All Forum Posts by: John Morgano

Try Bank of York. They are pretty flexible and work with properties in York preferred.

So I have a property that is currently under a commercial mortgage with 3 other properties. The property needs more work than I'd like to spend to fix, and wanted to just tear down and put a duplex instead. The 3 mortgages still have plenty of rents to cover the mortgage.

1. Is it possible to tear down a property with it being mortgaged to build a new property?

2. If the property is not livable, can the township condemn the property and potentially contribute to rebuilds?

I have 4 SF properties with one commercial mortgage. Is it possible to sell one or more properties separately without the bank wanting the note to be closed? 

@Christine Sparks The management company was recently sold but still has the same staff. It used to be MW Properties in Charlotte, but now called K2. MW (Mark Walters) still does all the maintenance and assist with t he transition .

@Russell Brazil

The current owner is selling the property with the permits and ready to go for a teardown.

8-10 months is just the build time. He mentioned he needs to get this property by end of month April or decision by, the middle of May he's ready to go.

There is a property a friend of mine (known for 25 years) that has a construction company in the Northern VA area that works with high end homes (initially roofing business, but now into everything). He came upon a good off market deal in the University Terrace NW, Washington dc neighborhood.  These homes are old but the neighborhood is flipping to multi-million dollar properties.  He can get this property for about 1 million (because of land), another 800k - 1 million for the build and sell for potentially 2.5-3 mill.  He already has permits, build plans, cash needed ($400k cash reserve for monthly payments to the bank), etc.  He mentioned to me there is NO money whatsoever I need to come to the table with but needs a partner for bank purposes with W2's.  He has multiple projects and if he gets a partner with W2's with a certain amount of gross income, then the bank will give the complete loan.  

He offered me $100k at the sale of the property 8-10 months build time just to be a partner and literally do no money for the deal.  Has anyone done something like this? I would need a real estate lawyer for this.  I know if defaults that I'm on the loans as well, but I know he has the money and saw what he has and has guaranteed me he's got all the payments.  Once this first transaction goes through, I'm sure he'll want to partner again as the banks will see he has the first house for sale going forward which would make things a bit easier. 

This neighborhood is a hot area in DC and we want to get in on the hot market while it lasts... even though DC area seems impenetrable with the housing crisis's.

Thoughts??

TD Bank does. I have 3 investment properties that I took HELOC's on each.

Thanks for the advice.  I'll remember what you both mentioned. 

Well, they gave me the original MLS listing paperwork when they bought them almost 10 years ago. Each property they are asking less than what they paid for them. (127K and asking 115K but now worth 150K). All the properties are well kept and tenant occupied with rents they have not increased in a few years (900 but market rent is 1050-1100).

I was going to give asking price because of what they are worth now.  This owner has multiple businesses and just initially wanted to offload them as he "almost" forgot he had them and they are professional managed (I can't wait until I'm in that type of situation I guess).  The seller is a young retired banker and once I mentioned seller financing, interested him so this will be the first meet.  Luckily, I work with the brother-in-law that introduced me to them.