All Forum Posts by: Thomas Nance

I’m primarily a multi family but non-commercial landlord/investor. Here on the outskirts of Charlotte, I’m seeing the signs of a downturn in our market and am curious how rents are affected by downturns.

I started in 2016 and have 51 doors. Most of these have been rehabbed and marked up ~20%. Some of these are going to turn soon due to various reasons.

I’m wanting to see others response to increasing rent numbers after rehabs in downturns. I’d like to keep on topic, but I’m also curious if the current economic state due to unemployment will play a role in your response.

Thanks

I invite you to join me at a local group to chat, eat, drink and talk about Properties! Multi-family, Single Family, Apartments, Wholesales, Notes, Rehab Stories, etc

Checkout the meetup and RSVP

Awesome! Thank you Chris.

I'm currently in the Charlotte area. I’m fond of the local meeting spot (McDonalds coffee, Longhorn, etc) but can’t find one that is good nearby for me. My question is, is there a regulation on REIA meetings? Can I just start one up or does it have to be approved by someone? Thanks in advance Thomas

Is there a local local real estate investment group meeting in or near Mt Holly NC? If so, when and where? If there is not, and anyone is interested, I would love to start one up. Thanks 

That does clear up some things with the wording. I do stay with small to mid-sized banks, but (just around here) the appetite is just not there. I will take your suggestion to approach the conversation differently, and perhaps they'll bite. 

Thanks

@Melvin They say that the bank is not giving loans for business. I guess since my properties are under my LLC, it puts me in a different class? I have 2 personal mortgages through mortgage brokers. One is at 2.85 and the other is at 3.75 which is great, and I want to do the same thing for my properties under my LLC. Everytime I stop by, they tell me the same thing "No loans". Am I missing something? I feel like it should be the same process as my personal properties..

I have been doing the Brrr strategy for over a year and have about 12 units. All are under my LLC's name and are currently a interest only loan. It helps with Cash Flow, but I want to start gaining some principle.

The obvious decision is to get a conventional mortgage, reduce my, rate, and gain principle. I'm having one problem.. No banks will do this.

I've went to several local banks and spoke with them about the loans availability to no avail. 

Is there anyone in the biggerpockets community that know of a bank that is giving loans for rentals?

Thanks

Welcome to BP. This a wonderful site for education and tools.

Use a portfolio to do the talking. Just like you would a bank.