All Forum Posts by: Nik S.

My PM uses Appfolio and as I continue to grow my portfolio, I utilize the same PM because of their usage of Appfolio. As a user who is constantly accessing my owners portal, I love it for all it has to offer. I do know it's an expensive software however depending on the size of management company will determine value. 

@Eli M.

There’s another thread already on this with almost 500 replies. Please search trending discussions and you’ll find it easily. There is a ton of useful information in there.

@Mary Mitchell

Who says they have to pay interest? Maybe they are waiting on their “virus check” and the landlord is needing their money and they don’t want to lose their place to live. CC work for some I these situations if reserves don’t allow such.

There will be businesses doing whatever they can do to weather this storm as well.

I’m in the apartment building game and please know my large mortgage payments aren’t stopping either.

@Shannon Beavers

Perfect finishes! You'll do very well on your first! Best of luck! 

@Alex Olson

This was for a property that was 50% occupied. It needed renovated and stabilized! My options were slim as some banks didn't want to do the deal because of sellers tax returns on the property and vacancy. I saw the ARV/Stabilized value so I took what was given to me and that's what it takes sometimes!

@Ryan Sajdera

I negotiated a 100k+ credit for deferred maintenance and the bank is holding it indefinitely in an interest bearing account. They will disburse funds as the work is finished (receipts required). My original thought was to use it towards the downpayment but didn't work out like that. The lender wanted assurance that the credit would solely be used for the building improvements only. 

@David Kelly

Couldn't agree more. I have a balloon coming up and my lender said he would waive the 1% pre-payment penalty and get the ball rolling. I need to have my 2019 taxes in hand, personal financial statement and then its appraisal time! 

Cash out refinance is the way to go when the equity is heavy! I am going to keep a good portion of equity just to hold my position strong (70/30 LTV).

Thanks for sharing your words of wisdom! 

@Michael Ealy

Makes perfect sense! The property has a new established valuation so it will sell when it needs to!!  It's truly a win win! Thanks for sharing the details!  

@Michael Ealy

Mike! Congrats on an awesome execution!! This is the way to go! What were your motivators on refinancing as opposed to selling in this hot market of multifamily?

@Dustin Atkins

A few months ago I got a commercial loan that exceeded my net worth. Today I signed for another commercial loan. Even with my current commercial debt exposure a new lender gave me the money with favorable terms (this deal is a complex which needs stabilized too). 

My experience and history helped tremendously. Oh and all my entities are backing the deals. Personal guarentee on all notes. I put 20% down on all large deals. Show your potential lenders your business model/plan. If the deal makes sense, you can find a lender to support your purchase on their terms. If the deal has positive yields for the last 3 years (with sellers tax returns to prove), you should be able to find a lender to work with you.