All Forum Posts by: Blake Garcia

Is this long term or hard money? Interest and deal size?

If you loved a deal a month ago and you dont still love it you need to reconsider your underwriting. Its probably not a deal

Maybe your expectations were too high, hoping for appreciation, and already swimming in brrrrrrrrrr or sale money from a deal you havent yet closed.

I put in a backup offer this week that was basically identical to same offer, same property, I made contact with 6 months ago. Then it was basically laughed at. I am now back at bat with the same number from 6 months ago because the offer in front of me backed out. 

Im also closing a refi thats 45 days in. Long before the storm. I liked the offer as quoted 45 days ago and im still signing that exact loan within the next week.

If 0.25% makes or breaks your deal you dont have a deal. 

Yes things have changed in the short term but the sky isnt falling.

1st floor always rent better. Noise issues between floors are something to consider. People prefer a back porch or outdoor space. Ive never ran into number of units running people away as long as they have the personal space.

I believe anything over 4 generally has to be sprinkled for fire. 

So before this post dies has anyone actually found a bank that does this?? I have combed through the ghettos of the internet and have not found any bank that actually pulls directly to and from of a loan on a daily basis

Definitely keep a record of any text, calls, or statements. 

i reccomend using pics as move in and out inspection of the entire property. If for some reason a handrail or something does break or an issue arises you can show that it was properly maintained

Id suggest the higher cashflow if youre looking to grow to more doors. Either way will work. 1 is buying higher quality doors vs pure door count. Either way its a landlords market for the foreseeable future. Just dont overpay!

@Michael Lawrence

List of cap ex / major improvements. Hopefully by unit so you can verify walking the property.

Appraiser can use that to establish value since last appraisal.

Rent Roll including any balances owed.

If theres a monthly income statement but something doesnt add up verify with bank deposits from statement.

@Robert Smith

If theyre out and its in good shape get a new qualified tenant and consider if the rent can be increased.

Realize that at least they gave the warning and saved you months of expecting rent that wasnt coming.

@Isaac Bazek

Landlording on autopilot

@Ben Wallis

Nice! Im refinancing some apartments at 4.35. Beats the hell out of the original 6%. Im also increasing from a 20 year to 25 for cashflow. Its always easier to add extra principle payment than come up short on cashflow. Im shooting for about 4% for next deal.

Larger commercial has been easier for me than juggling multiple house loans. The refi process can actually be easier for commercial with a good lender.