All Forum Posts by: Derek Maxson

Alex: Thanks.  Obie looks good but property has more than 4 units.

Tom: Thanks -- this is not in wildfire -- that's the weird thing.  

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Hi all.  What carriers are actually writing in CA?  My broker can't find one.

What carriers (not brokers) are we finding to work in CA?  I have apartments and can't find anyone who will insure.

Thanks @Account Closed! This would be a small plex with conventional mortgage financing so no LLC.

Is it possible to Buy a property where one owner takes out the loan and the other owner gets 10% of the property.  How would this be done?

It's not a fannie -- more than 4 units.  Thanks for the data points though.  Good to know.

Thanks for all the replies. On the email that will accompany the offer, the broker will be putting in some notes about unknown conditions that we can't factor into the purchase price.  Here's a draft of this language: 

Offer of $xxxxxx based on 6% CAP rate based on reported financial information. We would want to see rent rolls, expense details and tax returns under contract as well as inspect for any major deferred maintenance.

Hi. I have a multifamily -- more than 10 units -- that we've had for 4 years. I want to refi to take cash out.  Using the same bank that holds the original loan.

Should I expect the bank to want a point on the whole new loan amount or just on the new amount or less than a point on the full amount?

For example for illustration:  

Original Price: $1M

Original Loan: $750k (75%) -- we paid 1% for the loan

New Value: $1.6M

New Loan: $1.2M (75%) -- would we expect to pay 1% ($12k?)

What do you more experienced refi (first commercial refi I've done) discover and what should I expect?  Thanks!

Multifamily complex needs roofs and some HVAC units. What's your opinion? Make higher offer and then ask for $$ after inspections or make lower offer estimating the repair costs before inspections?