All Forum Posts by: Kevin Boyd

Hey Ryan, I have a duplex in Hyde Park I am doing a complete renovation on with additions. When we are finished I was considering making it a STR.I live in California where I have several STR's, so working with someone local would interest me. I would love to hear about what you're doing there and what you think about my property.

I understand insurance companies will loan on commercial properties. Does anyone have experience with this? What kind of terms do they offer? Where do you go to get such a loan?

Thanks for the response Mark. The note holder is a bank. Should I try to call and buy the note or negotiate for the current owner?

Hey Paul,

I just saw this and didn't get a PM? Anyways, are you still looking? 

Kevin

I'm not sure if this is the best place to post this, but can't find a better place.

Got a lease option on a house about 18 months ago.  I  brought the loans current which cost about $100k. Also paid the owner another $100k. There is a balance on the first of about $500k and about $200k on a second.   The owner has been in and out of default on the home for about 10 years. At one point he started the process of declaring BK. Somewhere along the line, the 2nd with PNC Bank froze the loan ( my understanding is, this was part of the BK process). Anyways, for several years now the 2nd has remained the same. No payments have been made and no interest or penalties have been added. The 2nd is just sitting there. I have called several times to verify the 2nd is not accruing any interest or penalties.

To make a long story short, I would like to see if we can make an offer to pay off the 2nd for a lesser amount. I would be fine just paying on the first and letting the 2nd just sit there indefinitely, but the rate on the first is pretty high. Is there any hope of them taking a lesser amount, and how would one go about dealing with this?

Hey Paul,

I have 3 that would fit what you’re looking for. Each have lots of amenities like pools, play structures, fire pits, etc. is there a particular part of the county you are looking for?

I think this is a topic of interest to most STR owners. I haven't tried much. I'm only on Airbnb and VRBO for all my properties. I know some people have luck with the other booking sites and even Craigslist and Facebook. I'd be interested in knowing if anyone has had any luck working with people associated with conventions or any other outside the box ideas as well.

Thanks!

@Greg Dickerson  Can you explain what "agency small balance" loan options are?

I posted this in another form. 

I purchased a 17 unit, 3 building retail/warehouse space for $2.15 mil. about 16 months ago. At the time it was about 65% occupied. It appraised for $2.3 million. I've done some remodeling, I have it fully rented, and have increased rents a bit. I purchased with an SBA loan with about $450k down.

I'd like to refi into a better rate and potentially capture some equity. This was my first commercial deal. The previous owner recommended I get a new loan through an insurance company. Anyone with a recommendation? TIA