All Forum Posts by: Jason Crowe

Investment Info:

Large multi-family (5+ units) buy & hold investment in Jacksonville.

Purchase price: $825,000
Cash invested: $350,000

Purchased a Large Property that is commercial zoned with 30 year money. Property has 12 dwellings on it. Fixing for 350k budget and Appraised for 1.5mil, worth more as commercial, and cashflowing after PITI 5k a month. Financing very difficult to attain 30 year money after Rehab on commercial PUD designation but I did it given resourceful network. The owner i met on site said I was the most trusted of all that she had met on site so she was confident after meeting me and now we are friends.

What made you interested in investing in this type of deal?

Value seen and identified.

How did you find this deal and how did you negotiate it?

Resourcefullness

How did you finance this deal?

Private Money Lender

How did you add value to the deal?

Appraiser myself, I rehab the property for my investors, I hire the work and solve the problems, and I rent the properties out for the BRRR strategy. Manage and maintain afterwards. Negotiate the deal.

Lessons learned? Challenges?

There is always a solution if your resourceful. Financing Commerical property with 30year money no one thought it was possible.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself and others it depends on the situation.

Investment Info:

Large multi-family (5+ units) buy & hold investment in Jacksonville.

Purchase price: $825,000
Cash invested: $350,000

Purchased a Large Property that is commercial zoned with 30 year money. Property has 12 dwellings on it. Fixing for 350k budget and Appraised for 1.5mil, worth more as commercial, and cashflowing after PITI 5k a month. Financing very difficult to attain 30 year money after Rehab on commercial PUD designation but I did it given resourcefulness in the Jacksonville Market and network. The owner i met on site said I was the most trusted of all that she had met on site so she was confident I would make the deal work. The seller and I are friends now and do business together even though a realtor was selling the property.

What made you interested in investing in this type of deal?

Value seen and identified.

How did you find this deal and how did you negotiate it?

Resourcefullness

How did you finance this deal?

Private Money Lender

How did you add value to the deal?

Appraiser myself, I rehab the property for my investors, I hire the work and solve the problems, and I rent the properties out for the BRRR strategy. Manage and maintain afterwards. Negotiate the deal.

Lessons learned? Challenges?

There is always a solution if your resourceful. Financing Commerical property with 30year money no one thought it was possible.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself and others it depends on the situation.

Investment Info:

Large multi-family (5+ units) buy & hold investment in Jacksonville.

Purchase price: $825,000
Cash invested: $350,000

Purchased a Large Property that is commercial zoned with 30 year money. Property has 12 dwellings on it. Fixing for 350k budget and Appraised for 1.5mil, worth more as commercial, and cashflowing after PITI 5k a month. Financing very difficult to attain 30 year money after Rehab on commercial PUD designation but I did it given resourcefulness in the Jacksonville Market and network. The owner i met on site said I was the most trusted of all that she had met on site so she was confident I would make the deal work. The seller and I are friends now and do business together even though a realtor was selling the property.

What made you interested in investing in this type of deal?

Value seen and identified.

How did you find this deal and how did you negotiate it?

Resourcefullness

How did you finance this deal?

Private Money Lender

How did you add value to the deal?

Appraiser myself, I rehab the property for my investors, I hire the work and solve the problems, and I rent the properties out for the BRRR strategy. Manage and maintain afterwards. Negotiate the deal.

Lessons learned? Challenges?

There is always a solution if your resourceful. Financing Commerical property with 30year money no one thought it was possible.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself and others it depends on the situation.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $825,000
Cash invested: $350,000

Purchased a Large Property that is commercial zoned with 30 year money. Property has 12 dwellings on it. Fixing for 350k budget and Appraised for 1.5mil, worth more as commercial, and cashflowing after PITI 5k a month. Financing very difficult to attain 30 year money after Rehab on commercial PUD designation but I did it given resourcefulness in the Jacksonville Market and network.

What made you interested in investing in this type of deal?

opportunity

How did you find this deal and how did you negotiate it?

resourcefulness

How did you finance this deal?

Private Money Lender

How did you add value to the deal?

Rehab

Who has a great broker in Florida?  Policies that cover ify things that want to be purchased.  Does there always need to be an inspection before binding.  Im asking for response on experience from experienced investors.  I've bought risky and not so great things before with different types of loans and it comes down to insurer willing to insure the properties.  Wheres the most creative insure brokers for Florida not necessarily based in Florida, that allows flexiblity for insuring all such properties and maybe an example of what was wrong with the property that was insured when normally it would not be?  Occupied and non occupied doesnt matter.  Not builders risk that is too easy.

Yea in duval county, fl i got someone 70k towards their first primary residence closing costs and rest goes to downpayment on the home.  Walked in with 30% equity and didnt pay a dime.  If your well versed in all the programs as I am and know the lending side as well as the negotiation side of the deal, then know how to pass the inspection the money is out there and out there still.  All counites i can find it it just takes effort.  But this was the best deal around.  

A1 affordable insurance or NREIG insurance.  NREIG has became expensive but still a resource if in a pinch for the time being.  No 4pt required with them and they can get you through the initial need of insurance especially if you are purchasing with a loan.  At least last i checked they havent moved out of florida.

Does anyone use Hard Money for buying mobile home parks?  Is it possible?  What was your experience?

ive even found a hard money lender that can pull this off.  I seem to alway find a way if I call enough people. 30 year term and 30 year fixed which is unheard of for this but I found them.

Yes normally.  Ive found multiple lenders on my journey with this.  All have different terms of what they will do.  Its definitely possible.  You just have to be extremely resourceful.  Local and out of town.  Ive got alot of connection which that helps in RE.