All Forum Posts by: Mike Dymski

@Chris Mason Follow up...I keyed the property information online, called them and they faxed the binder to the bank a few days ago.  If the closing stays as scheduled in a couple of weeks, the policy starts on the closing date.  Let me know if you incurred problems after this point.

For those of you using outside PM, do you have a clean or automated solution for aggregating your PM books with the stuff you pay for yourself (insurance, taxes, mortgage payment, admin costs, materials, travel, etc)?

The data would be used to track full performance, prepare tax returns, bank packages...all the normal stuff for T12s, P&L by property and total portfolio, and internal performance tracking metrics.

What social or economic conditions cause price-to-rent ratios to be lower in the mid-west and certain pockets of the country versus other areas?

Not looking to debate the merits of investing in one market versus the other or cash flow versus appreciation...just looking to understand better what causes the ratio to be lower in those markets.  I have my thoughts but don't want to bias the discussion.

The best part of the podcasts for me has been the network that it created...been in some very granular PMs and phone conversations with a few of the podcasters and I've only been on the site for a month.  Those discussions have impacted my re-positioning plan on a current project and possible investment in another project.

Another option is to work with a commercial mortgage broker (like @Eric Schleif above) and they put the package together for you.  I planned to work directly with the bank on my commercial loan but when I began my due diligence on banks, I was not getting a proactive response from them versus the commercial mortgage broker who was very assertive (and had inroads to the banks locally and nationally who play in the space).  I ended up with an out of state bank and loan terms that are more competitive than the local market for this size/type loan (for example, 25 year amortization and 7 year fixed for a loan under $1mm).

For an hour podcast, I believe the intent is exposure to areas for members to investigate further and for entertainment (and are likely geared towards BP's largest member base).

be sure to check out commercial prepayment penalties if you are snowballing

@Demond Hammonds nice work

@Demond Hammonds is that $37k total for all four doors (<$10k per door)?

@Eric Schleif Thanks, this is very helpful.  Rich, sorry for hijacking your post but hopefully this is helpful for you as well.  I am not familiar with #2; so, I will ask when speaking with lenders.