All Forum Posts by: Bruce Scannell

What is a typical down payment for a commercial land contract? It's a 6 unit building and the seller is asking for 25% but that seems high to me. Thanks

@Jassem A. how closely due banks look at personal DTI for commercial loans? I guess since it would be my first, then maybe more than normal? Do you currently own any commercial multi family properties?

I'm looking at a multi family property, and the listing mentions land contract. I'm trying to make the transition from SFR to MFR so I don't know a ton about the commercial property workings and practices. The property is a 6 unit for 300k. I have been pre-approved for 375k just based on my personal finances to satisfy the seller. I am curious, is it more advantageous to move forward with a land contract (they want 25% down) or just get financing with the same 25% down? I assume that I could get better terms from a bank compared to the seller, so why would I want to agree to a land contract? Would it be better for future lending to buy this one on land contract and bank finance the next, or does it not matter? Thanks in advance, Bruce

A topic that isn't covered too much it seems is turn around time for landlords. I've heard about turn around for flippers, but how long does it take most landlords to rent their property after they close on it? That includes time for light or heavy repairs, city inspections, and subsequent repairs, permits, marketing, listing, tenant screening and so on. I'm interested to hear what most other investors shoot for. Thanks

Wish I could make it @Tom A.

Joseph Ball where do the banks disclose the upset bid? Is that the highest bidder at the sheriff sale besides them? The problem is the ARV is probably only 110-120k, which is a ways from their 240k balance....

BP, I know there's been a bunch of posts on foreclosures and auctions, but the topic really interests me and scares me at the same time. I understand that it's critical to do your due diligence before bidding, but I was wondering if I could get some more people's success/failure stories to see how the process works or has worked, more specifically. For instance I was close to bidding on a couple properties. On one of them my realtor had visited the property and said it looked decent without any huge visible issues. I did a deed search on the county website, showing all the mortgage transactions and finally the sheriff sale. I also checked the county tax site for delinquent taxes. My one hesitation was that the bank had assumed the mortgage(s) at foreclosure for 230k, but the auction started at only 20k, and finished at 60k, with reserve not met. Sorry for the short story but here's the punch line...Why would the bank bid so high then open so low? Does anyone understand what the bank is trying to do? Thanks, Bruce

Trying to keep the thread alive. I know the auction sites shadow bid (for the seller, ha) until reserve is met. Has anyone figured out any tells to help you decide if you're bidding against someone else or actually just yourself?

@Tom A. I'm actually flying in this weekend but leaving Sunday, wish I was able to make this...are they held regularly?

heres to 2015 and more deals, happy new year