Deal #5 baby!

This sounds like a great deal, well done. When you re-fi what kind of interest rate are you getting from the bank? Are they giving you 70 or 75% of LTV? I am shopping banks for the same thing and wanted to know what others are getting. Can't wait to read about the next one.

Cathy

I just re-fi'd my triplex last month into a commercial loan. I am in the process of doing commercial re-fi for a single family at the moment. To give you an idea the commercial rates are going to be higher than traditional. Mine were between 6.95-7.25%, one had a 20 yr amortizaion and the other 30 years, one is 5yr balloon and the other a 3yr, both with no early penalties, the LTV on both were 70%.

The last traditional re-fi was for 5.95% with 30 year amortization and an 80% LTV. Keep calling around to find the best fit. I seriously had to call 20+ when I had to get certain numbers on my first deal. Good luck, stay focused and possitive regardless of what you may hear from the lenders!

Take care,
Angie

Well I think even your commercial rate is good, considering I'm getting 7% on a 75% LTV 30yr ammortization with a 3-5yr ballon (can't remember which) Thats on a residential loan. I need to keep making more calls I guess. Are your banks in the Quad or FL?

Cathy

Congrats on number five That a great cashflow

It must be in Bettendorf? The executive rentals are a niche but, there is a demand for them because so few people buy them to rent in our area. Great job. Keep me posted on how it rents. I have been considering buying a few of them.

Congratulations on #5! Geat deal!

Lea
SPR Property Solutions, LLC

I'm really happy for & you're another great example of what happens when you keep pushing forward.

The banks are in the QC...like I mentioned keep looking but remember to give them "MOST" of your info w/o having to run a credit check...they can get you numbers based on what you know already. Plus, you can always tell this "this is what I have right now, I am looking for better, what can you do for me?" Good luck to you

Hey Matt,
It's actually in McClellan Heights (Davenport). I will keep you posted

Those are big, fat, kisses for all your kind words. Thank you and good luck on your investments!!!

Awesome Deal #5!!! You go girl!

great job!! way to keep taking action!! good luck on all your deals ,keep up the momentum .WAT TO GO ANGIE!!

Angie - that is awesome. So happy for you, and thanks for sharing the details. That is truly an amazing deal on the buy - and great work on the refi!

Way to go! I wanna be like you when I grow up... Seriously I get all my inspiration from you guys and your testimonials. Let's keep going forward.

You did it again Angie. Congrats on your 5th deal. It goes without saying, I am so happy for you. God Bless.

Sandra

Congratulations on Deal #5! Keep up the good work. Continued success and good luck on your future real estate deals. Believe and Achieve! - Joe

THAT'S AWESOME ON YOUR 5TH DEAL! I'M NEXT!

GOD BLESS,
SERENA

Thanks again for all the kind words and encouragement. I am glad my stories help to motivate as yours motivate me. I just got the closing date on #4 this morning. It's set for Weds. Contacted the water & elec/gas to turn everything on the following day. Then my property manager and crew can get in and start the repairs.

Now I'm waiting on the closing date for #5 and the date for my re-fi from the bank on #3. Whoo hoo! Thanks again and have an awesome weekend! Best, Angie

Hey Angie,
I am genuinely so proud of your success and want you to know that folks like me, stuck in neutral, thrive on successes shared among the "family". Awesome movin' and shakin'! I want to be your kind of busy, lady!

I'll be coming out of the shadows with something positive to share before too long.

I know you will! Stick to it and keep coming on here, especially when you need some extra encouragement or advice! Everyone on here is so giving!!! Good luck and lots of success to you!
Sincerely,
Angie

Truly inspirational! I have found a similar deal. FMV of $361,000, selling for $270,000. I would not be able to afford this mortgage payment (although it is my dream house and one day...hope to be able to afford with my investments) Here's my question...What if you are not able to rent right away and/or find that you are having trouble renting? Has your research proven that this house/rate is not a problem for execs? In other words, this area has a demand for executive rentals? I would think that the execs would just buy??? Please elaborate...
What does HELOC stand for? One other ?....When you re-fi, do you reinvest that money into your next property investment? Oh...promise, one more....you mentioned your property manager...is that your realtor and who do you have on your team to help you process these deals for smooth transaction. What $$$ have you negotiated for your realtor, atty, property manager etc.
I know the above is quite loaded, but I'm so close to jumping into my first deal. I have studied and read for over 1 year and I'm ready....just don't want to insult my "team players" but also don't want to be taken advantage of. Can you please share with us that info?
Thanks a billion as I'm sure your response to these questions will not only help my confidence in moving forward, but help many who are wondering the same.

Many thanks and God Bless,
Phoenx

By the way, I'm in the Hilton Head Island, SC area...so the exec rentals might be a grand idea for this area also!

Hi Phoenx,

Sorry about the delay in response. I just saw your post and questions. As a matter of fact I am having a bit of a problem with the "niche" executive market for this area. So I just had to change my statagy a bit. I am having my agent go to the house and do a CMA today. We are going to do a contract deed so I will get to play banker on this one and help someone out at the same time. It's a totally new strategy but Matt mentioned it to me. I then called my agent and got more info from her and my attorney. It will be a good fit for this situation.

Check with your local property manangement companies if you are unsure of how an executive rental will do. If they think it will be difficult than you can make your decision from there. HELOC is a home equity line of credit. This is something you can use as an ATM machine if you have any equity in your home. If you do call around to see who has the best rates and lock that bad boy up asap and use it. You can then pay cash for purchases, use it for a down or use for repairs. Once you have it fixed and rented you do a refi to pay yourself back. The Heloc is then freed up for you to use one more

I have negotiated prices with my attorney since he see's me as a long term client. As for all the other people on my team they only get paid when I get a new aquisition. If you get Dean's new book "YOUR TOWN" you will see my strategy in Chapter 8.

Please remember what ever "challenges" you have to face you need to look at them as "opportunites" and you will be fine!!! You will succeed as long as you take action and follow Dean's strategies and come to the DG site for inspiration and answers to your questions!!! Good luck girl

Sincerely,
Angie