All Forum Posts by: Brendan Chase

I’d like to hear thoughts on buying real estate that not only makes financial sense, but also makes you feel good.

Two parts to this:

Is there not a responsibility to improve what we have need given and worked for?

And should we not also at least enjoy and like the property we are buying?

A developer friend of mine recently suggested I never use an adjective describing a property, which, on face value seems impossible. But, his point being that it should only be about the numbers. Is this the case? Is there not a balance? Just curious the thoughts of fellow investors.

Currently own a duplex and am in the process of buying a single family investment property.

Another deal has presented that is perfect opportunity for brrrr strategy but want to use traditional bank only for cash out refinance. Looking for suggestions ideas for lenders to do that. I have a great credit score and some of my own money to bring to the table.

Thanks!

hey all,

looking for advice on creating partnerships, and also financing for a $1.3 million or so commercial real estate property.

1.  Creating partnerships:  do I get a lawyer involved for legalize surrounding equal share partnership?  I'm thinking either thirds or quarters depending on my comfort level and interest. Also, should I be writing in that I gain a point or two by finding and putting together the deal?

2.  Bank financing:  met with a banker and they recommended asking seller about holding a note for a % of the down payment.  Does anyne have experience wtih this?  Thanks.

3.  Any other retail advice:  five store fronts and office space on teh second and third floor are currently rented to restaurants, food stores, architects etc.   Scary foray for me - any thoughts?

Thanks

@Andrew Postell  Thanks for the info.  

So, do I go to the bank with an estimated ARV and then ask for the 75%? The asking price for the property is actually $250, and I just submitted a $200 offer. (I'm not sure they'll bite on the offer or not) I have contingencies and exits based on contractor bids and etc written in to the offer.

I have excellent credit, so credit score is not a problem. However, I currently have a mortgage on my duplex that is an FHA loan, and I believe I cannot qualify for another one.

Looking for advice on funding a rehab for a triplex. Purchase is 200k and rehab estimate is 75k. I have apprx. 80k of my own money. My understanding is banks will not finance a rehab? This is an investment property and I do not qualify for FHA and the like.

Looking to get my second multi unit - currently have a duplex and looking at a triplex. Banks only offer commercial/investment loans for a second property, and it looks like there’s nothing under 5-6%. Seems pretty high and definitely hurts the overall numbers. Is that pretty standard for what I’m looking to do?

Newbie here on the site. Stared listening to the podcast a few weeks back and am super excited about investing. I bought a duplex two years ago that nets about $250/month (although I should be raising the rent on one of the units....) I am currently excited about another duplex I stumbled upon that I think will work well for a brrrrr. Just curious if anyone has a favorite or best place/advice on crunching numbers to make sure everything works. Thanks for the help!