All Forum Posts by: Andrew Ramler

Great ideas Brandon, a lot of the commercial lending stuff goes over my head. This is helpful stuff.

Thank you everyone for all the help! I am going to see it the seller is open to 100% owner finance, if he is I think I can make this deal work with the capital I have now. By the why Jon Holdman, as I understand it talking with the banks, a commercial loan is mainly looking at the income of the property, not my income. Also they will use amortization of 25 years.

Thank you Bill Gulley and Jon Holdman . These are very good thoughts. Unfortunately I cannot seem to find a bank that will allow me to do a line of credit or 2nd lien on my Fourplex because I have not owned it a year, most of them will not do fourplex liens at all. I thought about doing a refi, but I am currently locked into a 3.5% interest rate. Are there any other ways to get cash out of my fourplex?

Michael,

Thank you for your response. The seller has personal reasons to sell, kinda a long story, but it is a good reason. Sounds like my original idea will not work. Do you have any other creative ideas of how to close it, keep in mind the Seller is open to being out side of the box.

Thanks,

Andrew

Hello BP! I am new and hope I am posting this in the correct area. I found a 7 unit hip pocket deal. It is in a really great area but needs work. Price is 275k and units will rent for $1000 with some TLC. So the cash flow is real good.
My questions is can I go get a commercial loan and a rehab loan and have the current owner owner-finance the 20% down? So basically current owner has 20% equity and back has 80% and I will slowly pay both parties. The owner said he would owner Finance the whole thing, but I will need a chunk of money to do rehab.
Here are some other things you may need to know about me. My wife and I purchased a 4 unit complex in January, 2013 that we are owner occupying. We have done a substantial amount of work on it and have 40% equity in the property total value $300K. Our combined incomes are close to 90k a year. I open to new ideas on this deal.

Hey Bryce! I trust you are enjoying your 4plex. I also just(jan) closed on a 4plex in Dallas that I am living in and self managing. I would like to hear more about your place and what you are finding to work well. Just joined BiggerPockets and still figuring out how it work...