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Started By
Message
re: Real Estate Investing......... New update pg 7
Posted on 10/13/15 at 4:48 pm to TigerRob20
Posted on 10/13/15 at 4:48 pm to TigerRob20
quote:
Trulia
I haven't used them yet. Pretty easy set up? I have looked on there to look at properties but I have not signed up.
1
Posted on 10/13/15 at 4:50 pm to stevengtiger
Yes, it was just about as easy as creating a craigslist ad. All of the inquires I have had were quality tenants, and I ended up renting to a young family.
This post was edited on 10/13/15 at 4:51 pm
Posted on 10/13/15 at 4:54 pm to TigerRob20
what site are you using for the credit / background checks?
Posted on 11/5/15 at 9:16 am to Chris4x4gill2
BUMP
Just found our next house. Spec's below.
Corner lot home with huge front yard and circle driveway.
1,294 sqft
3 bedrooms 1.5 baths
Original asking $109,000 (reduced to $99,000 after 60 days on market)
Offered $90,000 and he took it (we are paying closing around 3%)
House already has a tenant paying $1,100/month and wants to stay. We could probably get around $1,200/month for it with little work once he leaves. Inspection went well yesterday. All major items (HVAC, electrical systems, roofing, structural) were all in good shape. May need a roof in 5 or so years but for the price we are getting in at, this is of little concern. This will be the third rental and fourth overall property that we will have bought since I started this thread.
The mobile home that we purchased and decided to flip should be closed on in late November.
Again, I'll stop bumping if there is no interest.
Just found our next house. Spec's below.
Corner lot home with huge front yard and circle driveway.
1,294 sqft
3 bedrooms 1.5 baths
Original asking $109,000 (reduced to $99,000 after 60 days on market)
Offered $90,000 and he took it (we are paying closing around 3%)
House already has a tenant paying $1,100/month and wants to stay. We could probably get around $1,200/month for it with little work once he leaves. Inspection went well yesterday. All major items (HVAC, electrical systems, roofing, structural) were all in good shape. May need a roof in 5 or so years but for the price we are getting in at, this is of little concern. This will be the third rental and fourth overall property that we will have bought since I started this thread.
The mobile home that we purchased and decided to flip should be closed on in late November.
Again, I'll stop bumping if there is no interest.
Posted on 11/5/15 at 9:37 am to stevengtiger
Good for you. What loan terms are you getting?
How are you calculating your rate of return on this?
How are you calculating your rate of return on this?
Posted on 11/5/15 at 9:49 am to stevengtiger
keep bumping, i enjoy reading the updates.
Posted on 11/5/15 at 9:53 am to I Love Bama
quote:
What loan terms are you getting?
I am acutally meeting with our banker this afternoon to get figure out how to proceed with this one. One the first two, we got 15 year at 4.75% after putting down 20%. On the third property (mobile home), we used a credit line loan as we couldn't get a conventional loan until we got the work finished. On this one, we may use a line of credit to purchase then roll into 15 year fixed once everything is done.
quote:
How are you calculating your rate of return on this?
I have been using an excel sheet that I created to keep up with and calculate everything else. I haven't really gone as far as to come up with a rate of return percentage wise. I guess it wouldn't be hard to calculate with my spread sheet. Our goals are to pay off the properties in 10 year or less and right now we are on track.
Posted on 11/5/15 at 11:34 am to stevengtiger
quote:
we got 15 year at 4.75% after putting down 20%.
meh. You should have gotten a lower interest rate on a 15.
regardless, hope your cap rate and cash on cash return are still very good.
Posted on 11/6/15 at 8:46 am to Fat Bastard
quote:
meh. You should have gotten a lower interest rate on a 15.
On a commercial loan? I consider us pretty lucky to get anything fixed with rental properties. Most of the people I talk to get 5/1 15 year loans. Those rates are lower but not fixed.
Posted on 11/6/15 at 9:06 am to stevengtiger
quote:
commercial loan? I consider us pretty lucky to get anything fixed with rental properties. Most of the people I talk to get 5/1 15 year loans. Those rates are lower but not fixed.
my investors pay about .5 higher than daily rate on investment properties. All fixed terms. Anyone telling you you're lucky to get a fixed product is blowing smoke.
Posted on 11/6/15 at 9:27 am to ItNeverRains
quote:
Anyone telling you you're lucky to get a fixed product is blowing smoke.
Are these properties new? I was told we could get slightly better terms on newer properties but most of the homes were are buying were built 1960-1970's.
Posted on 11/6/15 at 2:53 pm to stevengtiger
quote:
On a commercial loan?
was thinking residential non-owner occupied. thanks for clarifying
quote:
I consider us pretty lucky to get anything fixed with rental properties.
sorry that's just completely wrong
quote:
Those rates are lower but not fixed.
wow
Posted on 11/6/15 at 2:54 pm to ItNeverRains
quote:
Anyone telling you you're lucky to get a fixed product is blowing smoke.
bingo
Posted on 11/7/15 at 7:33 am to stevengtiger
quote:
Are these properties new? I was told we could get slightly better terms on newer properties but most of the homes were are buying were built 1960-1970's.
No, They've only bought a few condos new. Everything else existing construction. But they are not going with a commercial lender either. Commercial is ALWAYS more expensive all things being equal. I think you need to talk to someone else if you're buying residential properties through a commercial lender.
Posted on 11/7/15 at 5:04 pm to Chris4x4gill2
I use tenantbackgroundsearch.com
Posted on 11/8/15 at 8:08 pm to bobaftt1212
4.75% isn't a bad rate for commercial. Lowest I could get was 4.25% but most were around 5% on 15 year.
I went through a very small local bank and got 4.9%, 5 year fixed but amortized over 30 yrs. makes cash flow very nice. I have more than 4 loans so have to go commercial route
I went through a very small local bank and got 4.9%, 5 year fixed but amortized over 30 yrs. makes cash flow very nice. I have more than 4 loans so have to go commercial route
Posted on 11/9/15 at 8:33 am to ItNeverRains
quote:
They've only bought a few condos new
This is good information. Thank yall!
I am still happy banking where we are but I will definitely shop around on our next one.
quote:
I think you need to talk to someone else if you're buying residential properties through a commercial lender.
We are using Bancorp South. We are purchasing the properties with our LLC.
This post was edited on 11/9/15 at 8:37 am
Posted on 11/9/15 at 1:39 pm to stevengtiger
don't they say to buy personal, but then transfer to the LLC ?
Posted on 11/10/15 at 12:17 pm to Zilla
quote:
don't they say to buy personal, but then transfer to the LLC ?
I think he said no before. He wouldn't have to worry about transferring using a quit claim deed to his llc since this is not a residential but commercial loan. Should be under his LLC from the get go if I understood his comments correctly before.
Posted on 11/10/15 at 1:51 pm to Fat Bastard
quote:
Should be under his LLC from the get go if I understood his comments correctly before.
This is correct. We have bought everything in the name of the LLC from the first property.
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