All Forum Posts by: Chase Gu

Thanks Justin. I received a quote for 75k. Apparently it is too high.

Thank you, Jairo! What would be the cost of this work in your area then?

Hi, I am looking into a big duplex and thinking about converting it to a quadplex. Before I ask for quotes from contractors, I want to know the ball park of the cost.

1. Unit 1 on the first floor: 3B 2B 2200 sq ft. I am thinking convert it to one 1b 1b and one 2b 1b. Need a partition wall in the hallway, one new kitchen (including rough in), a new electric panel, add a door to the a bathroom (so people in 2b 1b do not need get through bedroom to access bathroom), and a new furnace (including rough in)

2. Unit 2 on the second floor: 4B 2B 2300 sq ft can be converted to two 2b 1b. Same thing: a partition wall, new kitchen, bathroom door and a new furnace. 

Any idea how much this will cost? 

Thank you very much!

Hi, Everyone! I am looking at a 4-unit apartment building. AC and water heater in all four units are over 25 years old. They are working but may need replacement at any time. Seller is unwilling to replace because they are working. What would you do in this case? Would you ask for credit? If so, would you ask for 50% of the total costs or some other percent? 

Also this property has a small retail space, with an existing tenant. Can I force the tenant out when I close? How difficult is it to evict a commercial tenant (this is in VA)?

Thanks!

@Prenn Tran Thanks! How many units do you have under your PM's management?

Thanks! 

@Casandra M.Thank you so much!

Thanks, Ethan. But I am looking for a more helpful response.

Thanks, Kenny

Hi, I have a small mixed-use property under contract and am talking with a bank for financing. I have some questions. Any help is much appreciated!

1. What would be a good interest rate for a small commercial property loan (about $500K) for 6-year term and 25 amortization right now? 6%? 5.5%?

2. After the 6 year term, the new interest rate will be WJS prime +1. Is it reasonable?

3. Bank requests PFS, Tax return and LLC financial statement Every Year. Is it normal for commercial loan? Sounds like a lot to me.

4. I will do an environmental assessment. Does the bank do environmental assessment too? I do not want to pay for two environmental assessments.

Thanks!