All Forum Posts by: Account Closed

@Ryan Mainwaring Welcome to BP and good luck!

@Simona Potocar I do not do a lot with major renovations but a good point of contact for something like this is @Matt Motil

@Don Johnston 

Congrats and keep the momentum rolling! Best of luck on all your future endeavors 

@Benjamin Swicegood Welcome to Bigger Pockets!

I currently invest in buy and hold SFR. Not sure what you are looking to get into but feel free to real out anytime if there is something I can do to help.

@Gino Barbaro @Regina Sitterley @Wade Sikkink

Do you have any ideas or advise on things that I should include in my pitch to commercial lenders? This will be my first commercial loan and it is pretty small relatively speaking (less than 300k). My partner and I have short bio's and put together a business plan to present to lenders. We are making it clear that we are looking at this loan as a stepping stone to more opportunities and we want to build a long term relationship with a lender. 

What else would a commercial lender be looking for from a first time borrower? Or is there something I should take out (bio)?

Sounds like finding a lender that is comfortable with us making an offer pending the release of the financials is out best bet. 

@Russell Brazil It is an 8 unit property and I have no info on the other properties they own.

@Regina Sitterley Thanks for the input! Here is another caveat, we are getting some pushback from lenders because they want to see if financials. We are trying to justify it with current rent rolls but it is not enough.

@Mike R. @Jim Horton @Patrick Liska Here is my thinking, not sure if this is right or not. This is a great location with a high demand for renters, I have posed as a renter and contacted property managers in the area to go look at their prices and what is offered. I know I can (conservatively) add $100 dollars per month in rent within 6 months based on current leases. Even more value to be added in the future. If the seller is hiding bad financials it could be coming from poor management or lack of discipline couldn't it? Again, I am not familiar with this area just trying to play devils advocate. 

I appreciate all the input!

@Angela B. There is no better way to learn than pulling the trigger on that first property! I invest mostly in buy and hold SFR on the west side. I took real estate classes with @Matt Motil and now we work together, he is a great guy, very smart and has a lot of experience! 

Welcome to BP and best of luck on all your future endeavors!

I am working on making my first investment in multi-unit/apartment buildings (currently buy and hold SFR). I have found a property that I like and would like to make an offer on but the seller refuses to turn over the trailing 3 year financials. From what I can gather the seller does not want to turn over the financials because the property is part of a larger portfolio and they do not want to turn over all of their financials.

I just wanted to see if this was something that was normal, seems odd to me but I am new to this area of investing. I did receive some good advise to make an offer pending the release of the financials but wanted to get some more thoughts before I move forward. 

It is 100% occupied with a few tenants that have been there for years, good cash-flow and cap rate for the area. 

I purchased one through hubzu.com a couple of years ago that ended up being a great deal. I looked at buying another through them a few months ago but now it seems like their inventory is low in my area so they are not as motivated to get properties sold and it isn't really worth it for me. 

Can try homepath.com too but they give priority to owner occupants. 

Something I have never done but have heard on podcasts a lot is to drive around and look for properties that are distressed and contact the owner. 

Good luck!

 Other than that I would say start to think about what type of investing you want to do, lots of areas to get into and its good to have a plan.  If you have an area of investing you want to get into but can't just yet write out a plan on how to get there. A good read on this is "The One Thing" by Gary Keller.

Good luck and feel free to reach out if you need anything!