All Forum Posts by: Chris Connery

@Winnie Cheng

I like Pitman. I have an office building there that cash flows like crazy. Older homes but you can find good multi families there. With the lower prices usually comes an appealing cap rate. But it’s a good safe area. 

@Robert Kentos

I would go with a commercial loan obviously. 1st colonial community bank and American Heritage Federal Credit Union we’re both good. I don’t think either of them even ran me or my partners credit scores. 

No it’s this one 

https://www.provident.bank/

I think they only lend in PA & NJ though

@Kristi Kandel

I would seriously recommend dealing with small local banks to handle the commercial loan as opposed to a large bank. 

@Robert Kentos

I'm also in NJ. Let me know if you ever need a bank recommendation. Currently for commercial loans in NJ I'm getting properties deeded to the LLC, personally guaranteed by me. 5-6% rates, 25% down, 25 year loan term with 25 year amortization, rate adjusts every 5 years to the 5 year treasury rate +3%.

There is also a bank up your way called Provident Bank that will loan to LLC's for 1-4 family properties, rates around 5% and 30 years fixed.

Would never pay that

Good. To answer your question I don’t think it would really do anything for you to have a business account. I’m not sure but the bank may even require it be an actual business with an EIN.

Boy I hope you really trust your partners. Would make me a little nervous making a large purchase with large liability and not having an LLC with an operating agreement that described each partners interest in the property.

that’s awesome! Good Work!

Yes, Jim Kennedy is the man. Cherry Hill.

Yeah it probably does. I like having my tenants pay for electric anyway though so I really wouldn’t be gaining any value from the solar. Solar is not a cheap product either.