All Forum Posts by: Steve Moore

Hey Austin,

I am an investor in Lexington and would be glad to talk REI, network, etc. Please feel free to contact me.

Steve

Hey Waynebrealetor, the spread of 1.25% is fixed. The ceiling means no matter what rates do during the 15 years, it won't go higher than the ceiling rate.

I own the property and am going to cash out. I purchased a duplex with a line of credit on my home and will use the money to pay off line of credit. I have two banks (both local) that have given me a good faith estimate. For legal reasons, I would rather keep the property in the LLC name. Bank 2 is a commercial loan which would keep loan off of credit score. My current credit score is 719. Which do you think is better?

Bank 1:

LTV 75% can lock in a 30 year fixed. We have estimated the costs to be around $1,700 assuming $90,000 loan with some changes depending on whether taxes and insurance are escrowed or not. The property would need to be in your name and not LLC and you are limited to no more than 3 investment properties to be considered a casual investor.

Bank 2:

Approximate $100,000 Loan amount, NYP +1.25% (currently 4.50%), ceiling of 7.0%. The spread of 1.25% above New York Prime will be fixed for 15 years. Max LTV is 85%.

Approximate $1,750.00

Hey,

I would love to talk about real estate investing. I have lived in Lexington now for three years and just finished buying a duplex. I am into buy/hold but have also flipped and currently looking for my next property. Just let me know when and where. I won't be able to make it on the 24th but maybe the next time.

If you are interested, I am apart of a local Real Estate Investing group of about 10-20 people that meets on the 4th Tuesday of the month at Logan's Road house near the mall. Here is their facebook page:

https://www.facebook.com/groups/LexingtonWealthBuilders/

Thanks,

Steve

Thanks for the responses. I do not want to misrepresent in any way.

I close on a duplex soon and want to market to renters. It has four potential rooms for bedrooms, but two of them have closets but are in the basement and don't have windows. I heard you can't advertise as a bedroom unless they have a window. However, due to layout, they could be used for that. Any suggestions on how to advertise the benefits of an extra room? Do I have to list as 3 bedroom (craigslist, etc.) or can I list as 4 bedroom and make a disclaimer? Any suggested wording?

I am really excited about networking. In fact, I love my local REIs because of that. I enjoy the relationships formed and the ability to make a positive difference in my community and the lives of others. My wife and I are working currently on:

1. Meeting other investors for win-win deals

2. Helping redeem buyers, sellers and properties.

3. Growing in knowledge so that I can do #1 and #2 for my family, friends and colleagues.

We are currently looking to wholesale and buy/hold of residential properties. We are still pretty new at it, but my wife is focusing on wholesaling and I on the buy/hold.

Redeeming the day,

Steve Moore