All Forum Posts by: David M.

loan size $30-40 k

Thanks for that !  We do have another investment duplex rental but it too is deeded to a company.  In the unusual position of multiple investment properties but no home residency.  We self financed and have no mortage on any of our business's properties.  That's why the freshmen questions about financing the traditional way.  Do not have a personal residence to HELOC.  Will look into unsecured business line of credit.  Why no mortgage products for RE businesses heavy in assets in need of liquidity to increase cash flow ?

Minimal renovations, new tile, new carpets, paint, new appliances.  There are six apartments, 3 will be rented as is to generate $2300 monthly.  The three we will renovate are vacant, will be done within the year and rented for more than 1st three units. 

Bridge loans are more expensive than traditional loans correct ?  What are interest rates of bridge loans lately?  Would a credit line be a cheaper way to finance the updates?

We sold an investment property and put $ in 1031.  We have a deal part 1031, part cash, for two triplexes.  Would a bank finance one triplex 30-40% with $2300 rent income so we could finance renovations to the other 3 apartments in order to get higher rents ?  Neither property will have any mortgage since we are paying cash essentially.  One llc will initially own both properties but we will split the properties into two separate llcs later, would we need to wait to separate properties until after loan repaid or we could possibly get mortgage on just one property.  40% of one property is enough for us to upgrade remaining empty units

Property our company owns was transferred to the company years ago, shortly after purchase in personal name. We have our ein and business bank account already. What are any differences selling our company's property from selling the property to our company ? Before, as part of, or after closing what will be different. Is the process and documentation required the same if property is owned by a company or a person ? What is different ? Particularly interested in the closing process, but generally any differences would be interesting to hear.

If author posts in the wrong category, how can delete and recreate post ?

What is reason for no edit feature for posts?

We purchased a shell almost a decade ago.  About three years ago we solicited offers.  The offer ranges (over 100k) made us rethink renovation for rental units (building can fit 4 units @ 1200-1500 mnthly rent each unit.)  Now after renovating and renting another property nearby we decided to either take on an experienced partner or sell.  We would bring the property and a solid 2 man contractor team to the table.  Partner would bring renovation capital, renovation contractor/team and "experience" with local inspectors.  

1. Does it even make sense to search for such a partner (renovation would cost 200-275K with recent inflation).

2. What are some suggestions to find builder partners / builder buyers ? (Purchase offers we received were from RE wholesalers, we would prefer to sell directly to builder)