1st Commercial Loan on 4 Residential Properties

[Rocky V.]

Well.....it took about 6 months but this loan is finally closed. I chose to refi 3 sub2 properties and 1 owner financed property (owner asked if I would cash him out) into 1 commercial loan. This took a long time mainly because title company required that previous sub2 owners sign a release form. I learned a valuable lesson that even with all the correct sub2 forms e.g. POA, 3rd Party Author, Deed, etc., a title company may request additional information from previous owners. This is prompting me to refi all my sub2 deals as soon as possible. I received a check of over $20K at closing and will be cash flowing an additional $500/month. Landlords keep in mind that while interest rates are low you should look into refi'ing rentals but I do not recommend 30 year terms. Happy Investing!!!