All Forum Posts by: Simcha Davidman

@Jordan Fiore it's about 7400 sq ft of medical office space and another 4k of storage space.

@Brock Freeman thank you!

Greetings!

I'm under contract on a medical office building in a Cincinnati suburb and I'm looking to have it inspected professionally. I'm not specifically looking for a sfr/residential inspector - rather, someone with experience looking at commercial properties (especially experience with MOB would be even better).

Your recommendations with a brief blurb about your experience with the recommendee would be greatly appreciated! Thank you!

@Blake Nash please dm me your contact info. Thanks!

Thanks @Susan H.! PMd you.

Greetings!

I'm in the process of renovating 16 units in Springdale, looking to take it from a C to a nice B property. SOW includes new plank vinyl flooring where necessary (a lot of it has been recently installed), new paint including cabinets, new stone countertops in kitchen and bath, tile shower, and new plumbing and light fixtures. The units are 2x1 900 sq ft.

If you are or know a contractor or handyman, please send them my way. I have some quotes right now, much higher than I expected based on similar renovations I'm doing in Fort Smith.

I'd also welcome your opinion! If you have an opinion on cost based on what I've laid out (and if you have any additional questions for more info), please let me know. And then I can figure out if I'm way out of line or my quotes are.

While we're at it, if you can recommend someone who can paint building exteriors, I'd appreciate that info too. Because now I'm second guessing the quote I have for that too.

Thanks!

Rogers, Bentonville, Fayetteville, NWA, Northwest Arkansas

Thanks everyone for your feedback! I guess my question is whether it's a legal issue or just a lender issue? Because I've spoken to lenders that would at least have a look, subject to CLTV viability.

@Jeff Ostrander I'll dm you. We should grab coffee next time I'm in town!

@John Herold please feel free to dm me with your contact info that I can forward to my RE agent. She's knows that banks can lend on it, but the terms (most importantly the down payment and balloon) are much less favorable. I assume this is the same as you're reference to non-QM. Perhaps your people can do better :)

@Ryan Blackstone I'm familiar with the Florida disaster. Scary stuff... I'm selling.

Greetings BPers!

I have some condos that I'm selling in Fort Smith, AR. My real estate agent is encouraging me to finance the entire purchase price (conventional mortgages are not available because of my concentration of ownership), but has reiterated to me several times that a buyer cannot get a bank loan with me carrying a small second. But she's not being clear on the why.

Is there some law against a seller carry - but only if the seller carries a partial note and not the entire thing? Because she definitely thinks I can carry the entire amount.

Thank you!

Little Rock, Northwest Arkansas, NWA (just some extra tags)

@Lauren A. it's always a good time to buy a solid deal. If you find a good deal - doesn't matter if it's multifamily or office, doesn't matter if it's in Cali or Maine - buy it. On the other hand, no deal is much better than a bad deal.

@Claudia Jaeger congrats on the investments and half of you being retired :)!

There are 2 factors - comfort (psychological) and numbers (financial metrics). Which is driving you toward MF? If it's a comfort thing, then that's that, basically. If it's a financial/ROI reason, then you just need to crunch your numbers and figure out which way is better. As a wise man once said (actually, he says it all the time), numbers never lie. It's not entirely true (hence the book, How to Lie with Statistics), but the point is solid. What's your ROI on STR? What will be your ROI on MF? What about trying to cash out refi the STR and deploy that capital into MF - what would that do your overall ROI?

Depending on where you're investing, $250k could get you a $1-1.25m property, and that could be a bunch of units, or a few. But you really need to understand the market right now. With interest rates rising and sellers not really lowering their expectations yet, pricing doesn't make sense on ANYTHING I've looked at for months already. Add onto that you need to be careful about how high you pro forma rents - you can only push rents on tenants (especially C Class) so far, and they've been pushed really really far the last 2 years. One last thing - you need to understand the operating expenses that you'll face in whatever market you're looking at. In some cities, you'll be able to run an apartment at $3-3.5k/door/year (that includes everything but debt service), while in others, you'll be looking at $5k+/door. You can guess what will happen if you underwrite $3500/door in a market where it's more likely to cost you $5k/door...especially if you can't hit your projected rents.

Please feel free to dm if you'd like to discuss further. I'm actually a MF investor looking to go the other direction :)

Good luck!!!