All Forum Posts by: Stephanie Foster

Hello! I have a 1031 exchange on a property I am selling next week that is roughly around $110k. I am looking for recommendations for lenders that will do a cash out refi on a portfolio property. I recently found a portfolio property here in the Charlotte area. It is 12 SFR on one lot (3 acres roughly) currently gross rents are $53k a year with one vacant. The purchase price is $370k. I am planning to utilize hard money to roll in $200k (plus the remainder to purchase it) to completely revamp the exterior of all units and renovate 9 of them. With the renovations, the projected rents will be $93,600. The cap rate will stay at 12.4% with our cash on cash increasing from 22.6% to 34.7%. If you value this property with a 10% cap rate with $78,9884 operating income, it puts the value at $789,840. I will have more than 25% equity in the property prior to refinancing. Has anyone ever used lenders in the North Carolina area that will do a cash out refinance on a portfolio loan?

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We are looking to connect with other investors, real estate agents, and recommendations for contacts! We are moving from Anchorage and have experience with buy and holds, flips, and rentals. We would love to chat and learn more about the area!

Hello!

My mortgage broker that I have worked with in the past told me that I needed to wait a year to get my property refinanced out of my FHA loan. I did a 203k loan and put $140k into the property and pretty sure I have at least 20% equity in it and want to get out of my PMI. Long story short, I was under contract for 6 months and pretty sure my appraisal came back Fall 2016... so if my apprasial is over a year old, do I still have to wait three more months to refinance?

I am really not that impatient, I just have other strageties up my sleeve that I am trying to execute and this is holding me from moving forward! Any information or guidelines within loans would be helpful!

@Jared Reutter I think we definitely have some options. Just need to work out a long transition..

@Douglas Larson- If you have a brother named Dillon I may know him from Colorado!

I definitely appreciate the recommendations, especially for the real estate meetings and groups. We are involved up here and would need to network quickly to maintain our growth that we are planning for the next year.  Do you guys consider the city taxes? Luckily here in Alaska we do not have state income tax and low city taxes in different areas. 

@Ryan E. I see that you are in Idaho which isn't far from SLC, how are rentals and/or flips in that market?  We are projected to do 8 flips this year and doubled our units in one year so I imagine we could consider expanding in the area. 

Thanks @Eric Gardiner!  The plan is to just put our money into multi's prior to us fully moving versus buying more up here.  We will still end up with properties this way but will work out a management deal. 

@Brandon Norlund Thanks for the info on the schools.  Helps when we decide to buy our property that we decide to settle.  Don't have kids just yet- but that is the plan!

Awesome thank you Scott! I see that condo's and  townhouses have had a substantial growth- it isn't a market that I have touched yet, is that a big focus for this area?

Hello everyone!

My boyfriend and I are real estate investors in Anchorage and looking to relocate to Utah.  We currently own and manage 11 rental units, have done a few wholesale deals, and flipping. Realistically I do not want to live in Alaska forever and are projecting a fast growth next year and if we are going to relocate- now is the time to do it. Our ideal market is to buy and hold, but we are flipping to gain momentum and cash.  I would like to connect with other investors to network the area.  Ideally I want to live in Ogden or north SLC, but we can commute to make our deals.  Any recommendations of areas to focus on- what is growing in rental markets, where are the distressed areas? 

We are planning way ahead- but are hoping to move by 2018 summer. I will commute back and forth to start analyzing deals and getting a feel for the market. I also have an FHA loan option come the beginning of the year so we may get our first purchase in the spring and utilize it as a starting ground to move from.

Amy Paradis we should connect. There are lots of options for investors here in Anchorage. Send me a message and I'll get you my contact information!