Just did my first Deal and bought a 4 Plex! Need Advice Stat!

[Cindy M.]

Hello, This is my First Time posting, so guess I am a real Newbie!  Looking to my new Bigger Pockets Pro Friends for Advice and give me an honest evaluation of the way I went about it, so I am putting myself out there for comments on 2 parts... 

Listened to Branden and Josh podcasts...and said, you know what? I can do it!  Thanks!

Feels Great to be in the Game! OK...  

1. Just Bought a 4 Multifamily Rental Property closed in Sept., about 2 hrs from where I reside, but in another state (CT). This is a long term investment to hold and rent. Managing it myself to get and need the experience. It was all rented, good cash flow after all expenses paid, got a good price (needs TLC but not falling down, hey, its all rented) so I can rehab later (little by little), maybe do brrrr and my goal is to pay it off in about 5-7 years. Since I know the basics in small business, as I have had one for over 20 years, I saw this as a new business...so, I got an LLC for this property. Went to a local savings bank in CT and gave me a Commercial Loan under LLC @ 20% down for 20 years at 4.25%. Purchase: 133K Loan $106K, payment $767 + tax escrow will roll in in Jan., so payment $969. Can refinance will another lender after 1 year but will be a prepayment penalty of 4% then 3% etc., after my 5yr 0%. Which I thought it was OK b/c I should have it all paid off in 5-7yrs, hopefully.

Q. Did I choose the right Loan product ? Was commercial the right way to go for my first deal?

2. A tenant is moving out and I think it is a blessing in disguise actually, so all good!  Since all units need Rehab, and now tenant is moving out, it makes sense to do the whole unit while it will be vacant.  But Wasn't planning on doing Rehab this early (Its a Gut) so need a loan for up to $15-20K, figure I take a little more out...not sure what I am going to find behind those walls...

Q. For this Rehab, what loan product should i use and with what co., went back to my bank and they might give me a no interest loan for 6 months etc....but timeline might be tight...I am not sure how should I finance this?

Thanks in Advance for Your Help!