All Forum Posts by: Adam Craig

I have banked with Chase for most of my left. 4 checking accounts, 3 credit cards, 1 line of credit all under one roof is nice.

I do have lines of credit with 3 other banks but I dont keep deposits with them.

In attempting to refinance my commercial office building, one of the bankers said they would have more lending flexibility if I had my accounts with them. I still dont understand how that is any different than providing my chase bank statements. Are they really going to look at me safer if my 100k+ cash reserves were with them instead of Chase?

So is it worth it to make the switch to a small bank in hopes they can help me now and in the future on commercial loans?

I am looking to get pre-approved for a 450K loan on a 525K house we want to put an offer on. We plan to put 50-75K down but can put more down if needed, we just dont want to :)

In my view, we are taking in at least 20K+/month between 3 businesses and very little debt. I just dont know what we can get approved for because our tax returns dont reflect this partly because of a huge amount of depreciation and expense write offs from doing BRRRR on 37 rentals.

Excellent credit, strong cash reserves, 140K equity in our home. 1.5mil equity in rentals.

We certainly feel we can afford the payment we just need a lender who can look at the numbers behind the numbers.

We are located in Ohio. Please contact me if you think you can lend.

We are looking to move our family into a neighboring city in the next year. Purchase price 400-500K.

With rates as low as they are I would love to do a conventional mortgage and fiance as much as they allow to keep cash in house and we can afford the payment. After sending my returns to a broker I worked with in the past, they are only coming up with 6100/month income which is just not the case. The low number is mostly due to large real estate write offs from years of BRRRR investing.

My tax returns are 72 pages long so I am wondering if different lenders will come up with different numbers. I have a rental business (36 rentals), flipping business, internet retail business, and my wife has her real estate licence and buys/sells our properties. Because my wife is now a "real estate professional" I am able to apply all the real estate "losses" to the internet business. This great on the tax side but has hurt my ability to get the loan we need.

I could sell some high equity rentals and come up with 200K down but I would hate to do that when I can borrow at such low rates.

Are there any known lenders who offer higher limits? 

 It would be a stretch but not impossible. Are SBA easier to get right now?

 I spoke with a commercial appraiser in the area and he said 8 cap.

I just filled my 6 unit office building that I purchased vacant in October 2019, rehabbed and rented. Its bringing in $5200/month in rents and I am looking to get my lenders paid back.

What is the market right now for this type of deal. I have 3 commercial bankers I have worked with on the single family side that I plan to run this past. The one I sent my loan request packet to said they could offer about 275K on the loan when I was looking for 320K and my loan balance is 305K. He said this was due to the climate.

Based on my figures of (NOI/CAP) - the building is worth 425-450K so I didn't think getting 320 was too unreasonable. I am going to sharpen up my request packet and contact more lenders.

What should I expect? Bad time to refinance?

Thank you I will !

I just filled my 6 unit office building that I purchased vacant in October 2019, rehabbed and rented. Its bringing in $5200/month in rents and I am looking to get my lenders paid back.

What is the market right now for this type of deal. I have 3 commercial bankers I have worked with on the single family side that I plan to runt this past. The one I sent my loan request packet to said they could offer about 275K on the loan when I was looking for 320K and my loan balance is 305K. He said this was due to the climate.

Based on my figures of (NOI/CAP) - the building is worth 425-450K so I didn't think getting 320 was too unreasonable. I am going to sharpen up my request packet and contact more lenders.

What should I expect? Bad time to refinance? 

I am asking this question as if we are in normal times - not the covid world we are living in now because we are being more flexible during this time...

We charge $25 late fee is rent is not received by the 3rd and 10/day until the 10th when we post a 3 day notice.

Many times if tenants contact us we will work with them to charge minimal fees. I feel this has become problematic with a coupel tenants who are now late every month and only pay $25 late fee.

If someone lets you know ahead of time why they are going to be late - do you apply full late fee amounts?

I just hate the idea of someone who is scraping by now has to come up with upwards of $100 in late fees.

I have an internet business, rental property business, and flipping business. I received my tax returns yesterday which were 96 pages long - they get longer every year. I should be more informed about how my taxes are calculated but every time I look through them I scratch my head and thank god I am not an accountant.

I used to pay through the roof in income tax when I was just doing my internet retail business. But I now have 30+ rentals and my wife got her real estate licence to help buy/sell our investments - we are able to apply real estate losses to my internet business since she now have a real estate professional designation.

I am trying to explain to my wife how we are doing well but when she sees a lower and lower number on our AGI - she becomes concerned.

I am a BRRRR investor so my depreciation expense for each property is big since I spend 30-60K rehabbing most properties.

Are there more of you guys out there who can comment on feeling like they are doing well but the tax returns show low income? Possibly explain it in a way I can explain it to her :)

I am going to have a sit down with her and my CPA but wanted to start on BP first.