All Forum Posts by: Mordy Chaimovitz
Mordy Chaimovitz has started 16 posts and replied 125 times.
Post: NNN Property Refinancing???

- Investor
- Chicago
- Posts 128
- Votes 85
Yup. I just got rates from a lender for refi on a NNN warehouse.
Post: Where to get kitchen cabinets?

- Investor
- Chicago
- Posts 128
- Votes 85
The Amish make the best kitchen cabinets for the money. Your in sw PA. Look for some Amish craftsman. I live in Illinois and I had an Amish craftsman come from downstate. The product and price where both amazing.
Post: Apply for mortgage with LLC

- Investor
- Chicago
- Posts 128
- Votes 85
My understanding is that a conventional agency loan cannot be issued under an llc.
What you can do is
purchase the property under your name.
set up an llc with only your name in it
then do a quit claim deed to transfer title into the llc. (This is legal)
the mortgage will stay under your name.
However this course of action is not recommended for for a few reasons
1. The llc wont offer you absolute protection of you personal assets from liability in case of a law suit.
2 if you decide to refi you will need to switch the asset out of the llc back into your personal name.
what is generally recommended in the case of a few small properties, is very good insurance coverage.
(Just reminder that I am not licensed to give legal or financial advice, I am only repeating what I have heard on this topic from others)
Post: Is it possible to get lending for CRE while unemployed?

- Investor
- Chicago
- Posts 128
- Votes 85
Most lenders will be looking at the strength of your assets and current RE experience. Or that of your partner/sponsor
You will generally need to have total assets equal to the amount of the loan. With %10 of those being liquid post closing.
So if you want to take out 1mm dollar loan you will need to show 1mm in total assets.
This can also include: your home, your car, and other RE you own.
%10 liquidity includes, 100k of:
Cash, marketable securties like stocks, as well as operating accounts of businesses you or your sponsors own.
hope this helps
Post: NYC local banks for refinance and LOC for mixed use building?

- Investor
- Chicago
- Posts 128
- Votes 85
Look into local credit unions
Post: Emergency fund for motel

- Investor
- Chicago
- Posts 128
- Votes 85
Do you have operating statements from the previous owner? Those should give you a good idea of what your expenses and vacancy will look like over the winter. I would use that as a basis for making a decision.
Post: Need a multifamily mortgage broker

- Investor
- Chicago
- Posts 128
- Votes 85
Quote from @Erik Estrada:
Quote from @Luke Hutchins:
Hello, I need a recommendation on a good multi family Mortgage Broker.
Ive worked with many residential lenders over the years, for my clients and myself but none of them are connected in the commercial side of RE.
I'm looking to purchase a few smaller commercial multi families by the end of the year god willing in the NC, VA, SC, GA regions. (5-20 units)
If anyone has any strong commercial mortgage brokers that specialize in multi family properties that would be GREATLY APPRECIATED! :)
There are some brokers that specialize in the commercial side. Working with a broker is really for clients that have trouble qualifying with a local bank.
A good broker will take your information and show the lenders why they will benefit from giving you the loan.
This creates competition between lenders for your loan and can greatly increase your ability to get the best rates and terms.
Post: List Now or Wait Till Ready to Show?

- Investor
- Chicago
- Posts 128
- Votes 85
When a listing sits for a while people look at it and think that it's not getting rented because there is something wrong with it.
additionally. You want to get the best possible pics to put on your listing. And those pics will only be taken when it's ready to show.
You could put up a sign in front that says "coming soon" with a phone number or email address, so people who would be interested can contact you.
But don't list it until you are ready to show.
Post: Looking for Commercial Mortgage Brokers (TX)

- Investor
- Chicago
- Posts 128
- Votes 85
Hi there. How can I help you?
Post: Get a commercial appraisal prior to shopping for a cash out refi?

- Investor
- Chicago
- Posts 128
- Votes 85
Because you haven't owned the property for 2 years, the lenders will only loan you up to %80 (if you are lucky) of your cost basis (loan to cost). They won't be using appraisal of market value to determine how much to lend you. (Loan to value)
So take your purchase price + money you used to rehab the property, add them together. Take that number and now you know that the most you will get before 2 years is %80 of that. And it's usually more like %70-%75.