All Forum Posts by: Timothy Swenton

@Ted Kontos

The BP calc is awesome

Honestly

@Renee Yarbrough

Nothing better than real life mistakes and learning. Seriously. It’s how our brains have been wired since we were making fires in caves.

I have a 4 Unit I bought seller financed back in januAry. On paper it looked great. But it’s been sort of a nightmare, still trying to get out a non paying tenant, hoarder got sick and left, cost me $4000 just to clean it out and the unit is trashed looking at another probably $5-10k to turn over. I really did not plan on spending all that cash, and losing all that cashflow. LOL nothing EVER goes as planned. But I know in the end it’ll work out and I’ll have either a great property , great experience, or both.

Just keep your head up and keep going. When it gets hard try listening to podcasts, books, YouTube’s , on people who have gone from nothing to something. They always help remind you that if you have grit you can make it no matter what happens

@Greg Gaudet

For some reason I never saw your reply I apologize!

Anyway the deal ended up falling through due to my lack of preparation, and being beat by a management company who had all cash to purchase! But a great learning experience...

@Frankie Woods

It’s amortized over 10 years. So my mortgage is significantly higher (cash flow less)

But maybe that’s worth the loan?

How would a HELOC work in this case I'll give some

More info below

4 unit Lewiston Maine.

3 , 2 bedrooms, 1 commercial space.

Purchase $155,000

So obvi seller financed $135,000 I put $20k down

Mortgage is $1366.81 monthly

With the way the market has grown here, and with the rents I am now getting and upgrading as we speak, current market value probably puts this place around $175-190k.

I bought this in

January.

@Amanda G.

Thanks Amanda. Yeah it is a pretty solid deal... just for cash flow my mortgage with them is 2.5 more than my commercial lender would probably be. I probably need to start realizing the benefits to equity growth in the property other than monthly cashflow

I have a four unit I bought seller financed. It’s a 10 year 4% note. Great sellers have helped and treated me well.

I’m in the process of some value adds. Won’t be much longer till done and stabilized.

I am thinking of either refi or some sort of line of credit on the property in order to cash out and purchase another sort of BRRR it.

The sellers would rather me not refi at least not yet as they do not want to get whacked

In taxes when I pay them off. (Nothing in paper work that says I can’t though)

Now I probably sound like a softy saying I’d rather be nice to them and hold off on a refi, so what are my other options? I assume something down the road of an equity line of credit on the property? Are those like going through a refi, I’ve yet to do one

Thank you!

Tim from

Maine

It has been a while but I am going to try to make this one! 

I am looking into buying 12 properties that make up 34 units.

I would have 2 partners (so three buyers total) and a hard/private money lender for the down payment.

My question is, what kind of loan do I need to look into? Blanket loan? Portfolio lending? Never envisioned something like this coming to frutition right now but the deal is too good not to pass up. How would one look into financing this ?

Thank you in advance!

-tim

@Shelby Guilford I’m in southern Maine. Message me when you have questions I’ll help you best I can. I have multi family propsrty in Lewiston currently. I think best place in southern maine for cashflow. Tim

Anyone have recommendation for property management companies in L/A area?