All Forum Posts by: Caroline Gerardo

Two story with downstairs the commercial? What use type? 

The problem with mixed use sometimes is you cannot rebuild it in the same configuration (can't get insurance for replacement and city/county won't allow rebuild). This makes a conventional loan hard to fit. Send me the address. To do a residential loan it needs to be 51% housing as the first part. You can't remodel a building to add more residential before purchase.

Need costs: for rehab (roof plumbing electrical...), security cameras, track remote employees (they will steal the cash), cost to install pumps, license fees, hard equipment needed- registers, apps to run the register information, accounting, legal, cases for merchandise, shelves, door hardware, heater or HVAC depending on location...

This is a tiny community there won't be a local plumber and electrician... add some cost for time to contact your team and travel will make any repairs more expensive. People sometimes drive off with the nozzle to the pump still in their vehicle and rip it down thus flowing spewing gas. There are contemporary fillers that detach in this case. The pumps have a great deal of electronics- you need enough power for this. 

Gas stations leak. The ground below is likely contaminated. The cost to clean up can be in the millions. Do not trust a report from the seller.

You can't get a SBA loan without experience. Have you owned and operated one? ANY lender is going to want core soil testing which is expensive- where is this? State AND Federal laws to know about the testing.

SBA won't loan on the gambling income, or anything passive- your bottom needs to be in the gas station chair.

SBA loan now takes LONG processing time unless you go direct. I did 294 SBA PPP loans with an officer in SBA during covid, (without commission added) it's not something I normally do but helped two people and they kept sending more. 

Owner got his license revoked 'wowser. What will he cheat on? I would look up why ~ it gives insight to his words.

Ear plugs, noise blocking machines, noise cancelling curtains could be purchased by the tenant.

Rugs will help.  

Does the tenant upstairs have children playing ball or a big dog? You can ask them to have quiet hours but pretty impossible to enforce.

Changing the insurance is a trigger for calling the loan. Lender requires the loss payee. Even adding yourself as additional insured does.

Making a claim as additional insured may cause you to be unable to recover anything. The check goes to the lender jointly with the seller's name. 

Other things to consider: if seller files bankruptcy, divorce, or has judgements they will stick on the house and can be recovered by many sources- as in you lose.

VA and FHA are the only assumable loans. With VA there are many problems and disclosures you need to make.

1. no not related

2. Why is she not paying? Lost job? Depressed? Can this be fixed?

Have you served her three day notice - ? Accepting rent from the City starts the clock again.

Time to get an attorney. This is a business. It is hard. 

 When you are an employee the company pays for corporate account and each gets their own logins- company pays. It's an expensive app. There are other cheaper and free tools which may be a little more complicated

Find an entry level job at a company that builds, rehabs, syndicates, or does multifamily loans to get free access.

Yes two loans for two parcels is available. So one parcel has 6 units and the other has? One parcel under 8 units is available. Property has to be in good condition and rented. 75% loan to value. You need good FICO. Under 8 units on one parcel/tax ID number - 30 year fixed is available. Message me the addresses and I will pull the parcel maps and tax bills.

Where did you get the rent number from? $3700 seems high. Do you have cash liquid for when things go wrong? Roof/HVAC/pipes are new? Can you qualify with IRS income taxes, credit and 80% loan to value non owner in the future? - To refinance it needs to increase in value by 18% which means four years. Get an actual quote for hazard insurance non owner. PITI is $3500 6.6 is not available without paying $20000 in points which is a waste of money. 5% down is owner occupied only.

Too risky for me.   

Chi's generally bark a good deal if left to their own. The tenant is going to say what you want to hear, so it's not useful to even ask or tread the line of what is allowed. ESA is not a "pet."  

In California now landlords cannot ask about pets and HAVE to allow all of them. I imagine seeing pet Elephants now. 

Assembly Bill 2216, introduced Tuesday by Assemblymember Matt Haney, D-San Francisco, would prohibit landlords from having blanket policies against renting to pet owners. It would also prohibit landlords from asking about a renter's pets