All Forum Posts by: Ken Naim

@Jim K. Disagree

@Mete G. There is a transfer tax in FL (0.6-0.7%) based on the current (full) mortgage balance.

@Dorothy Pang There is a transfer tax (0.6-0.7%)in FL based on the current mortgage balance.

@Nick Cooper if you purchase in the business you might be able to get an sba loan with very desireable long fixed terms. Sba might not just loan on an empty lot. Not sure how it affects dti.

@Ameenah Muhammad if you sold the property and the new owner didn't pay the taxes, it isn't your problem. I don't understand your concern.

@Gary Northcutt personal finances are less of a concern on larger commercial loans with a typical down payment. Loan need to be over $1m and 30-35% down which means purchase price needs to be over $1.5m. The lenders want a lot of skin in the game and want to make sure they are kept whole and any losses are yours. There are exceptions ofcourse, multifamily can be 20-25% as it is much more competitive. There are lower down payment options but usually only for specialized loans, sba, Fannie/Freddie, farms but even in those cases the minimum loan amounts are typically over $1m.

@Dave Wittnauer Not neccessarily. They will try to get an exclusive deal but say you are looking for an off market deal. I've bought several "unlisyed" deals like this.

@Ken Naim also contact local CRE brokers they usually have a list of buyers ready to jump on great deal.

@William Walker typical steps is to contact the lender or broker once you have a contract as the property fiscal condition is more important than yours for a commercial property.

@Dave Wittnauer Another way is TenX, you list for auction, sortof like ebay for commercial real estate. You provide the due diligence and terms and people bid on it wirh a deadline.

I haven't used it myself but it seems like a good fit for you.