All Forum Posts by: Simon Hernandez
Simon Hernandez has started 14 posts and replied 35 times.
Post: How are these terms on a commercial multifamily loan?
- Rental Property Investor
- San Jose, CA
- Posts 37
- Votes 11
Originally posted by @Corey Hawkinson:
@Simon Hernandez By commercial multi family, I’m assuming you mean more than 4 units, correct? At that price point I wasn’t sure. The rate seems high. For comparison, I was just offered 5.9%, 25 year amortization, but that would only be locked in for 7 years. And I’m a small time player.
I was able to change a few things around with the property to allow for conventional financing instead of commercial financing. That was the only commercial quote I received before going with 30 year fixed at 4.65%, but again, what I went with wasn’t commercial.
As I mentioned above, 6 units. Was yours 4 or below? If not, what did you change to allow the conventional financing, if you don't mind me asking?
Post: How are these terms on a commercial multifamily loan?
- Rental Property Investor
- San Jose, CA
- Posts 37
- Votes 11
Originally posted by @Erik Hatch:
How many units @Simon Hernandez ?
6 units in San Antonio.
Post: How are these terms on a commercial multifamily loan?
- Rental Property Investor
- San Jose, CA
- Posts 37
- Votes 11
Originally posted by @Joel Owens:
Sounds really high like private money terms almost except the 30 year fixed part. Smaller loans tend to have higher interest rates but that is up there.
Thanks, Joel. I'm drawn to the 30 year fixed aspect for sure. Is that common for commercial multifamily? I feel like most are 5-10/20-30 balloon. Seems like a good idea to lock in at todays low rates but I rarely hear people talk about this loan product.
Post: How are these terms on a commercial multifamily loan?
- Rental Property Investor
- San Jose, CA
- Posts 37
- Votes 11
Hello everyone. I'm in the hunt for a commercial multifamily under $525k and I've been offered 7.99%, 30 year fixed with 25% down. Is this in line with what you all are seeing out there? Thanks!
Post: Moving a property into a DST
- Rental Property Investor
- San Jose, CA
- Posts 37
- Votes 11
Hello all,
I'm about to submit an offer on a multifamily property. Since I live in CA I plan on setting up a DST in the very near future in which to hold this and my other investments. I'm wondering how difficult/costly it is to move an existing property I own in my name into a newly formed DST? Thanks!
Post: Buying a MF in violation of zoning
- Rental Property Investor
- San Jose, CA
- Posts 37
- Votes 11
Hey everyone. Doing some DD on a 6 unit building and noticed it's zoned four up to 4 units only. Would you all want to see this rectified by seller before closing per contract or would you just worry about getting it done on your own afterward?
Post: How many LinkedIn profiles?
- Rental Property Investor
- San Jose, CA
- Posts 37
- Votes 11
To those who have a non real estate W2 as a primary source of income, do you have two separate LinkedIn accounts - one for your primary career and one for your RE dealings? It seems weird to have my medical career intertwined on one account. Thanks!
Post: Shopping for mortgage on 5-8 unit multifamily
- Rental Property Investor
- San Jose, CA
- Posts 37
- Votes 11
Hello everyone, I'm about to go under contract on an SFR that I'm 1031ing out of. I'm looking at purchasing something in the 3-8 unit range. Multiple SFRs so I'm comfortable with residential loans, but if I find something in the 5-8 unit space I've no frame of reference with which to analyze the numbers. Assuming previous SFRs but first time MFR, no issues with DTI/credit score/etc and 25% down, what kind of terms should I be expecting, broadly speaking? I'd prefer a fixed rate if it was offered at 15+ years.
Thanks!
Post: Cash-out recommendations for SFR in Florida
- Rental Property Investor
- San Jose, CA
- Posts 37
- Votes 11
@Melvin List Agreed. I’m sure I can find better. Thanks!
Post: Cash-out recommendations for SFR in Florida
- Rental Property Investor
- San Jose, CA
- Posts 37
- Votes 11
@Nick Giulioni thanks Sir! I actually forgot that I’d worked with a broker way back that was very helpful. Already working on a quote.