All Forum Posts by: Tory Brown

 Alex! Thank you for the comment! I am super excited to really start building this business. I read your profile and I love what you are doing, so glad that you found a demand that needed to be met during the pandemic. I also am an Air Force veteran and I’d love to hear more about your story!

Cheers!

-Tory

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $370,000

Made a huge level up in my portfolio and career with this one. When I assumed this property, the gross monthly rents were $3000. With a $200 increase per unit I’m already at $4000 with plans to individually update and furnish each unit. Plan is to rent through furnished finder to traveling nurses. Wildly huge need for furnished properties in Great Falls. Once all units are updated and furnished rental income should gross in the $7k-$8k/month range.

What made you interested in investing in this type of deal?

Trying to get more units/cash flow under my belt.

How did you finance this deal?

Commercial financing.

Hey Alyssa!

Good for you! I'd love to chat more about what you are getting into! It's been so long! I just sold the house that I owned in Great Falls and 1031-d the funds into a 5-plex not too far away! Excited for this next chapter!

How have you been?

Hi Ryan, I am looking into a different 5-plex in Great Falls, Montana and I am about to put my SFH on the market so I can 1031 into a multi-family property. Wondering if you would still like to chat about alternative financing options as I am going to have to finance the difference that the 1031 does not cover.

Hope to hear from you,

-Tory

@Mason Hickman Thanks for the reply!

I am intending to invest in the four plex as a long term hold while updating each unit as a tenant moves out. I do have one interested investor who wants to retain some sort of stake for the life of the property but is willing to provide just the down payment so I can get financing. Just not sure how the bank will take it or whether I should be as clear as possible about having a private party lend money.

Anyway thanks for your help mason!

-Tory

Hello all BP-ers!

I am currently under contract on a 4-plex in the Butte, Montana area and I am beginning to consider hard money lending as an option. I tried to undergo the HELOC process on a different rental property that I have in order to pull some equity out and use for the down payment. Today I just received the news that my debt-to-income ratio is just over 40%, therefore the bank is unwilling to provide a HELOC. I don't have any credit card debt but I do currently have 2 mortgages that I am making payments on and that is the main reason why my DTI is over the allowable limit. I might try the route of cash-out refinancing in order to get the funds for the down payment but I am worried that that might not work out as well.

My question: If I find a good hard-money lending deal and am able to get the cash for the down payment, I am wondering how to tell the bank that I now have the funds to support the down payment? Will they be weary of lending to me because they are going to think that it is a "gift" and therefore won't lend to me? How would you let the bank know that you can move forward with the deal without letting on that you received the down payment funds from a third party?

Thank you all for your help in advance!

-Tory

Windows!

@Michael Rutkowski hmm I’m not seeing the DM. Maybe I need to update the app or something

@Michael Rutkowski sounds great. I completely understand the competition you’re facing as the area is growing so fast in all directions. Would definitely like to sit down and chat whenever you have time. Is there a good number I could reach you at?

Thanks,

Tory

Hi Michael,

Thanks again for your insight as I work towards getting this 4-plex up and running. It’s going to be a pretty big leap of faith but I’ve put in the legwork to make this thing a success.

I would love to opportunity to chat if you have time. I am currently a UPS driver to fund my real estate endeavors and I usually get off around 6:30-7. Not sure if you would have time during the week or if a weekend might be better.

I’m curious about what you were mentioning with tracking statistics on guests for your STRs. That sounds like a valuable thing to have when evaluating how your properties can be improved upon. I have been looking for different career opportunities into the real estate world so that I can link my everyday job with my lifelong goals and aspirations. Wondering if a job opportunity might be available with your company?

Thanks again,

Tory