All Forum Posts by: James L.

So I have a restaurant next door to my bussiness that I rented the parking lot to for nights and weekends. But the tenant has gotten lazy with paying his rent every month on time. In the beginning I messed up, I would shoot him a text reminding him and then he would pay around the 5th. But now it's gotten bad, it's the 9th and he's kinda irratating me. I've texted him and he say he will come do it in a couple of days. I had a lease that expired 2 months ago. What recourse do I have?

welcome to BP!! It's a great resource, make sure you setup key word alerts. Don't forget to check out the podcasts, I like them on my comute 

Welcome to BP

@Joshua Iachini

I spoke with several banks, they all want 25% down on multi family properties. The bank Im using now is a smaller bank that does portfolio lending. As I understand it if I tied the equity together then if I ever sold one it would be difficult to seperate them with out redoing the loans, not impossible. They would also do portfolio loans at 15% down but they would only do loan for 5yrs, amoratized 25yr at 5% interest and they would prefer to build a better relationship first. and they werent real clear if I would have PMI. So with this loan I have it locked in at 4.25% for 30 yrs which makes cash flow better, Im building a relationship with them. Ive started making relationship with the bank president and his VP in charge of commercial lending. Just where my head is at. I would love to get into hard money in and refi out but I feel I need more experience under writing my deals before going that route. I dont want to end up over my head. Plus im trying to be conservative on my deals, if there is a market correction I stay whole with positive equity from the get go. I dont want to bet on appreciation to save me.

@Ben Leybovich @Account Closed

So do you use GRM to analayze every SFR and Small multi's . I was also wondering about how you are using it. Are you using it as a comparative tool or is your personal standard just 5.5 grm and thats it.

Just an update, I took your advice and ran. And boy am I glad, this place has massive mold issues caused by a bad bathroom and ac system. Glad I dodged the bullet on that one, then inspector came back with roof problem, needed new ac and duct work to combat mold issues.... No way jose

@Ben Leybovich

Hey ben sorry I didn't see your earlier post. I have just never had anybody explain GRM as a main metric for small multi before. Usually it's a $100 a door and 50% rule or 1% or ROI. So this is tough to hear but it's appreciated, everyone!

@Ben Leybovich

You are very straight forward, and to the point and I admire that. And at the risk of incurring your wrath can you explain it to me.  I dont know what I dont know.

So here's what i got when i ran the numbers.

I don't know, its late I will sleep on it.   And thank you every one, I really do appreciate the feed back,

I was just looking at my coc on my rehab and not the whole deal. And ROI Ugh

So what should I be shooting for?