All Forum Posts by: Tyler Carpenter

They said they didnt want to finance for more than 3 years. It would be great if I could find a seller to finance for 20+ years. Im still looking though.

Thanks again for the help though.

Yes Im sorry i meant sellers. My bad.

Have you had problems with bandit signs. I want to put some out, I just feel that I would get in trouble for putting them out at intersections and what not

How have you found best to go find motivated buyers?

Thank you for the recommendations. Can you give me an example of how you bought a property on contract without using any money what so ever.

Nothing is wrong with it, no maintenance. Im thinking that the owners would do it for more of a tax purpose than anything. I just starting looking into it so not sure exactly the specifics. The property is listed higher, but I have them interested in the way I presented the offer.

Bryan: Have you ever bought commerical on contract? If so, when you go to get a bank loan, did the bank ask for extra down payment reassurance? Thats my biggest questions, more than the question about contract on deed.

Im more or less looking for a lesson or an example of someones past that they could share to help me see how to go about this.

Thanks

How do you go about buying a property on contract, to where you name is at least mentioned in the deed somewhere? The reason I ask this question is because what im looking to. I may or may not be able to accomplish this, thats why I was hoping someone on here could clear this up.

I have a property in which im interested in right now that is a 5 unit that is 225k. The appraised value is 300k. It is currently fully rented and needs nothing else. I am looking to buy on contract with 25k down (essentially 10%). My final bank tells me they will give me 75% of what the property appraises for with no more money down because they say once there is 25% equity in the property then someone has put that into it. But the bank tells me that to do that a person name needs to be on the deed or have equitable interest.

My question is, is there anyway to buy this so my name is on the deed or at least equitable where the bank will allow me to transfer ownership without anymore money out of pocket? Or has anyone else bought this way and transferred to a full term bank loan with no more money down?

Any help would be appreciated. Thanks

Thank you for clarifying it. Debt derive. Does this just include the piti only or are they looking for utilities and everything added into it?

Sorry if your confused. Im a looking at buying some, but also to refi down the road to grab some if not all of my initial down payment.

Also, what does the acronym DSCR stand for? Im sure its going something from the costs / rent im guessing

Im looking for some advice on refiancing tips. I have never really looked into commerical property, so im a little unsure on the practices that compare to residential.

I have 2 properties that I may have the chance to buy, one is a 6 unit that brings in about 950/month per unit that I can get for about 285k. Probably worth 460k.

The other property is a 10 unit that brings about 625/month per unit for about the same price. Only this property I have the chance to buy under contract. If all goes thru, I plan to put 30K as down payment, with a 3 year baloon. This property is worth about 450K

What im looking for information on, is how easy is it to refinance commerical properties with a good track record of rents and positive cash flow? Is it something that is easier than residencial or harder? Should i stick to locally owned banks as I would in residencial? Is there a typical refiance percentage that most banks refi to or that you have had experience in (80% ARV)?

Any information would be helpful, Thank you