All Forum Posts by: Matt Todd

Thanks Jon, exactly the type of information I was looking for, much appreciated.

Guy, I say wow some days too, but more often than not, it's a four letter word.

I have heard SC is fairly easy to deal with. An appraisal in this market will not be very attractive given the income generated.

I have commercial property that generates $144,000 per year on NNN leases. My mortgage totals $36,000 per year.

I am nearing a condemnation offer from the state due to a new bridge going through the property.

I have never had an appraisal done, but did have a broker value the property a year ago @ $1.2MM as an investment property.

Is there a standard formula or process that reflects the value of the income this property would produce for my family over the next 20-30 years? Will it be difficult to convince the state of this value vs. appraised value?

Any help or advice is appreciated, thanks.

I thought I was the only one....20 years with AMEX. $75K line that I used occasionally for equipment. $0 balance last few years. Getting ready to use it on a Monday, but received the cancel letter on Friday. I stopped using my card and stopped accepting AMEX...........

B of A can kiss my arse too..........$1MM equity I can't get to.

Just need a bit of a cushion to get this tenant out, do some updating and sell or re-lease.

Sure, I've considered it, and it would clearly be one of my exit strategies. Certainly wish I knew more about real estate :)

Thanks David, it would indeed be scary if my property is the only one left that B of A is right side up in :)

I would think there is someone out there that would loan $600K on a first with a 50% +/- LTV with a strong FICO.......but no income??

Just need a bit of a cushion to get this tenant out, do some updating and sell or re-lease.

Thanks Jon, I see my banker tomorrow :)

Thanks for the reply.

40K sq ft total with one 10K metal and one 30K block and metal combination.
$10.5K per month NNN rent with a yearly CPI increase.

Value $1.3M +/-, I owe $370K. The area is part of a Fed, State and City refurbishment project of over $1B over the next few years. Very central location, 1 mile from interstate and very close to the ports. I would say the upside is very good.

Honestly not sure on a new tenant given the current state of things, but have only seen one warehouse close to me sit for 3 or 4 months empty a few years ago..

Going to look for an agent next week, and talk to my attorney. Just not sure what my bank would say about $0 income if this guy bails.

I have a commercial tennant that is going to go belly up. I live off the rental income and am not employed right now. On a conservative side I have $600K in equity but only have enough cash on hand to go about 6 months if they default.

Is there a chance my bank will loan any $ if I need to weather a longer storm?