All Forum Posts by: Devonte Dinkins

@Joe Fairless the property that I have under contract is different from the one mentioned above.  The property is a large historical home converted into three units,  that is zoned as a office/residential. The city I am investing in has several incentives for business offices, so I hope to at least create one more apartment unit and a small office space. 

@Dawn Vacek Thank you for your response I have not been on bigger pockets in a while.  I would love for you to connect me with an architect in my area. I currently have a small historic apartment building under contract.

@Christopher Telles Thank you for the link! Have you been through the process before? I would love to hear how that went, or if you know anyone that has.

@Daniel Chang I appreciate the response and I definitely need to read into the SBA loan further. I may have worded the question incorrectly, this is more of a " what can I do now to be prepare to have a lender take me seriously once I have two years of experience."  I currently don't have have the property management business started, but I plan to begin the business very soon and I just want to plan ahead.

My degree is actually in Entrepreneurship, and I have a solid business plan for the Asset Management business. I believe my idea is different from the typical investors because I will not only be managing my properties, but offering consulting for other owners  and truly providing them a passive investment experience if they decide they would like their properties managed by my company. The vetting process I will have for the properties we manage will be unlike other property management companies. 

Unfortunately,  I wanted the commercial portion of the mixed-use building to be designated as an office, but I was not aware of the 50% requirement ( as most of the buildings I am looking at are about 85% residential). Also, I plan on using investors who I have built relationships with to help with the downpayment (not sure if that is possible with the SBA loan). Other than that, I have great credit, several pro-formas for different situations, Asset management experience with one of the fastest growing development companies in D.C., and will have a track record from owning my own property. But I definitely need to do more homework on the SBA loan.

Hello Everyone,

I am interested in using a SBA loan to purchase a mixed-used building to start my own property management company.  The only problem I see is that although I work as a Asset Manager, I am young and not sure the bank will take me seriously.  The buildings I am interested in are listed between 600k-1.3 million, but I feel the income the buildings are currently producing can support my start-up ( I will pay myself a management fee to manage the apartments above my office).  I am also aware of grants from the city, that can help me out. Can anyone give me guidance on how I can get this done, I have been putting together a very good plan, but is it possible for a 22 year old to get a 1 million dollar loan? If so how can I make this work, and what can I do to present this to a lender?  If not, what are my options?

Can anyone recommend a good commercial real estate property manager in Washington , DC?

@Dawn Vacek I have not began to work with a broker yet since I don't plan to purchase until this summer once I graduate.  If any of your contacts are familiar with the Hagerstown, MD area I would love to speak with them. Fort. Washington is right outside of D.C, but  I can't afford to invest in commercial property in D.C yet. The refinance strategy would definitely help me to be able to invest there sooner than I thought though!

@Dawn Vacek  Thanks for the reply. I have identified two buildings. One is a little less than 8K square ft, four-residential with two commercial units,  and the other is about the same size with 4 residential and one commercial unit. Is it true that that small lenders will consider the small mixed-use properties for a traditional conventional loan? How do you finance your mix-use properties, and what do the terms look like? 

@Al Williamson Thanks for the advice I appreciate it. 

@Al Williamson Thanks for the advice, I appreciate it.