All Forum Posts by: Haney Mallemat
Haney Mallemat has started 10 posts and replied 22 times.
Post: Which commercial mortgage should I pick?
- Haddonfield, NJ
- Posts 22
- Votes 4
Thank you for your reply. Would I be wrong to assume that I can be more aggressive with the equity build up if I had a shorter reset period? Thanks again for your fast reply
Haney
Post: Which commercial mortgage should I pick?
- Haddonfield, NJ
- Posts 22
- Votes 4
My first post and excited to be here!
I'm buying a half commercial have residential property in South New Jersey. The bank will only let me get a commercial loan, which means I can only do a 5, 7 or 10 year arm. i'd like to go with the five year, but my question is which amortization should I take? If I go for the 15 year amortization I'm pretty much going to be breaking even every month, and if I take the 20 year amortization I'll make a little bit of a profit but I'll be paying more towards interest Initially. My goal is to make a monthly profit, but also use this as an investment so that in five years I can take the equity and put it towards a new property. Which commercial loan would you advise? By the way, the purchase price is 295K, and potential rental per month would be $2800. Thanks for your help and I'm so happy to join this incredible community!
Haney