All Forum Posts by: Jeff M.

Hello All,

I work in the commercial real estate industry in Northern Virginia. I underwrite various types of commercial properties (multifamily, office, industrial, retail, self storage, etc) for a regional bank. I also invest in residential real estate, which I have been doing since 2006.

I am looking to network with other investors interested in pursuing commercial investments in Virginia or in the surrounding states. Class B industrial properties are of particular interest to me. Let me know if you would like to connect. I live in Old Town Alexandria. Thanks

I have a property in Old Town and there is a lot of development city wide. I really like the Rosemont/southern Del Ray area as residents of that area can still enjoy Old Town's amenities. The northern section of Alexandria near Amazon HQ2 is of course booming. I helped a client purchase a duplex there in January and the value has already gone up at least $30K.  

Please let me know if you know of a lender who will do the following:

-85% LTV investment property loan for a rented, student housing unit in Florida

-30 yr loan, 30 yr AM

-loan amount of about $95K

-need a portfolio loan and not a conventional loan (the reason I don't want to go the Fannie/Freddie route is that they have additional requirements when the borrower has 7-10 financed properties)

Feel free to pass along any lender info. Thank you. 

Looking to fund the following deal:

3 unit in Florida
$170,000 purchase price

$2520 current rent in place through July 2017
-$252 management fee
-$125 yearly lease up fees
-$184 taxes
-$100 insurance
-$200 repairs/capex
-$80 yard
-$0 tenants pay utilities

-$0 vacancy; this is student housing with students lining up housing for the next year 5-6 months in advance

$1579/month NOI

The market rents are $360/bedroom and could be as high as $400/bedroom. I own a property a street over that's getting $360/bed. This property is getting $250/bed so there is some upside.

I am looking for a 90% LTC loan. Lenders, feel free to reach out to me if you can get up to 90%. Thanks very much.

I have a student housing unit by a university in North Carolina. I am looking to Refi the property and also acquire an additional unit. So I am looking for two loans. 

-the property is in a non warrantable condo complex

-loan size of $70K-$75K

-property is rented and has good cash flow

-I would prefer a fully amortizing loan (no balloon payment); so preferably a 30 yr with 30 yr amortization but would consider a shorter, fully amortizing loan as well

-Looking for a LTV of 75-80%

The deal size is too small for a lot of lenders (including B2R). Does anyone know of a lender who will do these deals? Lenders, feel free to reach out to me directly. Thank you. 

1st Floor Unit Renovated. 

Living Room of 1st Floor Unit. 

Exterior

Refinished hardwoods in the 2nd floor unit

3rd floor unit. This has since been renovated further. 

Three Family Property in Cleveland Heights

Cleveland Heights is a desirable 'inner ring' suburb of Cleveland 

This property is south of Mayfield Rd, putting it in the particularly desirable part of Cleveland Heights

Fully occupied with $1875/month coming in in rent (includes a water/sewer reimbursement)

There is rental upside of at least $75/month; or, if the properties were fully renovated, much more

Units are partially renovated and look nice; Tenants are high quality and seem to get along well

We are selling because the property is owned in a partnership and the partners are going in different directions

Separately metered for electricity and gas; water/sewer is in the landlord's name; could potentially be sub-metered 

The property is within walking distance of Cleveland Heights High School which translates into good tenant demand

I am looking to obtain two HELOCs, one on an investment property I own free and clear in SC and the other on an investment property with a mortgage in NC.

I've tried TD Bank, but their max number of financed properties is four so that won't work for me. 

Wells Fargo and PenFed are possibilities. Does anyone know of any other lenders (maybe a credit union in the Carolinas) who would do these HELOCs? Thanks in advance. 

We own a three unit in Cleveland Heights and are looking for some insight on creating a parking pad. The zoning ordinance is a little unclear on this issue. Does anyone know if we can create a parking pad on part of the grass behind the property? 

I've seen numerous properties have gravel spots in the back of the houses. And the property across the street has a gravel area in the FRONT of the house which allows cars to pull over a bit and park partially on the driveway and partially off of it.

Any insight from Cleveland Heights residents/investors would be appreciated. Thanks.