All Forum Posts by: Tammy Skeath

@Alvin Taveras that would be great! Thanks!!

@Alex Bekeza thanks good to know it’s not me! I’ve got one more broker taking a look today but it seems to be the consensus that bc of the loan qmount my interest rate is going to be some what higher. 
@Peter Nikic yes that’s what I thought too! I’m going to see if I can make it work. 

thanks all for your feed back. Much appreciated!!

@Brian Garrett thanks. Yes the 5.38% was from a local bank. The property is in Cape Coral Fl. 

Hello BP! I’m trying to purchase my first commercial property. It’s a 7 unit building for $800,000 in Fl. We own some duplexes in Fl and a quad in CA so up to know have only needed residential loans. I’ve been a little shocked at how difficult it’s been trying to get a loan for this 7 unit. My husband still has a W2 job so we make very good income and we are not over leveraged. We are putting 25-30% down on each property we own but every broker I’ve spoken to has either ignored us or told us that they couldn’t find a product in commercial for under 1 million. The best I’ve been able to get is a portfolio loan from local bank but the interest rate is too high for the deal to work (5.38%). Any tips on how to get a commercial loan for 800,000 at a decent interest rate (3-4.5%)? I’m not sure what I’m doing wrong are all the banks just swamped? Appreciate your guidance! 

@Gargi Bhatia unless the unit is new I would say a safer bet is 1295-1350 if in good condition.

Hi Gargi,
I own a duplex in that zip code (SW Cape Coral) the rental market is very strong and the resale value is very strong right now. I think the NW area is not as developed and so you won't see as strong of a rental market up there. Let me know if you have any questions.

Hi Veronica, I agree with Jon on all his points. I live in Redondo but have a fourplex in Long Beach where numbers are more favorable to investors (as are rent control laws). I would say you can find a more attractive investment in San Pedro, Lomita and Long Beach especially if your willing to buy a distressed property. Torrance and Redondo are nearly impossible to make lucrative.  I think Jon’s idea of house hacking and later moving into your forever home is a great strategy. Good luck! 

@Bernadeau C. if I find one I’ll let you know. Please do the same for me! :)

@Bernadeau C. no unfortunately... I’ve been looking as well. 

Hi David, I have a couple of duplex in Cape Coral. They’ve been solid investments.  However, we bought them at a discount because we bought them together and in cash. They are hard to come by where they pencil out. I think there are more opportunities in the surrounding towns.