All Forum Posts by: Alex Stariha

Does anyone have any advice for entering into a land contract? I have an opportunity to purchase a fourplex Residential Building for around 400,000. The cellar is wary of selling out right due to large tax burden and we both suggested a possible land contract. What would be a fair interest rate in today's market? And how long do land contracts normally go out for in terms? Any other advice would be greatly appreciated.

@Keith Weigand

Keith can you in a down and dirty way maybe give me a comparison of propertyzar vs Buildium Vs simplifyem(If you know simplifyem)?

@Neal Collins @Laticia Braxton @Andrew Kerr Thanks a lot to all three of you. I have been looking at Buildium pretty closely but the monthly fee does scare me a little bit! In all honesty though i think it may be my best option being as i plan to scale and get close to 30-40 properties by the end of 2018. I looked at Appfolio as well but the minimum is 50 units so not there yet.  

@Ryan Delauz Good point on the extra fees... Has anyone gotten nickel and dimed to death with fees? I feel my largest use will be online rent collection as well as tenant screening. What are your thoughts?

Hi Everyone,

I am looking for some guidance from people who have experience with rental management software. Today I am only managing my own property 15 units but will continue to grow that number. It seems like there are a lot of choices out there so I am looking for anything that can help me navigate making a decision. 

Thanks, 

Alex Stariha

Yeah I e spoken to a few lenders that I have cold called today. Fannie and Freddie won’t work in this situation because the loan amount is to small. Loan amount needs to be at minimum $750,000.00 the further I dive down this hole the more it seems like traditional 25% down will be mot only option with a 5 year arm.

LVP I feel is the way to go. I have it in all of my units and its been great. A lot of times you pay a little more upfront for a good product but outside of a resident setting a fire on it its pretty indestructible. 

I have an unique deal in the works. Its for a total of 21 units but it consists of 4- 4 unit buildings and 1-5 unit building. They are all consecutive but have separate tax parcels. 

My question is has anyone dealt with the Fannie Mae Multifamily small loan program and one step deeper the fannie mae scattered sites?

The reason I ask is because in this program it says you can get a loan ranging from $750,000.00-$5,000,000.00 non recourse ranging from 5-15 year fixed amortized over 30 years. It seems like a much better deal than conventional lending if you and the building qualify. 

Hello everyone,

I have historically been dealing only in 4 unit and under sized buildings which has allowed me to work with traditional residential financing. I am now ready and currently getting ready to offer on a 16 unit building near Chicago. The problem is I have worked exclusively with 5/3 bank and they do not do commercial investment property financing. Does anyone have any experience or guidance with bank in the Chicagoland area that can work with me on commercial sized residential property financing? 

Thank you,

Alex

Hi everyone, I have historically been dealing only in 4 unit and under sized buildings. I am now ready and currently getting ready to offer on a 16 unit building near chicago. The problem is I have worked exclusively with 5/3 bank and they do not do commercial investment properties. Does anyone have any idea/experience working with good hopefully more regionally sized bank in the Chicagoland area that can work with me on commercial sized resedential investments? Thank you! Alex

Hi everyone, I have historically been dealing only in 4 unit and under sized buildings. I am now ready and currently getting ready to offer on a 16 unit building near chicago. The problem is I have worked exclusively with 5/3 bank and they do not do commercial investment properties. Does anyone have any idea/experience working with good hopefully more regionally sized bank in the Chicagoland area that can work with me on commercial sized resedential investments? Thank you! Alex