All Forum Posts by: Chase Busick

@Sam Booth, I can't speak for specifics to the area. I'd highly recommend building relationships with many different commercial bankers if that is who you are working with for the refi's unless residential.

You can definitely build relationships with local bankers, credit unions, and mortgage brokers for commercial refinancing. The big thing is that each can be very different in what they are offering at the specific time, have different qualifications, etc. 

Commercial rates right now, even some most residential can be anywhere from 5-6 % or more depending on variables like LTV, what type of loan product/note, amortization schedule, etc. I got a quote for my VA home loan and it is right in line with some commercial options. But commercial wasn't 30 year fixed. The 30 year fixed commercial from mortgage broker around last month was just over 7%.

@Ryan Taylor Mainly depends on the individual seller. Maybe after the TRR’s & something big w/ your inspection comes up that wasn’t noticeable during your walkthroughs.

In this market, making an offer initially asking for CC’s will make your offer not as good, especially in a multiple offer situation. They’ll review the best offer based on whatever price, terms, type of financing, etc. In this market most buyers are willing to pay theirs, offer prices are much higher - with appraisal gap contingencies, waived inspections, all cash, or a combination of any of these based on the buyer all in order to hopefully get an offer accepted.

In our market, the supply is low and demand is high and i’m assuming it’s the same for yours. You can always ask, it may just take a lot longer & a lot of tries to get an offer accepted for homes that hit the market immediately. If the home has been on the market a longer time, then at that point, you may have a higher possibility of it working - probably because the home as some kind of issues, whether location, being overpriced, structural, etc.
 

@Olga Peksheva you should be able to use them still, you’d just need to create a new account associated with the business email & business account. If you like using them. 

Many other rental/property management platforms also have payment systems for autopay, like apartments.com, tenantcloud, buildium, appfolio, etc.

@Brian S. congrats!🎈🎉 

This is definitely a situation that will be best handled on however you want to do it & what you are most comfortable with. But I’ll explain more below.

For leasing I have done apartments.com, then marketed it via their website (synchs to other websites, they pay for screening/application fees which is good for 30ish days so they can apply to others on website if you don't go with them, their payments are reported to credit bureaus) then used Facebook marketplace & usually get a lot of attraction. Have also used the MLS & furnishedfinder.com (for furnished more places). Have friends & coworkers that use Zillow, appfolio, buidium, tenantcloud, etc.

Now if you are doing the leasing & property management & are the point of contact, are going to be doing the showings, and they meet you, they’ll most likely know or figure out you’re the owner. I wouldn’t mention it in the description, I’d just inform them in person if they apply.  

Another option would be to hire someone to lease the home  &/or manage that way you can remain more on the DL & just act as another tenant if you’re more worried about privacy & asset protection. Also depending on if you want to manage based on your job. More of a hands off option that way they don’t know you depending on area & class of future prospective tenants.

Overall either option is good, if you do it, be responsive, communicable, a good person & keep good records of everything. You’ll definitely learn a lot through the process! 

@Kelly Lane congrats! super exciting & time to celebrate! 🥳

Curious, so was it your own deal that you invested in w/ your Self directed or did you use someone else’s? Know of all of the restrictions with dealing with self and definitely have to be more careful and follow all of the rules.

@Tom Townsend Congrats on working out the deal! 

Was curious on how smooth the process was for both sides. I see that when their friend was helping them they were concerned. Other than that how was it negotiating with them and explaining everything. Did the previous agent who referred them explain to them about it or did y'all recommend this as an option. 

Structuring the deal, I'm assuming for the financing y'all just did an addendum for the owner financing and terms, then filed a separate mortgage and promissory note for it. What all else did y'all have to do for the contract side?  

@Cindy Yaa For managing properties overseas, I'd definitely hire a local property manager for where ever the properties are. I recommend this mainly because if something happens when y'all are in different time zones the managers can respond a lot faster and have a lot more local connections with contractors. Plus this will reduce a lot of the headache you may have if y'all are managing them yourselves. Plus local property managers will also be up to date about the local laws. Assuming y'all have already done this..?

Outside of that other business strategies for protecting your assets would be talking to more professionals for legal, estate planning & accounting advice for being overseas. Should do this with your local ones closer to with y'all live as well as maybe closer to your properties or a company that specializes with overseas clients that invest. 

In general for the U.S. you'd want to consider legal entities for both liability protection and helping you save more money. This will also help you run them as businesses. Overall I'd highly recommending setting up as many systems as possible that makes everything flow, automated, efficient and effective to where y'all don't have to deal with a lot. 

What all else are y'all considering? 

@Benjamin Robinson Congrats on the new deal and how you were able to do it! 

Curious on how the rest of your numbers were for the deal and what town/part of town it was in? 

@AJ Satcher Yeah it's still great as you've probably definitely learned a lot about the process and will continue to as you move along! Still a huge & great first step where many don't! That is true, so it is better in that sense too! 

Can maybe consider house hacking with friends to offset some of the expenses while you are there. But that be giving up a place to yourself haha. Options, lol. 

@AJ Satcher Congrats on the investment! 

Definitely a great way to start your home ownership and investing journey. This is a great way to get started and since you are living in it initially, residential financing is typically the cheapest. I like how your goal is to rent it out and hold on to it as a long term rental and then repeat the acquisition process again. Can consider refinancing commercially and then structure it more as a business at that time in order to hold on to it if you need to meet the qualifications on the residential side again. 

How well are your numbers and what main factors were you considering in moving forward with this deal?