All Forum Posts by: Ashley Pimsner

@Ben Feder yes you can.

I recently did a 1031 from condo to small apartment building.

A few things to consider, make sure Title from relinquished SFH And Title into MF is "like kind" otherwise you invalidate the 1031 exchange.

Secondly make sure you use a good qualified intermediary.

I used Exeter and was happy with their service.

http://www.exeter1031.com/hold...

@Lauren Speidel

Happy hunting.

@Aaron Kovac welcome to BP.

if you want to break into multi-family here are a few good resources to get started in no particular order.

1-BP podcasts listen to them all 350+

2- Read Multifamily Millions by Dave Lindahl 

3- Dive into content/ podcasts provided by Joe Fairless and Michael Blank.

4-Listen to Brandon Turner's webinars on BP about how to underwrite rental properties-learn the numbers as this should be fairly easy as you are an LO.

5- Find prospective multifamily properties online thru MLS, Zillow, Redfin etc. and use BP calculators to practice underwriting deals.

6-Find an experienced mentor in your area that specializes in multi-family and find how you can add value to his business.

Best wishes as I feel multi-family best way to build wealth.

@Shane Craig 

In my opinion since this is 4 units or less it would be considered a mixed use property, but  because of loan size it might be easier to get a portfolio loan from a small local bank or credit union.

Many posts are commenting on appraised value and improvements etc., but an overlooked point is the NOI or net operating income and DCR or debt coverage ratio the building produces?

These are akin to your gross personal income and dti or debt to income ratio for a conventional loan.

Make sure to have leases and be able to document the income for all 4 units.

Do you pay yourself rent in the 2nd commercial space you use as a Realtor office or do you have an idea of what it rent for?

The income is another key component for the appraisal, so make sure you can prove it.

You don't necessarily need a commercial loan-just a local portfolio lender like a small community bank or credit union that may underwrite loan more like a commercial loan, which is the reason I have stressed the need for buildings documented income.

Just my 2 cents.

@ Marcony Simoes,

I think you might be better served looking for portfolio lenders in your area.

These portfolio loans/lenders for LLC's in your market can be found in the form of small local banks or credit unions.

Hope this gives you some direction.

@Brad Martin, I have seen random posts and videos of Phil's over the years which seem favorable-how has his coaching added value to your business?

Please be specific with regards to your actions and deals.

Thanks

Ashley

I non renewed an inherited tenant and gave them a notice 2 months in advance so they had plenty of time to find a new place.

When they had not moved at end of lease,  I fell for the excuse that she was working full time and was having difficulties setting up appointments to view new apartments.

I gave her a 10 day notice and asked why she hadn't deposited the next months rent- her response was how do you expect me to pay rent when I need a security deposit and first months tent for new apartment??

I sent her a letter giving her two payment options for past due rent and that didn't work.

Judgement filed for non payment and that still didn't work, so I then filed paperwork to garnish wages.

You can run but you can't hide.

@Robert Hernandez i have turned over 4 units on South side of Chicago 60620 in last 3 months, both market and section 8 tenants with no vacancies.

I used rentlinx and zillow market place, but got way more inquiries thru rentlinx.

Be very proactive when faced with evictions, non-renewals, and vacancies as these not only kill bottom line, but in the commercial world may drop your dcr so that you are unable to refi when balloon is up.

Best wishes

@Sean Graham place an address into www.spotcrime.com and see for yourself.

https://www.chicagotribune.com...

The article is older but gives you an basic idea.