All Forum Posts by: Charles Carillo

@Xela Batchelder

It is smart that you are planning your exit refinancing now. I have recently refinanced a 5 unit property and I found the bank I refinanced through by creating a list of all banks and credit unions within an hour drive and contacted them all. Many are very similar but I found a lender than gave a 25 year, fully amortizing loan on the property (which is not typical for commercial banks). Make sure you are getting their fees, terms and what their spread is (and the index they use). This will help you to compare apples to apples.

@Raymond Mathews

I would recognize what your 5 year and 10 year goals and work back from there. What can you do with that money to get you on the road to reaching those goals.

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@Michelle Fenn

How did they fill up the pool; from your property? When we purchase a property, disconnecting outside spigots are always done early on. Of course, there are other ways of filling it up but that makes it harder. Maybe you can make a complaint to your local health department or similar department. If this pool is not allowed under your lease, you may have the ability to evict during COVID since it is not a financial issue but an unsafe situation but this is probably a lot of hassle and cost which could be avoided by alerting a city department and not renewing the lease.

@Afrothiti Manolis

I would start speaking to electricians on separating the units and installing another meter. The gas company should provide another meter and you would be required to handle the cost of plumbing. The electricity would most likely be the least expensive to separate than installing a new central AC and gas furnace. If you separate the electricity you can tell your tenants that the rent will be the same but they are required to a pay for their own electricity. The value of your property will increase with separate utilities.

@Thomas Smith

I would suggest going with the one you already have business with since they are most likely going to require you to open a checking account with them for direct debits. This will just minimize the time and effort involved with opening and managing another account.

@Mike M.

I would recommend speaking to the banks you do the most business with first. At least you will be avoiding the broker fee to start with. You can expand your search to other local banks but that is probably your first step and probably the least fee intensive option.

@James Moss

@James MossThe first thing would be for your friend to get connected with a CPA in the US that works with foreign investors (if you need names DM me). Your friend will then be able to correctly and efficiently set themselves up in the US to invest. Usually they will be instructed to setup a LLC which then can become your lender in the situation. Never receive international funds into any account that you are an owner on directly. Always make you receive funds from a US bank account.

@Tyler Lyren

What type of property is this? Are you working with a commercial or residential lender? It is going to be much more difficult to purchase a property you are living in as a LLC. With commercial (5+ unit) properties it is customary to purchase them in LLCs.

@Bernard Hosanna

There are a couple lenders we have used with our foreign partners (DM me for contacts) but usually we are seeing 65% LTV for foreign buyers and the terms can vary depending on the property type. A couple months back a partner (foreign investor) secured a 30 year, full amortizing mortgage at 6.5% with 35% down.