All Forum Posts by: Jon Schwartz

Thanks, @Charlie MacPherson. If the government doesn't want to back a loan within 300' of a gas station, maybe I shouldn't buy a property within 300' of a gas station no matter where the loan is coming from!

Hi all,

I'm considering a property that I love except for one small problem: it's very near a gas station.

The property is a 12-unit in a working-class neighborhood outside of a thriving city. Very low crime, surprisingly good schools, and the numbers look great.

Unfortunately, the property is catty-corner to a gas station. In the picture below, the property is outlined in blue and the gas station in red.

From an environmental standpoint, is this too close? Could the underground gas storage seep to the the multifamily?

Thanks!

@Eric Fernwood, best forum response I've ever received! That satellite time lapse is a fantastic resource! I'll be PMing you about commercial property in Las Vegas... Thank you!

@Joe Splitrock, what industries have you found ride through recessions best? Thanks!

Hi all,

At the risk of having analysis paralysis, I've been having a lot of fun culling US Census data from the past 10-15 years and assessing markets by the hard numbers.

I'm about to do a big data pull (which is time-consuming), so I have a question for the experienced investors: what are the most important criteria or data points to consider when selecting a market?

So far, mine are:

• Population growth
• Job growth
• Employment diversity
• Rent growth
• Median income growth (though not too high!)
• Household formation growth

What else? What important metric am I overlooking? Commute time? Age of population? Percent of home-owners?

Thanks so much!

@Kyle Jean, and a $750k loan minimum!

Thanks, @Ed Matson!

Another question for clarification: what does it mean for a commercial loan to have a 10-year term and a 20-year amortization? Does that mean that the payments for 10 years are based on a 20-year amortization schedule, and then at the end of 10 years, the balance of the principle is due?

Hi everybody!

I'm investigating a 14-unit MF to purchase, and I'm confused about the kinds of loan that are available to me.

The property is a 14-unit MF in a tertiary market for $500k. I have the funds for a 20% down payment, and would easily qualify for a conventional mortgage of this size (on a primary SFR).

Is this a commercial mortgage? Is it possible to get a fixed-rate, 30-year mortgage on the loan? Is 20% acceptable for this kind of purchase? Where should I look for financing (commercial mortgage brokers or national banks or local banks???)?

Thanks so much for any insight!

@Seth Ferguson, thanks! This sounds like the right route to take.

Hi all,

I'm underwriting an off-market MF deal, and I'm trying to find the least expensive way to do the transaction (that's also safe). I've known the seller for ten years and trust him enough not to need independent representation. We don't have brokers involved.

I've heard it's possible to bring in a single broker at this point to act as a "paper pusher" for a small fee, perhaps 1%.

I've also heard that it's must cheaper to hire an RE lawyer to handle the transaction for a flat fee.

What experiences have you had? What do you recommend?

Thanks so much!

Jon