All Forum Posts by: Sol Romand

I've got some customers who are leveraging their business LOC to invest in RE. I'd gladly share what I know if your interested. Just shoot me a DM

I've got some customers who are leveraging their business LOC to invest in RE. I'd gladly share what I know if your interested. Just shoot me a DM

I've got a mixed use property in south NJ, it's 75% office space and 25% residential. The residential is occupied and the commercial is vacant. I'm looking to refi and take out about 220k which is 50% of appraised value. I've been trying to get a loan, the only offer I got was for 8.75% with 1.5 bp. Is this the norm? And does it make sense at all to refi at that rate or just sit and wait until I have a tenant.

Current rent- $31,200 annual

Potential additional rent $60,000

Taxes and insurance- $15,500

Thanks everybody. Oztoolkit seems expensive, they charge $100 a month. Any cheaper resources? 

I would also advise to start networking with former servicemen who transited into RE. I've met a few on LinkedIn and they are super helpful and love the opportunity to help VAs

Thanks guys for the advise! The tenant will be a cannabis dispensary, so they have both construction and licensing that would be tied to the location. I'm just hesitant to quote a price since using a 8 cap rate would give me a price 5x the market value. Any idea of how to approach that part?

Hello BP members! I have a commercial space in a depressed neighborhood. I found a business who needs my location and is willing to pay a premium for it. However he wants a buy option in the lease. Here is my dilemma, the sales comps in the area are bad, vs the lease I would be getting from him. What other calculation can I use to get a price that it would be worth based off of rents?  

Thanks everyone. I purchased the building using a private lender. The 2 residential units are occupied and the commercial space has a signed LOI with a cannabis dispensary pending a lease. When do I look at refinancing the building?

Did you think of 0% APR credit cards? I purchased a 4plex last year. It was a cash deal, all my money went there. I put $50,000 on a few credit cards and refinanced after 6 months. With your credit score and assets, you should be able to pull it off.

Well it takes a few days to get the cards in the mail. If you call right after approval you sometimes can get them overnighted. There are 2 directions with taking out the equity. Different cards have different offers. The 0% on purchase requires a purchase, I paid my GC. He did add a 3% markup for the transaction. 0% on balance transfer will give you the ability to get the money out in cash. There is however a 3-5% fee for that. Hope this is helpful.

I'm looking a purchasing a 6 unit in Terre Haute Indiana. The purchase is 60k and it needs 100 to 120k in renovations. ARV is hard to say as there aren't that many comps for 6 unit buildings in the area. However the net monthly rent after tax, insurance and management is around 3,000 a month. A HM loan could work if I knew that the refi would be easy. However standard residential is up to 4 units and commercial loans are hard to come for a 200k loan. Anyone have any ideas or lenders?