All Forum Posts by: Brandon Plombon

Hi Noah - I would recommend an as is/as completed appraisal and see if you can find a bank that would be willing to lend on the as proposed value.

Most commercial lenders would be able to put a 2nd lien on the property as a LOC. However; some may only go up to 70-80% LTV which if it is 70%, that additional 5% of equity may not even be worth it. Where is the property located?

Windows from multiple contractors in Minnesota are 12+ weeks out. 

Tenants are responsible for all shower curtains in my units.

 This is exactly what I do as well.

Hi James - Most commercial lenders will require at least 20% down depending on financials. If the financials and the deal is a little rougher they may even go 25-30% down. If you have more specific questions on financing properties in MN let me know and hopefully I can steer you in the right direction on how to finance a commercial property.

As @Mike Moe stated - I wouldn't go replacing big ticket items if they are still in operating order. Just be mindful to account for them in your reserves. I have a water heater that is 29 years old and still kicking. Preemptively replacing at 15 years would have meant I would have replaced twice by now. I would proactively tackle small tasks that could lead to bigger costs down the road such as checking traps, filters, small leaks, ect.

I'm looking forward to it. - Brandon

I am oldschool - I take checks or money orders. 

I would recommend looking for an independent agent that can shop for many different companies on your behalf. I personally prefer regional/local mutual companies as opposed to the large corporate insurance companies.