All Forum Posts by: James Syed

Welcome to BP. 

@Rico See

I have recently been quoted 4.25% for a commercial loan. It's a 5 year balloon. 

Hope it helps.

@Craig Kleffman

Excellent thread there!

I would share a few stories as well prior to making my comments. 

I have been direct marketing since August 2015 so, it's been 15 months. I started with 100 postcards / letters to 1000 postcards every 2 weeks.

So, I have acquired 2 listings from doing this, closed on 1.

I recently had 3 people contacted me to see if I would buy their multifamily properties. 

1. He lied over and over again, never told me what price he was looking for, instead wanted me to make an offer so I looked at the property and made an offer and he was so mad that he started cursing at me. 

2. This lady was a psycho, never gave me her price, instead kept asking what I would pay for and when I asked her that I want to see the property, she said "don't waste your time with me". 

3. Another psycho lady who literally talked to me 1 hour and 30 min at one occasion and than cancelled the appointment and listed  the property with another broker. 

I have other stories, but I don't want to write a book here. 

My conclusion is direct marketing works, however it has to persistent. There will be many tire kickers and time wasters along the way. If we are patient, we will reap the fruits. 

Hope it helps.

Hello BP Members, 

Here's an update, 

all due diligence and inspection are satisfied now. Appraisal was ordered today.

@Paul Vang

I have about 4-5 great commercial lenders, however they will only lend within 100-200 miles where I am (Staunton, IL).

Try to find a lender near you. Hopefully someone from California responds to your post.

@Brent Coombs

Thank you for commenting. 

Yes, I did take your advice and back off from most of the repairs including electrical panels.

Welcome to BP. 

@Paul Gill

Florida is a great state to invest especially South and Central Florida. Many projects going on there. A lot of improvement. 

@Paul Vang

Welcome to BP. 

This will vary with each lender. There might be some lenders who will.

@Tim Vallee

Welcome to the site. 

I am a managing broker in Illinois. I am about 1 hour from St. Louis. We buy and manage multifamily properties. 

Let us know if we could assist in any way. 

Good luck!

@Account Closed

Welcome to BP. 

J Scott has a great book on it. There are many theories out there for rehab estimates. Some people go by square feet. 

Hope it helps.

@David Stone

I will make some phone calls and pm you.