All Forum Posts by: Manu Kaina IV

Thanks everyone!  @Andrew Beauchemin @Oleg Shalumov @Dave Foster @Larry Caper @Stephanie P. @Nick Schoch @Matt Borgeson @Bryan Mitchell

I appreciate all of you taking the time and sharing your input on the situation! I took a bunch of your advice and made calls to a number of local banks and specifically the one that previously financed this deal... A bunch of paperwork was submitted and I'm just waiting to hear back so I can hopefully move on this property! A lot of the banks I called were maybe just too high up, and several of them said they don't lend on anything under 2million or even 1million... Not sure if that's standard or just unlucky on the first few I called...

As many of you stated, the smaller banks said they could do it and would require a credit score above 650 and a down payment of 25%. From a rookie standpoint its been a lot of uncharted water going after a commercial property in another state, even if it is under $200k. There's definitely a lot of jitters calling new banks and having to send random people all your information, SS#, mortgage statements etc. I've tried my best to background check these lenders and make sure I'm going to the right people. I'm sure I'll have more questions moving forward but just wanted to thank all of you for the current progress!!     

 

@Bryan Mitchell Thanks for the suggestions! Owner wants out ASAP, he has another investment lined up and wants to roll the profits over to another property...

This is a 6-plex deal I found, it’s rehabbed, fully rented, numbers make a lot of sense but I can’t get a loan... Everywhere I looked so far Commercial Loans that involve 5 units or more won’t even entertain the idea of a property less than a million?!

The property is in AZ, they’re asking $178k and with all the units being rented out it’s bringing in $3200... after mortgage, taxes, insurance, PM etc cash flow would be $1500 at least...

Question: WHAT OTHER WAYS CAN I FINANCE THIS DEAL?

Never done a hard money deal...

I could 1031 but there would be no guarantee the seller would hold the property long enough...

Personal loan and HELOC is a no go...

Just trying to get creative, any thoughts would be greatly appreciated! Thanks in advance

What time?

I’ll be there! 

Aloha @Felipe Rodriguez Egana !! Hope to see you at the next Maui meet up! its casual and filled with a bunch of people willing to share and learn from each other! Welcome again! 

@Christian Cramer. I’ll be there, what time in Kahului?

Christian would love to make the next meet up! Let me know when the next one is! Thanks and Aloha! 

Mikey I’m gonna call u tomorrow! I’ve got some contacts for u! 

Hey Philip, from what I’ve seen remodeling and selling... I have one of the 4 biggest units in the complex and I still see the value in keeping it. My PM suggests remodeling a little and raising rent from $985 to $1300. The property is 1556sqft so I’m going out on a limb and guessing flooring to be around $4/sqft?? (Thoughts) suggestions? If I do remodel do u suggest refinancing for a better value assessment?