All Forum Posts by: Chase Gu

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!

Need someone reliable to do some minor renovation for a few apartment units. Any recommendation is appreciated!

Hi - Thanks everyone who responded to my questions about PM in Richmond. I have a property under contract and has not yet closed yet. I received a management agreement from a PM. My question is whether I should sign any contract with PM at this stage (I want to make sure a PM is ready as soon as the property is closed). Of course the contract will have some language saying the agreement is cancelled if the deal falls through. Do you sign something like that before closing? If so, do you have any standard language for pending on closing? 

Thanks!

Thanks, everyone!

Hi - I am looking for a property manager in Richmond VA. Are there any recommendations? What is the typical monthly management fee (7?8%?) and the tenant placement fee (50%, 75% or 1 month?). I had a bad experience with PM with expensive repair/maintenances services, which I try to avoid this time. But it is hard to know without using them first.

Also any PM that manage mix-use property? A few apartment units and a small commercial space. Thanks!

Hi - I am looking for a property manager in Richmond VA. Are there any recommendations? What is the typical monthly management fee (7?8%?) and the tenant placement fee (50%, 75% or 1 month?). I had a bad experience with PM with expensive repair/maintenances services, which I try to avoid this time. But it is hard to know without using them first.

Also any PM that manage mix-use property? A few apartment units and a small commercial space. Thanks!

Hi - I am looking for a property manager in Richmond VA. Are there any recommendations? What is the typical monthly management fee (7?8%?) and the tenant placement fee (50%, 75% or 1 month?). I had a bad experience with PM with expensive repair/maintenances services, which I try to avoid this time. But it is hard to know without using them first.

Also any PM that manage mix-use property?  A few apartment units and a small commercial space.

Thanks!

Hi -

I am looking for a property management company for my rental properties in Sterling, VA. Could anyone recommend a good property manager? Thank you very much!

Chase

@James E. I am also interested in Richmond. Do you know the market well? Have you done any deals there?

It’s two hours from where I live (NOVA). And it looks like it is the only market that can potentially work within 2 hour driving. I like it has state government jobs and the demographics looks right. But it is expensive and it has a lot of new supplies according to IRR. Any local experts can share their opnion？ Any recent success stories? Thanks a lot for sharing!