All Forum Posts by: Eric Snyder

@Michael Gilman

@Lance Nelson

I actually used a commercial loan for the duplex that I bought last year. I did it for the same issue with DTI. I used a local bank that I already had a commercial loan with so that may or may not have influenced the banks decision. I'm getting good returns and don't regret using commercial financing. They slipped a five year sliding scale into the agreement for prepayment of the loan so will penalize me for refinancing in that time frame. Hope this helps!

@Certain Carl

Hey Carl,

A great place to find the property taxes for a property is on the county auditors (assessors) website. Just google _______ county auditor for the county that the property is located in. You can usually search a property by owner name; address; parcel number etc. Insurance estimate is just a phone call to your current insurance agent. Good luck!

@Daniel Alfandre

I’ve heard about a piece of equipment recently that’s called an ozone generator. I don’t have firsthand experience with one but I’ve heard a lot of good things about them. They’re supposed to remove pretty much all odors from the space where they’re used. I have one in my Amazon cart but haven’t bought it yet. They’re relatively inexpensive ($50-$100 for one that would cover the square footage of most apartment units) and seem worth the price especially if you have multiple apartments. They can be dangerous to people, pets and plants though so you should be careful with when you use it.

First thing that I thought of is to offer to split profits over the $105,000 and forego your commission. I would probably go for that if I were in her position. 

Have you reached out to a commercial lender at a local community bank? Terms will be a little different than conventional financing with slightly higher rates likely. I would think that might still be a better option than hard money! 

I would start by asking him or her.  They haven't "ripped you off" until you have paid for significantly more supply than required for the job.  Have you paid $53,000