All Forum Posts by: Anthony Jentsch

@Georgeanna Tracey Newmones Thanks for the insight. I will dm you !!!

Thanks @Jonathan greene will dm you. I appreciate it. 

Hi BP I'm looking at buying my first multi. Owned a few sfh rentals over the years and really looking to purchase larger multis. Looking mostly in South Jersey area. Ive Evaluated a few properties recently and made one offer. I was keeping my search to Camden, Burlington, and Gloucester Counties only because I'm from Burlington County and more familiar with those counties, but I am consistently seeing properties that fit my criteria in Atlantic City. I'm not familiar with the area other than there are pockets of not so desirable sections. I'm looking at specifically multi family properties for cash flow. Anyone familiar with AC and Multis specifically during these times. I can only assume times are a bit tough for some as the casino workers are not all back to work but, would love to hear someone on the ground there's thoughts.

Thanks

Anthony

Thanks @Timothy VanWingerden and @Kathy Henley. I was calling lenders today and found someone who knew exactly how to handle what I wanted to do and had access to multiple loan types to fit. She did say a lot of the loan types like DS loans are not available for her right now because of the pandemic but should be soon. It definitely pays to talk to multiple lenders until you find what you need.

HI BP. I'm in the process of talking to lenders for a loan for a MF investment property. I'm targeting 3-6 unit properties. I have a few that I will be looking deeper into as soon as I square away what I can get approved for. So my question is, will it be difficult to get a loan through a newly formed LLC? I formed the LLC a few months ago just for the purpose of purchasing and owning RE. I was just told by one lender they'll need 2 years tax returns, balance sheet, Inventory, etc. All items I would think an established business would need for a business loan not a loan for an investment property to be purchased. Ive owned sfh as investments over the years and always just purchased them under my name. No LLC. Would it be easier to get the loan under my name and once owned move it to the LLC or does it depend on the lender? I'm curious how others have handled this.

Hi BP, There is a house in my neighborhood that is vacant. The owner of record is an estate. The only address/contact I can find for the named estate is the property itself. Any recommendations for good service to locate the owner without subscribing to full blown annual or monthly contract?

@Jeff Greenberg and @Yavuz Bayram That brings up another question I have. As I get prepared to purchase my first comm property will lenders commit to some degree to lending you money without the specifics of the property. In other words when buying sfh I could get a letter of funds from the bank so the seller knows you have the funds and are serious. Do commercial lenders do something similar?

@Michael G. Thanks for all the info.

@Michael G. Thanks for the feedback. Much appreciated. Where is a good source or sources to find properties if not using an agent. I am currently using loopnet for my research but my fear is sites like such are like using realtor.com for sfh. By the time it hits these sites its either gone or not the best of deals. Are there other sites services an individual investor can use with some success?

I'm wondering what is the best approach when searching for commercial/multi-family units as investment properties in NJ. My experience has always been in sfh and always used my residential realtor for most deals. Is it best to use the same approach and use one person to assist in finding your deals or reach out yourself to sellers and selling agents?