All Forum Posts by: Bret Bordwell

This would be my 2nd commercial property to go along with a few residential properties I own.

The other commercial is a simple lease for a salon. I’m not involved in that business.

It falls into the category of: I’ve always wanted my own fast food…. I would be semi active.

The business goes with the building.

The price seems right, so I’m looking for the “First things first” rules, as this would be a total change up for me.

So, my questions

What form of Proof Of Previous Income is acceptable to request?

Should I ask the county for possible Grandfather items that disappear with change of ownership?

What should I not miss looking at before making the offer?

So far the replies have been what I expected, thank you. I never considered a user manual. I guess the manual makes sense with something like a boiler or other non-standard appliance.

What about light bulbs for permanent fixtures, or porch lights. I can see supplying batteries for smoke detectors. I am sure this is different for differing unit types, like porch
Ights in a multi unit property.

I like the reason for providing the HVAC filter, to give an excuse for a look see in the unit while you change the filter.

Two specific questions, but I hope this covers the general subject of what a landlord should provide.
For one, what about HVAC filters? I want my system kept clean, so should I provide filters for the HVAC?
Second, how much fuel in an oil heat system should I be sure is in system before I rent the property? How do I credit or get credit for fuel I provide while tenant gets situated?

Thanks. Looking forward to.your replies.

Agreed. The seller may not price correctly (happens all the time) and I notice this flaw. Too bad I can't capitalize on this by getting a LTV.

Thanks for all the feedback. Looks like no bank is doing LTV for the most part.

I disagree. Banks make loans on Loan To Cost (LTC). Obviously the value of the property must not exceed the cost.

If I could get the loan based on Value, then my 20% equity is already there, no need to come up with the cash.

Thanks for the feedback. This is exactly what I was looking for. I understand why the banks want skin in the game, I was more concerned that there was a Fed rule that disallowed this type of bank behavior.

Looks like I need to keep shopping. (and saving some more cash)

Thanks again.

Thank you.

I'm trying to get past the need for 20%. If I can find a deal for a house that will appraise for 200k at 100k, I still have to come up with 20k plus costs.

I need a better solution for this type of problem.

Every bank I have asked, will only make loans based on purchase price. So, it doesn't matter how great a deal I find, I still need 20% of the purchase price. (plus closing and fees, etc.)

My question is... Am I not asking the right bank, or are there banks that will make LTV loans?
I know I can go hard money, but if my goal is to buy and hold, it doesn't make sense.

Looking forward to many replies.