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All Forum Posts by: Eric Johnson

Eric Johnson has started 20 posts and replied 612 times.

Post: Non recourse lenders

Eric JohnsonPosted
  • Lender
  • Chicago, IL
  • Posts 653
  • Votes 313

@Jay Hinrichs wasn’t aware they are an IRAC thanks for the clarification

Post: Non recourse lenders

Eric JohnsonPosted
  • Lender
  • Chicago, IL
  • Posts 653
  • Votes 313

@Todd Goedeke

This was not mentioned in OP

Post: Loan Officer Questions

Eric JohnsonPosted
  • Lender
  • Chicago, IL
  • Posts 653
  • Votes 313

@Tremon Payne

I don’t even know what compu cram is. I did the licensing class which included good test study materials and just did that. I didn’t have a second pre-exam review or what not. Good luck

Post: Arlington Texas flip?

Eric JohnsonPosted
  • Lender
  • Chicago, IL
  • Posts 653
  • Votes 313

@Eric Croson Eric, I would be interested in screening this scenario as well.

I'll dm you.

Post: Commercial MF Calculator

Eric JohnsonPosted
  • Lender
  • Chicago, IL
  • Posts 653
  • Votes 313
Originally posted by @Sam Day:

Hello All,

I haven't done a ton of digging, but I am looking for a detailed Multi-Family calculator for 5+ units. I currently have one that came with Craig Curelop's House Hacking, but I am looking for one with a little more detail. Any suggestions?

Michael Blanks deal analyzer is good. Also, Ben Leybovich has a good analyzer.

Post: How do you reach out to multi family owners?

Eric JohnsonPosted
  • Lender
  • Chicago, IL
  • Posts 653
  • Votes 313

Why don't you just do SMS messaging? It's much more efficient. 

Also, building a real estate agent database is easier and also probably more efficient. Go to loopnet and call all the brokers, tell them you are a buyer in the area and ask to be put on their email list of new and coming soon deals. gl

Post: Loan Officer Questions

Eric JohnsonPosted
  • Lender
  • Chicago, IL
  • Posts 653
  • Votes 313

Most of the test is TILA/RESPA etc. focus on the regulations and specific days borrowers have to rescind things or when disclosures are required and when. gl

Post: Asset based mortgage (7.5% interest rate)

Eric JohnsonPosted
  • Lender
  • Chicago, IL
  • Posts 653
  • Votes 313

Skylar, will you be an owner occupant? 

Post: Question on First Commercial Loan

Eric JohnsonPosted
  • Lender
  • Chicago, IL
  • Posts 653
  • Votes 313

Hi Mark, 

Brian is correct in saying that there may be fewer financing options for smaller size deals, but you should still be able to get it done. 

If you're buying a 16 unit building, the deal is going to be qualified on the DCR, usually need to see at least 1.25x. The higher the better.

Post: Is The Crash Coming?

Eric JohnsonPosted
  • Lender
  • Chicago, IL
  • Posts 653
  • Votes 313

I'm not sure what Biden has to do with triggering an economic equilibrium event (I don't know if you meant it like that or simply just a transition to another executive branch administration).

I don't expect a crash, but there can several micro-macro level corrections based on the market. Rates will remain low through 2021, the fed is in no place to raise interest rates the way unemployment is going & the general state of the economy.

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