All Forum Posts by: Stephen Chaney

@Hai Loc great! Thank you for the information!

@Kelsey Teague yes, exactly what @Stephen Herbert said.

I went to my personal bank, as bob suggested. As far as the relationship goes, pay your bills on time or early. Be prepared. I brought a small folder with all the numbers, pictures and my plans for my first building. I actually keep in touch with my broker via email and let him know if I’m currently viewing other properties so he’s aware he may be seeing me soon. He also follows my IG and watches the renovations unfold.

A hospitality motel has gone up for sale near me. 9 units of around 550sq ft each and an 1800 sq ft office space.  Has anyone converted one of these to efficiency rentals? Will the property type need to be changed legally? What kind of issues might I run into?

Welcome to BP! Good luck up in Naperville from down south!

Welcome to BP @Colin Graveen! I'm a newbie myself! Congrats on taking your first steps!

@George Skidis I'm investing close to you in and around the Highland area. Do you know of any local meet ups near us? I'd love to connect with other investors in the area.

Good Luck! @Artie Shau. My first investment is located across the river, about 35 minutes east of St.Louis in Highland, IL. I know of someone house hacking over here in the Alton area. Big 4 bedroom 2 and half bath. She put adds out looking for roommates before she purchased her house. I think it's an amazing idea. I wish you the best of luck.

@Thomas Powers I'd definitely be interested in a St.Louis area meet up.

I’ve recently purchased a 6-unit building. This Saturday I’m heading out to look at another 4 unit property. I’ve been watching it for awhile and crunching numbers and I definitely would like to buy it. Here’s my dilemma, a buddy of mine has offered to partner up on this deal, and supply the down payment. He’s looking to get into investing. However I don’t need his partnership in this deal. With the money he’s wanting to put down, he could buy the building alone. The good person in me wants to help him start investing solo, the business side wants to use his partnership or buy alone.

Should I

A) continue with buying the building alone

B) offer to partner as to not miss out on any future opportunities together

C) inform him he could actually invest in this building solo, easily in-fact using FHA and house hacking

When you refinance a home you replace your old loan with a new loan. The bank will lend you (depending on the bank) 70-90% loan to value. If you borrowed 80k and the building is now worth 120k, and cash out refinance at 80% Loan to value your new loan amount would be 96,000. If they do 90% your new loan would be 102,000

90% LTV = 102,000 - 80,000 = 22,000

80% LTV = 96,000 - 80,000 = 16,000 cash out.'

I hope this helps, I know this stuff can be confusing at first. You're thinking is on the right track though.

Thank you very much @Jill DeWit.