All Forum Posts by: Wil Reichard

Contemplating buying a place near Destin. Thinking of Freeport, niceville, crestview, etc.

I like Freeport overall and naturally I’m looking at rentals rates vs the cost of townhomes and single family homes. I’m noticing that rent rates are surprisingly high compared to the somewhat competitive and affordable housing pricing.

Single-family homes, some new construction are going for mid 300’s and rent is usually $2500 or higher.

Some townhomes are like $250,000 and rent is still $2000+.

Where I’m from, a $400,000 house would probably rent for about $2000 so I was pleasantly surprised to see how much more rent you can get per dollar, is this pretty standard or am I missing something about Freeport?

@Paul Halphen Not sure if it's any difference, but it would be a first lien position if I refinanced and paid off the seller from their note. 

Arn, good to hear from you. 

Yes, the property was rented at almost half of what market rent was. Tenant moved out and a new tenant moved in. Multiple offers over $700k when I listed it for rent as well.

I’ll reach out to her, thanks for pointing me in her direction.

@Elias Halvorson I didn’t know they hadn’t checked pay stubs before. Good to know, I’ll give it a try!

 Since I technically don't have income to show, I don't think that option will work although it's a great idea! I'll have to look into SOFI to see if there's another way around it though. Thanks for the feedback!

I have been struggling to find someone to refinance a fully tented industrial building of mine.

I was originally looking for a 75% loan to value. For a reasonable interest rate, knowing today’s markets. I’ve been told by many local banks and credit unions that they will not do the deal.

To put it simply, I’ve been told that I do not have enough skin in the game myself in order to cash out some equity.

We bought the seller financed with only a $30,000 down payment. There is an $80,000 assignment fee so we ended up paying a bit more but our only down payment towards the building looks to be 30k. We’ve put maybe 25k into the building since ownership (which was June 23’), but apparently it isn’t enough seasoning for thanks to want to cash me out.

Here are some of the details:

Purchased: June 2023

Size: 4,300 SF

location: Greenville, SC

Tenant: NNN lease, 3 year lease with renewal options that commenced in April 2024.

Tenant pays $6,200 total. $5,000 net after taxes and insurance Internet is responsible for maintenance.

Down payment: 30k

Value: $725k +

Current loan: $440k

I just wanna pull $50-$75,000 of equity out of the property without being killed on a really high interest rate. My interest rate right now is 6.25%.

My question is, should I give up looking for a lender or private lender who would finance this at a rate below or around 8%? Lastly, this loan would need to be heavily dependent on the actual property instead of my tax returns as I just quit my job a few months back to go full-time into Real Estate.

I have been struggling to find someone to refinance a fully tented industrial building of mine.

I was originally looking for a 75% loan to value. For a reasonable interest rate, knowing today’s markets. I’ve been told by many local banks and credit unions that they will not do the deal.

To put it simply, I’ve been told that I do not have enough skin in the game myself in order to cash out some equity.

We bought the seller financed with only a $30,000 down payment. There is an $80,000 assignment fee so we ended up paying a bit more but our only down payment towards the building looks to be 30k. We’ve put maybe 25k into the building since ownership (which was June 23’), but apparently it isn’t enough seasoning for thanks to want to cash me out.

Here are some of the details:

Purchased: June 2023

Tenant: NNN lease, 3 year lease with renewal options that commenced in April 2024.

Tenant pays $6,200 total. $5,000 net after taxes and insurance Internet is responsible for maintenance.

Down payment: 30k

Value: $725k +

Current loan: $440k

I just wanna pull $50-$75,000 of equity out of the property without being killed on a really high interest rate. My interest rate right now is 6.25%.

My question is, should I give up looking for a lender or private lender who would finance this at a rate below or around 8%? Lastly, this loan would need to be heavily dependent on the actual property instead of my tax returns as I just quit my job a few months back to go full-time into Real Estate.

@Gino Barbaro where do I go to read it?

I've never been disappointed 

@Camille K. That's what the site is for. I hope it helped!