All Forum Posts by: Calvin Lipscomb

At least they were offering you terms! We are in the stabilization phase right now and will not need our permanent financing for another 6-9 months from now. So we have been banging and knocking on doors getting ready for our exit strategy out of the HML to more traditional financing. We are focusing on banks for the lower financing options they can offer.

 How did it go?  I may need some recommendations. 

 We were not even being offered balloons.  We are still battling you are new and out of towners problem.  We are tackling a few more banks to see how we can develop a relationship.

 We still have  some ongoing issues but, we will work it out someway.  Permanent financing is an issue since we are; 1. New to real estate 2. From a different state.  We want to partner with a local bank to obtain the best financing for our buy and hold strategy.

 Thanks.  I will.

 Thanks for the response.  We did not change locks over every unit.  The goal was to secure the apartments that were not rented.  If a squatter gets in they can try to claim to be a tenant.  So our primary goal was to secure the vacant units.   Next, we wanted to provide further security for the remaining residents and we did not know who had the key to the front doors.  So we added a lock to the 2nd door, there was no lock at the time, to "try' and control who had access to the building.  

My group just closed, September 20th, on a 6 family value add opportunity in the Chatham area.  It was a bit touch and go right before and during the closing.  On Wednesday the seller's attorney stated that we may have to do a dry closing due to a problem on the  seller's side, of course.  This caused some issues/concerns with our group but, we argued and decided to move forward.  Thankfully, we were able to close with a few more hiccups.  We mainly like the opportunity to  add two legal additional units to the property for force greater price appreciation after renovations.  I  want to thank the group for their support.  Still battling over long term financing options but, we are exploring our options further.  

 I am referencing the entrance to the property that all tenants have a common key for.  Thanks.

The costs of repair can spiral outside of your allotted budget.  That is the main risk.  Then the cost of the delaying your exit strategy and which causes your holding costs to go up.  

Expected to close on a 6 family this Thursday.  We probably need to change the locks to the entrance door and let us assume that the tenants are hostile.  What is the procedure for changing the locks in Chicago and providing the keys to the tenants.  My thoughts are putting a notice on the doors and under the doors stating what day and time that the front locks will be changed and the time we will be available to provide keys.  Thanks again for your help BP.