Varner

@Eric Andersen I sent you a PM with my recommendation on a good Realtor in Bend. 

Hi Eric,

I live and invest in Bend. It's a great place to be. With a purchase price of around 500k, many of the duplexes will likely be out your price range, if they're on the Westside. You can find one on the Eastside in that range. The STR regulations are kind of tough here with many city ordinances governing them. With that said, if you can find a house with a type 2 STR permit, they can generate some serious cash flow. It may take some searching and a good realtor but it can be done. Let me know if you want any more details about Bend. Good luck with your search.

@Greg Dickerson The banks have been turning the deal down based on one or more of these reasons;

1)They don't loan on New Construction.

2)They don't loan on Multifamily.

3)They don't loan on Investment Properties. It must be owner-occupied.

One a good note, I found a bank that offers this type of loan product yesterday. I'm waiting on a pre-approval and a net sheet, but so far it's looking good.

Thanks for the reply, Pedro. I'll look into the commercial lenders and try to make it to the next meet-up. 

Hey BP, I've recently sold off my Vacation Rental properties and I'm looking to get into small Multifamily Rentals. Everything in my area is priced too high to have any sort of positive cash flow. So, I've been looking into building one. I'm looking for advice from anyone who has done any new builds themselves. So far, I've Identified a few properly zoned lots, found a Builder that I'm currently testing out on a smaller project and ran a fairly in-depth Pro Forma.

The numbers are looking great and I'm ready to move forward with the deal. I have the Cash to purchase the land, but I will need to secure financing for the build. Once the build is complete I should have around 36% equity and would like to finance out all of my cash. The snag that I'm running into is finding a Bank to Finance this type of Investment. I've been to most of the local banks in my area and I keep hearing no. Does anyone have any advice on lending options for this? Any advice would be greatly appreciated.  
 

Sounds like fun. I'll plan on coming.