All Forum Posts by: Todd Olivas

Well, guys.  We'll have to postpone that beer.  :( I'm not coming to Huntsville, AL after all.  I have backed out of my deal to purchase a 12-unit property in Decatur, AL. 

Six banks have either told me no or given me such unfavorable terms that it would kill my cashflow. The reasons go like this:

• I live out of foot print. (I'm a California investor.)
• This deal is out of foot print.
• The max amortization they can do is 20% (I need 25% to make the numbers work for me.)
• I would have to create an Alabama LLC and bank with them. (Not a deal breaker if the terms were right. They weren't.)
• They need 30% down payment. (Which kills my numbers.)
• The T12 numbers were iffy even though the building is 100% occupied currently and future proformas looked good.
• There is a new construction happening nearby - 335 unit large apartment complex coming online in Aug 2018.

Nobody said out-of-state investing was easy, LOL.  On to the next deal!

Cheers

Greetings, BP!

I am researching the MF market in Huntsville, AL and meeting with my broker to view some properties in both Huntsville and Decatur, but would love to meet up with any locals who care to discuss your awesome area.  Let me buy you a beer!

Sunday Mar 11 
Monday Mar 12 
Tuesday Mar 13

Thanks!

I booked my trip!  Looking forward to seeing you again, @Joe Fairless and meeting all the attendees!  

1. I'd love a topic about finding lenders who have products for OOS investors in MF deals greater than 4 units. 

2. Is anyone else switching hotels from the ART to the Le Meridian?   

@Cornelius Garland - you have given great value to this community with your generosity on this post, man.  May you have a HUGE 2018, my friend!

@John Leavelle - Woah, thanks for taking the time write all those details on the BRRRR strategy. Much appreciated :)

Hello, can you send me more details about this property?  [email protected]  Thank you!

Congrats on a great concept and website! Does the Deal Alerts feature only include SFR or MF as well?

Anybody got any good leads on quality and reliable GCs in the St. Louis, MO area?  

Specifically, I'm looking to do a multifamily rehab in South City.  This is a complete gut in a C neighborhood that simply needs to be rent-ready, not necessarily the Taj Mahal when complete.

Thank you!!

Hey, man.  

1. I think this is a good plan. Even after you move out and are able to gross, say, $1300/mo it still could cashflow decently.  In the meantime, doing the house hacking thing will really get you familiar with the property's actual expenses (as opposed to the pro forma projected expenses), train you on PM-ing and better inform you for your next deal.  

2. Looks like the taxes were reduced from 2016, so that' good!  From $921.50 to $883.70.  https://www.stlouis-mo.gov/data/address-search/index.cfm

3. Lastly, I would shop around on that insurance quote.  My guy seems to be very competitive.  Wouldn't hurt to get a quote: 

Good luck!