All Forum Posts by: Ryan Bakerian
Ryan Bakerian has started 10 posts and replied 79 times.
Post: These are the investor-friendly agents who are killing it...
- Real Estate Agent
- Albany, NY
- Posts 80
- Votes 26
I've been in this game as an Agent for 15 years and we constantly see swings like this with "gold rush" markets. That was the case for the last two years with all the new agents thinking this is a get rich quick industry. (Most went back to their full time jobs it seems now). As I anticipated those Agents have had no deals for a few months and bought new cars instead of putting their nuts away for the dry season. I've seen this swing before and frankly I'd like to see the industry go back to the harder times as it teaches grit.
I am still quite busy however its with past clients that I have had for years.
Cultivate relationships and hang onto them, you need them when things get bad. I've also shifted a lot of my focus on to multi family and apartment building investing for my personal projects. Cash flow is king to me right now to keep the ship moving.
Post: Next Step: Hire an inspector?
- Real Estate Agent
- Albany, NY
- Posts 80
- Votes 26
One thing I'll say is find a good home inspector you can trust and build a good relationship. Like Agents these guys and gals are worth their weight in gold. I have one guy I've used for 10+ years and does most of my personal work for free because I send him 20+ inspections a year.
Bring them on the initial walk. Call local Agents in your area they should be able to reccomend someone reputable.
Post: Hard Money Lender - Commercial
- Real Estate Agent
- Albany, NY
- Posts 80
- Votes 26
Would DSCR work here with the numbers? May be a better current option with current rates.
Post: Apartment price per unit
- Real Estate Agent
- Albany, NY
- Posts 80
- Votes 26
Quote from @Alecia Loveless:
@John G. In my area of northern New England there’s maybe only 5% at best of A class and the only real difference between B and C class is the level of renovation on the inside of the property. Since we’re not by any large city we’re seeing between $65-80K per unit depending on specific location, condition of the building and intelligence of the seller. Some are just listing assuming someone dumb enough to pay any price will come along and the property sits for months and eventually an out of the area buyer does come and buy it and others price so there is enough for an investor to get a small but decent return and it sells instantly.
Our D class properties are not all necessarily that bad but might be more so just run by slum lords who accept tenants with problematic backgrounds who can’t rent anywhere else and then raise their rents super high and don’t address problems or maybe don’t provide enough heat but the tenants can’t complain because they’ll end up homeless otherwise. They’re not just defined by neighborhoods they could be in the middle of good places and look normal.
Upstate New York here and I'm seeing very similar to this for numbers. Good post.
Post: Looking for Insurance broker
- Real Estate Agent
- Albany, NY
- Posts 80
- Votes 26
I have a local broker I use here that's very good, if you would like his contact feel free to PM.
Post: How to stop spam Text/Calls?
- Real Estate Agent
- Albany, NY
- Posts 80
- Votes 26
I've noticed this in general as well with my business. I get roughly 10-15 spam texts and calls a day. Most lead generation services. There's an app for iPhone called "True Caller" that I installed that works well. It has knocked some down. There is even a free version you can download.
Post: Who is your FAVORITE DSCR Lender?
- Real Estate Agent
- Albany, NY
- Posts 80
- Votes 26
Hi everyone, have a client looking at a 6 unit commercial multifamily. He is getting quotes from multiple lenders as it appears they are all over the place. Good income numbers, fully rented. He is an A+ qualified borrower. Looking for a lender upfront with costs and no "processing fees/inflated closing costs" etc. Rates are between 7.3-7.7 on quotes he has.
Please do not call me, PM Me if you have a rockstar upfront DSCR lender.
Post: 4 Unit vs 6 Unit Situation... Commercial Financing
- Real Estate Agent
- Albany, NY
- Posts 80
- Votes 26
Quote from @Darnell Lockett:
Hi @Ryan Bakerian. As a Mortgage Broker and investor myself, I always advise investors to shop around. I even advise our potential clients to shop us. That said, I'm not sure you're going to find any lender going down to 20% DP on a commercial property....especially not in this environment. They can do 20% DP on 1-4 units, but it's more than likely going to need to be conventional which will require them to use their personal income for approval. They could go 25% or higher DP with no personal income verification with a DSCR loan. As for rates...regardless of commercial rates are always going to be higher than residential investment property rates. Residential investment property rates are always going to be higher than rates for primary home buyers. There's no getting around that unless your client is willing to buy the rate down. This goes for conventional or DSCR investor loans. They might as well take rate out of the equation (it's going to be higher) and focus on purchasing at the right price point..imo. That's what I do when purchasing our properties. From a Mortgage Broker perspective, when we underwrite a commercial property, there is going to be more layers. We ask for more documentation in part because of the added risks and size of the property. Of course there's other factors as well.
I appreciate your response, sir, I do have a local lender willing to do a 80% LTV commercial loan at the moment however, I don't like the rest of the terms regarding length and then you deal with the balloon situation at the end. 25yr amort, 10 year term, 5 year reset.
Post: 4 Unit vs 6 Unit Situation... Commercial Financing
- Real Estate Agent
- Albany, NY
- Posts 80
- Votes 26
Quote from @Erik Estrada:
Quote from @Ryan Bakerian:
Anyone familiar with the current DSCR rate for a A+ credit borrower?
You can get the rate in the 7s if this is a 1-4 unit property, FICO is well above 700, There is a 5 year pre payment penalty, and it meets the minimum 1.00 DSCR requirement.
Its a small 6 unit.
Post: 4 Unit vs 6 Unit Situation... Commercial Financing
- Real Estate Agent
- Albany, NY
- Posts 80
- Votes 26
Anyone familiar with the current DSCR rate for a A+ credit borrower?