All Forum Posts by: Spencer Thomas

As the title suggest, I'm an architect who owns an Owner-Occupied duplex in West Oakland, CA on a large lot. I have developed plans for an Owner-Builder project to add two more units to my property. My original intent was saving up money and waiting for interest rates to fall in the next few years, but they only seem to be going up. It occurred to me that it might be a good idea to post on here and see if anybody is interested in providing a private money loan for the project for about 1-2 years, interest only payments with a balloon that I would pay off with the added value after the Refi. I'm open to discussing any terms and I think my experience and profession would allow me to complete this relatively quickly and at a reasonable budget. Please message if interested and for more details, TIA.

Are you planning on parceling out the extra units? Meaning, will they be on a separate parcel? If not, it is unlikely and PML would lend to you with the collateral being owner occupied. It's much more difficult to foreclose on an owner occupied home than an investment property. You may want to consider getting a HELOC.

0 Votes

Oakland, California

Quote from @Dominic Mazzarella:

Quote from @Spencer Thomas:

View report

*This link comes directly from our calculators, based on information input by the member who posted.

What do you all think of the deal and how I analyze it?

A couple of assumptions I see here stand out to me. One is the $10,000 repair expenses. This seems unrealistically low for a 40 unit property. I’d dig into this a bit more.

Another assumption that stood out to me as potentially problematic is the 6% income growth and only 3% expense growth. This doesn’t necessarily sound realistic in a real world scenario.

The other info sounds great but I would verify the assumptions I mentioned because if they’re off, it throws everything else off.

Thank you for the feedback! The property is only 9 years old so that's why I put only $10k also, they are opening a new company that will employ thousands of people nearby so that's why I put a 6% income growth and only 3% expense. Thanks again!

0 Votes

View report

*This link comes directly from our calculators, based on information input by the member who posted.

What do you all think of the deal and how I analyze it?

0 Votes

Quote from @Brandon Croucier:

Hi Spencer,

DSCR 5-10 units is astonishingly competitive right now, that is most likely the best product to fit your needs.

These are above 10 units. Do you have a program for that? Thanks.

0 Votes

Chicago, Illinois

Hello! My partner and I are searching for a great lender(s) that specialize in MF above 10 units. We have been searching for a while but haven't like any of the terms so far. Got any recommendations?

Thanks!

2 Votes

Chicago, Illinois

Hello Everyone!

I have a deal that I had been negotiating for over 3 months with the seller and had just about given up on it and moved on and closed on a different deal. The seller came back to me this week and said he would be willing to accept my offer so I told him that I would go under contract if it was assignable and he agreed. It is 19 units located in Kankakee, IL and has an NOI of over 130k and purchase price is 1.15 mil with a $150k credit at closing by the seller. For a fee, I am willing to assign the contract over to someone that wants it. I also own a bunch of property in that city and have a great property manager that can manage them for you. Please reach out if you are interested.

Thank you!

-Spencer

425-269-5650

0 Votes

Chicago, Illinois

Hello!

We have two properties that are next door to each other in Austell, GA, that are listed for sale and we are willing to give a discount/pay closing costs. Together, will make you over 10% cash on cash returns with long term tenants.

3/2 and a 2/1 just renovated

Please reach out if you would like more information.

0 Votes

Atlanta, Georgia

All Forum Posts by: Spencer Thomas

Spencer Thomas has started 4 posts and replied 7 times.

Post: Architect Looking for PML to Add Units to MFH

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal

Post: Need a great lender for 10+ unit refinance!

Post: Need a great lender for 10+ unit refinance!

Post: Got an amazing deal under contract that has cash on cash returns of over 20%

Post: Two turn-key rentals for sale

Spencer Thomas has started 4 posts and replied 7 times.

Biggerpockets Logo Post: Architect Looking for PML to Add Units to MFH

Biggerpockets Logo Post: [Calc Review] Help me analyze this deal

Biggerpockets Logo Post: [Calc Review] Help me analyze this deal

Biggerpockets Logo Post: Need a great lender for 10+ unit refinance!

Biggerpockets Logo Post: Need a great lender for 10+ unit refinance!

Biggerpockets Logo Post: Got an amazing deal under contract that has cash on cash returns of over 20%

Biggerpockets Logo Post: Two turn-key rentals for sale

Post: Architect Looking for PML to Add Units to MFH

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal

Post: Need a great lender for 10+ unit refinance!

Post: Need a great lender for 10+ unit refinance!

Post: Got an amazing deal under contract that has cash on cash returns of over 20%

Post: Two turn-key rentals for sale