All Forum Posts by: Orkeem Davis

Due more due diligence and find out what is required from the owners so you can take possession of the properties.  You can do this by setting up a meeting or writing up an informal proposal of how you would like to structure the Deal.  If you get a meeting of the minds, contact your attorney to make it formal.  Money should not be the main concern at this point.  Like I said, I would not mind taking a trip and considering meeting you half way with funds --- but you have to do the legwork.  I have unsecured lines of credit as well.  It might be better for you to go with a hard money lender and go it alone.  More money in your pocket, but having a partner may make sense too.       

Living in the same duplex or 4-family building as your tenants can be very stressful at times. I am speaking from experience, I did it for over 5 years. The tenants always have problems and they want their problems to become the owners problems. I have a SFH and set-up a po box and preferred bank so the tenants can pay rent. Simplify your life if you can. I like the idea of working on several deals at once, but you have to use different financial strategies -- conventional, seller financing, etc. Good luck.

No brainer!!! Cash for keys or start eviction process asap.  Cut your losses early.  Good luck. 

Wow, sounds like a great deal.  I would suggest trying to get secured and unsecured lines of credit.  This is a huge deal with a lot of moving parts.  I hope you are able to find an investor to join the party.  I would be interested, especially if in NJ.  Long distance ownership could be very challenging even with a good property management team. 

Mixed-use commercial loans are challenging to Close on. Most important, as an investor, you must stay steadfast and the loan should survive and you may eventually find a lender as long as you have a good Contract, leases in place, pictures, etc. etc.   Good luck.