All Forum Posts by: Eric Johnson

Matt, you'll most likely have to stagger renovations as leases are coming due. Analyze the lease expirations and see what that schedule of renovations would like for each unit.

Portfolio option 2 is just a 10/1 Hybrid ARM. That option seems pretty good because usually people sell around 7-9 years of ownership, especially if you know it won't be your last residence.

There's no reason to pay for a lower amortization when you plan on renting it out. Just hold and sell.

That's my feedback with the information you've provided.

@Kristen P.

DP is usually 25% or more. The pricing will depend on the debt coverage ratio of the asset and your background/experience as a borrower. In general, commercial loans are more risked based, since they are based on business operation rather than personal ability to repay (such as a conventional consumer mortgage). 

There are many structures and terms you are able to shift to make sure you have the right option, but it's still takes time and asking the right questions to get there. 

Good luck!

@Kristen P. make sure you have all the documents in place. They would simply be a private lender, as an individual to your operation. 

Good luck and don't skip any steps

Joshua, if you have the equity injection for DP + closing costs we can discuss and I'd be able to give you some good direct insights. All in all, if you have the equity piece and your deal and exit strategy is solid, you shouldn't have an issue. feel free to shoot me a DM

All of my info is in my signature

Neely, if you are going conventional then that sounds like a fine deal. I do commercial asset-based rental loans (no hard money) & we are in the 5% range now with no personal income docs needed. Good luck, I'd go for it if you're not paying discount points.

Jim, that's pretty common. Your rate lock would expire, but it probably won't make a big deal since rates are still favorable. I'd start calling some contractors. Roofing takes a good couple days to complete too..

You need money to close a deal. What are you trying to do? I can probably help you. Feel free to shoot me a DM.

@Dave Velasquez Where's your primary debt coming from? I specialize in financing multifamily deals like this and could advise in that arena. Always happy to jump on a call and discuss.