All Forum Posts by: Sean Myers

Hi Jordan, congrats on making to move to multifamily!

Freddie Mac has a Small Balance Apartment Loan program. Link below has the general terms, and your rates, loan terms and LTV's will be MUCH better that hard money.

http://www.freddiemac.com/multifamily/product/pdf/...

They will lend nationwide. They work though loan originators. The markets are tiered and Modesto is considered a "Small Market" which affects some of your available terms. Download the "45 MSAs [xlsx] on the link below to verify Modesto's market tier status.

http://www.freddiemac.com/multifamily/news/2016/20...

Hope this helps!

Best regards,

Sean

Hi Terrence,

Are you mainly concerned about interest rate risk when you refinance in 5-7 years? Are there any other terms that you don't like about commercial loan options beside the balloon? 

Freddie Mac and Fannie Mae each have some excellent Small-Balance loan programs. They are non-recourse and have terms for up to 10 years with 30 year amort. There are also some private balance sheet lenders like A-10 Capital that do fixed rate and a 20 yer term with a 20 year amort. 

It sounds like you already appreciate the risks of failing to complete you 1031 if you can't find (& close) multiple small units in the required timeframe. Are you full-time in RE? Finding and closing multiple deals is challenging.

You could mitigate the commercial loan interest rate refi risk by taking less loan proceeds to keep excess debt service capacity.  

What are your main investment goals for these funds beyond carrying your basis forward using the 1031? That might provide more insight into which strategy to pursue.

Hi Tim,

I'd recommend contacting the Sperry Van Ness group that covers the panhandle. https://southlandcommercial.com/

I used to work with SVN in Central Florida. Carlton & Wilson Dean have great coverage up there.

Hope you move to FL goes well!

Best,

Sean

@Vinod Sirimalle sent you Jason's info.

Hi Vinod,

We've worked with Jason at Benchmark Building Group.

Hi Shane & Hardik,

We are focusing on small multifamily deals in Florida. Please reply or send me a colleague request if you'd like to connect and take a look at our properties.

Best regards,

Sean

Our property management company has a open & creative office area that is ideal for networking, learning, mentoring, and getting real estate deals done! We are offering membership access to the space on a monthly basis, including WIFI, beverages, desk space, conference room use, etc . . .

Try it out with a one day free pass here: https://brightleaf.leadpages.co/coworking-free-day...

You can see photos of the space on our FB page https://www.facebook.com/BelmontManagementGroup/

Hi All Central Florida BP'ers,

I would also attend some meet-ups. I'm in Winter Park. Please let me know when the first meeting is scheduled. 

Also, our company is moving into a new office at end of September/early October. (Currently doing the tenant improvements, so move-in date is not set.) We'll have a fairly large open space and could possible host some meet-ups at our location in the evenings. Would have to be during the week and probably under 20 people, but happy to offer our space to get things started.

Looking forward to it.

Hey Pavlos,

I'm in Orlando. Had a few questions for you:

How's the neighborhood around this property?

What the per unit rehab estimate? (looks pretty rough in the photos)

Do you have an estimated rent for the 1 bd & 2 bd units?

Thanks,

Sean