All Forum Posts by: Robert Granara

I've done a commercial loans for as little as $200k...so keep trying

Flipping a 3 family...I'm worried that the appraisal won't come in...I've priced it right but it's hard to find 3 units in this shape and taking in the kind of income I'm getting...

My question is has anyone had success in challenging an appraisal?...meaning your appraisal comes in lower than your contract price...

Commercial bank should really only care about the cash flow of the property...they may look at your credit but if the deal makes sense and you have experience or can convince them that you know what your doing you should be able to find a commercial loan...I've done a couple commercial loans, both times I bought with hard money and refi'd out into a commercial loan...now I'm very confident when I have a deal, I'll get out of my hard money within 3 months...good luck

Also I only take last month deposits to avoid this issue

I have got conflicting advice on this matter, however at the last REIA meeting it was suggested that you can co-mingle security deposits, however when I read the mass law i take it as you must establish separate accounts for each deposit...

I've used mercantile bank...they are a commercial lender...vie refinanced out of hard money into 20 yr notes with them on 3 family properties...they're in Boston...good luck, where are your properties?

I bought a 3 family with bullet holes in a window...the house was shot at in December, I purchased in April as an reo in June...I didn't even know it was shot at until after I bought it, but I got such a good deal even if I knew about it, I still would have bought it...all the neighbors informed me about the incident and were so glad the targets were gone...believe it or not this is a nice area 2 blocks to the ocean...ive owned this house for a year and a half now and have since bought 6 more units all on this street, no more shootings since the gangbangers left that street

Primary objective would be to sell to a buyer who would owner occupy, and I would market it to someone who would want to live mortgage free (since the rents of $2400 from 2 apartments would pay piti and other expenses @ $280k price)

...however if I can not sell the property within 3 months I will refi and keep for cash flow...

So I guess the best strategy would be to not list on MLS for the first 3 months, maybe just market it on craigslist and reia's and to buyers brokers...if not sold by month 3 then refi

I have a 3 family that is 50 percent rehabbed...I'm now getting ready to start marketing the property to sell...however I also want to get out of my hard money loan once I have it fully rehabbed and 2 of the 3 units rented...

I haven't listed property yet on MLS bc I have heard if you list a house on MLS in the past 6 months banks will see that and not lend to you bc they know you are looking to sell...

So i know there are others on here who have had this same situation, how have you handled this?

Www.salemdeeds.com that's the county website for Essex county good luck...